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Vietnam’s Binh Duong sees increasing green FDI inflows

The southern industrial hub of Binh Duong, Vietnam has seen a positive change in foreign direct investment (FDI) inflows with higher number of projects meeting the locality’s criteria of high technology, high economic values, environmentally friendl?ness, and less labour-intensiveness, according to the provincial Department of Planning and Investment.

Outstanding FDI projects satisfying Binh Duong’s green economic development criteria include an over-1-billion-USD factory of Lego Group, which is scheduled to become operational in 2024.

PrebenElef, Vice President of Lego Group, said that the factory is Lego’s first carbon-neutral project developed towards green, sustainable and environmentally friendly direction.

The factory has no carbon emissions, using electricity from renewable sources provided from the solar farm next to the facility, he said, adding that it is built to Leed Gold standard – a globally recognised green building certificate, contributing to the goal of reducing carbon emissions by 37%.

Similarly, Denmark’s Pandora Group has invested 100 million USD in a jewelry factory in Binh Duong, also to the Leed Gold standard.

SEP Group from the Republic of Korea also plans to pour 200 million USD into the first carbon neutral industrial complex specialising in the shoe industry with carbon reduction infrastructure in Vietnam, which covers 180 hectares at Tam Lap 2 Industrial Cluster, Phu Giao district.

Nguyen Van Hung, Chairman of Becamex IDC, said that the firm and Singapore’s Sembcorp Development LTD have just signed a contract to construct five green, smart and sustainable industrial parks in Vietnam with a total investment of about 1 billion USD.

Singaporean investors have shown their interest in investing in sustainable infrastructure and renewable energy in Vietnam, contributing to realising the country’s ambitious target of net-zero emissions in 2050.

Vo Van Minh, Chairman of the People’s Committee of Binh Duong, said that the locality is focusing on developing green and high added-value industry, along with urban, services and logistics areas in association with the digital transformation and digital economy targets.

The province has also designed a green growth strategy, which concentrates on greening economic sectors, promoting sustainable consumption, and improving the awareness of businesses and people on emission reduction, thus enhancing the living conditions for local residents amid climate change impacts,

Source: Lao News Agency