Work on 2 major industrial zones to start in Vietnam's Binh Duong

09 Mar '22

2 min read

Pic: Shutterstock

Vietnam’s southern province of Binh Duong will start construction of two giant industrial zones of more than 1,000 hectares each this year to attract foreign investors. Construction of the Vietnam-Singapore Industrial Park III (VSIP III) in Bac Tan Uyen district would begin this month, chairman of the provincial People's Committee Vo Van Minh recently said.

When it opens, the province would prioritise high-tech tenants and labour-intensive industries like apparel and footwear, he said.

In the second quarter, work would begin on the Cay Truong Industrial Park in Bau Bang district, he was quoted as saying by Vietnamese media reports.

Binh Duong also plans to expand Nam Tan Uyen and Rach Bap industrial parks along with a number of others to meet the increasing demand from domestic and foreign investors.

Two decades ago, Binh Duong was an agricultural area with modest infrastructure, but is now the third largest foreign direct investment (FDI) destination in the country behind HCM City and Hanoi.

It is home to more than 3,400 companies from 64 countries and territories and trades with 200 nations.

In the first two months of this year, the province's economy prospered, with the industrial index increasing by 6.1 per cent, exports increasing by 8.7 percent with a trade surplus of $2 billion and budget revenues reaching 20 per cent of the year’s target.

This year, Binh Duong expects economic growth of 8-8.3 per cent and industrial production to rise by 8.9 per cent. Its FDI flows are expected to exceed $1.8 billion.

Fibre2Fashion News Desk (DS)

More Textiles News - Vietnam...