Binh Duong Welcomed 1 Billion USD Project

Set-up company in Binh Duong

Many foreign corporations have chosen Vietnam to become their investment destination to set up business in Vietnam and the most recent project coming from a Korean investor. This is the project to produce tire and automobile airbags of Kolon Industries Corporation (Korea). This “super plant” will be located at Bau Bang Industrial Zone of Binh Duong province.

Mr Tran Thanh Liem – Chairman of Binh Duong Province has just signed a memorandum of understanding with leader of Kolon Industries Group (Korea) concerning the implementation of the plant to produce tire and automobile airbag with investment capital up to 1 billion USD. On this occasion, Becamex IDC Corporation has also announced that Kolon Industries leases from them nearly 42 hectares of land in Bau Bang Industrial Zone (Binh Duong province) to put the plant on.

According to Kolon Industries Corporation, after more than two years of searching and working with many units and localities in and outside the territory of Vietnam, the Corporation has selected the Bau Bang Industrial Park as the location to implement the project to produce tire and automobile air bag in Vietnam. The expected total investment capital of the project for all three phases is about 1 billion USD, in which the Phase 1 from 2017 to 2018 is 220 million USD, Phase 2 from 2018 to 2026 is 600 million USD and after that is the Phase 3.

Established since 1954, Kolon is one of Korea’s transnational corporations in multiple industries with high-tech products: tire, automobile air bag, film to use in electricity industry, electronics, fashion….

By the end of October 2016, Binh Duong has 2,818 investment projects from 59 countries and territories with a total capital of 25, 6 billion USD. In particular, Korea is the country ranks 3rd with 594 projects and a total investment of nearly 2.4 billion USD.

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Korea Leads in Foreign Investment into Vietnam

Among foreign investors who have been investing in Vietnam, Korea is leading with the largest amount of capital, and Korean companies are continuing to promote investment in Vietnam as well as set up business in Vietnam.

In the past 25 years, Vietnam – Korea trade has made great strides from  500 million USD in the first years to 60 billion USD today, 120 times higher than in 1992. It is expected that by 2018 this figure will increase to 70 billion USD and 100 billion USD by 2020.

In addition to the accumulated investment of 57 billion USD since 1992, in the last 4 years, Korea has invested into Vietnam 8 billion USD a year. Only in the past 11 months of 2017, the number has reached 8 billion USD. These are enormous numbers. At the same time, the quality of Korean investment capital in Vietnam is also high. This is a very positive signal in the wave of Korean investment into Vietnam.

Korea is currently the leader in foreign direct investment through establishing company in  Vietnam and bringing high technology manufacturing into Vietnam. Typically, Samsung company has set up a research and development center in Bac Ninh, Yen Bai, Thai Nguyen, and has a significant impact on the development of Vietnam’s science and technology.

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