Paihong Vietnam Co. Ltd., under Taiwan-based apparel material firm Paiho, has increased its investment in Binh Duong province, a manufacturing hub in southern Vietnam, to $400 million.
Paiho Vietnam received an in-principle approval for its investment in fabric production on Thursday, on the sidelines of an investment promotion conference to announce the province’s 2021-2030 masterplan. The value of the new investment was not specified.
At the event, Binh Duong authorities also granted similar certificates to other foreign direct investment (FDI) projects.
They include a $120-million project of Singapore-invested D.Mag Precision Technology Vietnam Company Limited in the production of steel, aluminum, and iron; a $51.5-million project of Singapore-invested Sembcorp infra Services Binh Duong Pte. Ltd. for warehouse, factory, and office development; and a $38-million project of Taiwan-invested Tektro Technology Corporation in production of bicycle components.
The local government also gave in-principle approvals for investments worth $748 million made by local firms in the urban construction and inland container depot (ICD) sectors.
Binh Duong province is the third-biggest FDI hub of Vietnam, with 4,345 valid projects and total registered capital of $41.83 billion so far, according to data of the Ministry of Planning and Investment. The figure is only behind Ho Chi Minh City with $58.15 billion and Hanoi with $43.62 billion.
In the first eight months of this year, Binh Duong was the seventh-largest FDI recipient with $1.36 billion, up 4.7% year-on-year.
Source: theinvestor
27/09/2024