Painong vietnam co. Lta.. under laiwan-oased apparel materialtirm Paino, 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 tabric production on Thursday, on the sidelines of an investment promotion conference to announce the province’s 2021-2050 masterolan. The value of the new investment was not specitied.
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, factor. 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 CD sectors.
Binh Duong province is the third-biggest – D hub of Vietnam. with 4.345 valid proiects 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.
