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Dong Nai to accelerate FDI before integration

In the last 2 years, many foreign direct investment (FDI) enterprises in Dong Nai province has increased their capital, hired more personnel and expanded their production to get themselves prepared for integration. Some FDI corporations also confirmed that they would continue to expand their production in Dong Nai province.​


7 Fujitsu.jpg

​Production activity at Fujitsu Computer product of Vietnam INC (Bien Hoa Industrial Zone 2, Bien Hoa City)
 
According to the Planning and Investment Department, for the first 11 months of 2015, there were 86 foreign investment projects that applied for increasing capital by more than 618 million USD, among which about 10 FDI project increased their capital by 10 million USD.
 
GREATER CAPITAL
Hyosung Vietnam Co., Ltd. (located at Nhon Trach Industrial Zone 5, Nhon Trach district) is the top FDI Company in increasing capital to expand production in Dong Nai province this year with the total increased capital of 77.4 million USD. Taekwang Vina Joint-stock Company (located at Bien Hoa Industrial Zone 2, Bien Hoa City) comes after that with 56 million USD, Tae Kwang MTC Vietnam Company follows with 43 million USD and Syngenta Vietnam Co., Ltd. with 35 million USD… The 3 top companies to increase capital for production expansion come from big Korean corporations. Mr. Nam Jung Dae, General Director of Taekwang Vina Joint-stock Company shared that: “To enjoy the benefits of Free Trade Agreement (FTA) and the coming Trans-Pacific Partnership (TPP), we have got ourselves prepared in advance. In Dong Nai province, we have about 30 thousand employees and we are capable of making 100 thousand pairs of shoes/day. We are planning to hire more 15 thousand workers and increase the factory’s capacity up to 4 million pairs of shoes/month.” In 2014, TaeKwang Vina Joint-stock Company increased its capital by 40 millon USD and it is expected to continue to expand its production in the coming years. This is also among the top 3 biggest shoe manufacturing enterprises in Dong Nai province.
In the last 5 years, Hyosung Vietnam Co., Ltd. has continually increased its capital 6 times with the total increased capital of 464 million USD. Currently, Hyosung Vietnam Co., Ltd. is the second biggest FDI enterprise to make investment in Dong Nai province and it has just increased its capital up to more than 1 billion USD and it expects to reach 1 billion USD in revenue this year. Its fiber products have been exported to many foreign markets all over the world. Hyosung Vietnam plans to expand its production in order to be ready for the chances from FTA and TPP. Hung Nghiep Formosa Co., Ltd also increased its capital by 97 million USD in 2014 to expand its production in terms of fiber, textile and dying and supplying materials in domestic market. Currently, the company’s capital has been increased up to more than 1.5 billion USD.
 
A DESTINATION FOR BIG COMPANIES
Mr. Masami Yamamoto, President of Fujitsu Corporation from Japan, said that: “At first, Fujitsu invested about 78 million USD in building a factory specialized in printed circuit board assembly. But up to now, the corporation has increased its investment capital up to nearly 200 million to expand its business in Dong Nai province. Now the corporation is also specialized in designing and making electronic circuit boards. At the beginning of 2015, Fujitsu also cooperated with Mitani Sangyo Corporation from Japan to establish a company specialized in making plastic product molds and electronic circuit”. In the South of Vietnam, Fujitsu decided to expand its production in Dong Nai province to prepare for ASEAN Economic Community and FTAs.
 
Mr. Chang Bok Sang, President cum General Director of CJ Corporation in Vietnam said that: “After investing in a factory making livestock food in Dong Nai province, we have established a relationship with the local breeding farm owners to create a closed chain. In the coming years, we are planning to invest in a trading center in Dong Nai Province”. Although domestic animal breeding industry is evaluated as the weakest sector when joining integration, foreign corporations can see potential opportunities and they are willing to invest hundreds of billion USD in this sector. In mid-2015, Kenda Corporation made its investment in a factory specialized in making tires and inner tubes for motorbikes, cars and bicycles at Ho Nai industrial zone (Trang Bom district) with the initially registered capital of 36 billion USD, which was then increased up to 100 million USD. In order to enjoy the benefits from FTAs, the coming ASEAN Economic Community, Vietnam – EU FTA and TPP, Kenda Corporation made an additional investment of 160 million USD in building a factory specialized in making export products”.
According to the Consulate Generals of Japan, Korea, Thailand, Italy and Singapore,… in Ho Chi Minh City, Dong Nai is one the provinces and cities that have various factors for investors to make new investment and expand their production. Many enterprises from these countries are seeking chances to make their investment in Dong Nai province.
Huong Giang
 

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