Capital inflows in industrial and economic zones surge in H1

HCMC – New capital inflows in industrial and economic zones nationwide in the first half were higher than in the same period last year, said the Economic Zones Management Department under the Ministry of Planning and Investment.

According to a report of the department, as of June 20, industrial and economic zones had attracted 473 foreign-invested projects with total pledged capital of nearly US$7.3 billion, up by US$2.2 billion compared to the same period last year.

Many of the large projects came from South Korea. Kolon Industries, Inc., a subsidiary of Kolon Group, was licensed to invest US$220 million in a factory capable of annually manufacturing 36,000 tons of KVT-1 industrial fabric for automobile tires in Bau Bang Industrial Park, Binh Duong Province.

Chairman and CEO of Kolon Industries Park Dong Moon said the company has plans to invest US$500 million in its facilities in Bau Bang Industrial Park. “We will develop a factory to turn out 6,000 tons of industrial fabric for auto tires a month. We are also considering manufacturing auto airbags there,” said Park.

Samsung Display Vietnam’s project to expand its plant in Yen Phong Industrial Park, Bac Ninh Province with a total investment of US$2.5 billion was the largest foreign-invested project to gain approval in Vietnam in the first half.

There were 385 domestically invested projects newly approved and nearly 140 others expanded in industrial and economic zones, with combined capital amounting to VND114 trillion (over US$5 billion). In the same period last year, domestic investments in industrial and economic zones totaled just VND14.5 trillion in nearly 450 projects.

According to the Economic Zones Management Department, a steel mill project of Hoa Phat Group in Dung Quat Economic Zone was the largest domestic project with registered capital of VND60 trillion.

By June 2017, the country had had 325 industrial parks, with 220 of them put into operation and the rest under construction.

Source: english.thesaigontimes.vn

Collect by: Nhu Ai SAPUWA