Foreign direct investment (FDI) approvals in the southern province of Dong Nai in the January to October period exceeded the year’s target with many projects committed to mechanical engineering and technology sectors.

According to the provincial Department of Planning and Investment, the province is looking to attract US$800 million-US$1 billion in FDI in all of 2013. However, FDI approvals in the first 10 months amounted to nearly US$1.02 billion in 68 fresh projects (US$408 million) and 61 operational projects (US$609 million).

Japanese investment approvals were high, accounting for over half of the total fresh investments in the period. Supporting industries and high technologies for medical, telecom, electronic and electrical equipment, and automobiles attracted the most Japanese investments.

Bo Ngoc Thu, director of the department, said the province was focusing on attracting projects involving high technologies, supporting industries, products of high added value and low energy consumption. This also means the province restricts projects having low added value and damaging the environment.

This orientation had led many Japanese, South Korean and Singaporean firms to increase investments in those sectors.

According to statistics of the Foreign Investment Agency of the Ministry of Planning and Investment, Dong Nai now ranks fourth in terms of FDI attraction with 1,056 valid projects worth a combined US$19.64 billion.

There are 36 countries and territories having made investments in Dong Nai. Japan is the third biggest foreign investor in Dong Nai with total investment pledges of over US$3 billion.

Source: http://english.thesaigontimes.vn