Vietnam to begin work on two giant industrial parks
Monday, 9 May 2022
Vietnam’s southern province of Binh Duong is to build two industrial zones, each more than 10 sq km in area, to attract foreign investment in both high-tech and labour intensive industries such as shoe making and textiles, Hanoi Times reports.
The $280m Vietnam–Singapore Industrial Park III in Bac Tan Uyen district will begin this month, while the second, the Cay Truong Industrial Park in Bau Bang district, will begin before the end of June.
Binh Duong also plans to expand its existing parks at Nam Tan Uyen and Rach to meet increasing demand from investors.
The province, located immediately north of Ho Chi Minh City, was a predominantly agricultural area with modest infrastructure at the turn of the century. It is now part of Southern Key Economic Zone 2, and the third-largest recipient of foreign direct investment, behind the city and Hanoi, with more than 3,400 companies from 64 countries.
In the first two months of this year, exports increased by 9%, helping to create a trade surplus of $2bn.
Binh Duong expects economic growth of 8% this year and a rise in industrial production of 9%. FDI flows are expected to exceed $1.8bn.