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FDI helps Dong Nai accelerate its growth

After April 30, 1975, Dong Nai from a province that suffered many losses in the war has gradually risen to become one of the top provinces in the country in terms of socio-economic development. In the process of development, FDI inflows play a very important role in helping the province accelerate its development in many fields.


After more than 30 years of attracting FDI inflows, Dong Nai has exploited its potential for socio-economic development. FDI investment is an important resource contributing to the rapid increase of economic growth in the province over the past many years and accelerating the process of economic restructuring towards modernity.

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Mr. Nguyen Hong Linh, Secretary of the Provincial Party Committee visits Hyosung Vietnam Co., Ltd. at Nhon Trach 5 Industrial Zone, Nhon Trach District.

 

Welcoming the first wave of FDI

Dong Nai Province became the area to receive the first wave of foreign investment into Vietnam. Since 1989, the province began to welcome the FDI inflows and the first project permit in the field of taxi transport services was granted to Vatadona Joint Venture Company by the State Committee for Cooperation and Investment. After that, the province received large FDI investment projects of Vedan, VMEP, Hualon, etc. However, in the first 5 years, mainly building factories, recruiting, and training workers, so the impact on socio-economic association is not clear.

In the period 1994-1998, new FDI inflows created a great breakthrough in the growth of industry and other fields of the economy - society with many projects of large investors such as: Fujitsu, CP, Kao, Samsung, Kolon, Chrysler, Cargill, etc.

 

Vice Chairperson of the Provincial People's Committee Nguyen Thi Hoang assessed that Dong Nai is an area with an early and strong process of industrial integration and development in the Southeast region and is always a locality in the group of leading provinces and cities nationwide in attracting domestic investment and FDI, mainly in attracting investment in Industrial Zones. Dong Nai achieved these achievements because it has many advantages in terms of both natural and socio-economic conditions to attract investment. In addition to the favorable geographical location, the established Industrial Zones of Dong Nai have a complete technical infrastructure system, meeting the production and business needs of enterprises. Dong Nai always identifies FDI as one of the main driving forces for development. FDI projects have made great contributions to the socio-economic development of localities in the province.

By April 2022, FDI enterprises have invested in more than 1,800 projects in the province with a total registered capital of about US$33 billion. Currently, 44 countries and territories have invested in the province in the fields of industry, agriculture, trade and services, technical infrastructure, and real estate. In which, leading among countries and territories investing in Dong Nai is the Korean investors with more than US$7 billion, followed by Japan with nearly US$5.6 billion, Taiwan with over US$5.5 billion.

 

Destination of many FDI corporations

Dong Nai is the place where many FDI corporations choose to set up factories because the products they make are very convenient to be transported to other provinces or exported. Therefore, a series of big brands in the world have been present in the province such as: Hyosung, Nestlé, CP, Bosch, Schaeffler, Meggitt, Lixil, Taekwang, Samsung, LG, Formosa, Chang Shin, Posco, Woosung, CJ, Hwaseung, etc.

Mr. Kim Chi Hyung, General Director of Hyosung Vietnam Co., Ltd. (Korea) in Nhon Trach 5 Industrial Zone, Nhon Trach District said: “In 2007, Hyosung Group started to invest in Vietnam and Dong Nai Province is the first place chosen to set up a factory to produce yarns for export to many countries around the world. Hyosung has been very successful when investing in Dong Nai Province and after many times of increasing the capital the company has become the largest FDI investor in the province with a total capital of US$1.8 billion and revenue in 2021 reaching about US$2.7 billion.

In Dong Nai, FDI projects have spread throughout the districts and cities and there are no white FDI localities. However, FDI projects are concentrated in key areas with advantages such as: Bien Hoa City, and districts of Long Thanh, Nhon Trach, Trang Bom, making these regions really become the driving economic zones of the province. Investment sectors of FDI projects in the province are quite diversed, industry, processing and manufacturing accounted for 84% of total registered capital, real estate accounted for 11%, trade and service accounted for 3.5% and agriculture accounted for 1.5%.

According to Mr. Cao Tien Dung, Chairman of the Provincial People's Committee, over the years Dong Nai Province has always considered foreign direct investment (FDI) as one of the main driving forces for development. FDI projects have made great contributions to the province's socio-economic growth. South Korea, Japan, and Taiwan are the leading countries and territories in terms of the number of projects and investment capital in Dong Nai. In the past 3-4 years, Korean, Japanese and Taiwanese enterprises have continuously increased capital to expand production in Dong Nai with a wide range of activities.

In the past many years, the economic indicators of Dong Nai's high growth thanked  to the FDI inflows such as industrial production value, export, trade surplus, state budget revenue, etc.

                                                                                                   Vi Quan

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