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|Binh Duong People's Committee held a dialogue with Taiwanese investors|
According to Bui Minh Tri, director of Binh Duong Industrial Zones Management Board, Taiwanese industrial papermaker Cheng Loong Corp. will pour another $610 million into Cheng Loong Binh Duong Paper Co., Ltd. in Singapore Ascendas-Protrade Tech Park, making it the largest Taiwanese project in the locality so far.
He further noted that Cheng Long will add another 16 hectares to its manufacturing site. It is likely that the expansion project will be green-lighted this year following the review of environment impact assessment by the Ministry of Natural Resources and Environment.
Cheng Loong Binh Duong Paper was granted an investment certificate to develop a $1 billion paper mill in Binh Duong in 2015. Covering an area of 75ha, the mill is designed to produce one million tonnes of industrial paper and 50,000 tonnes of household paper per year. The first phase of the project has been put into operation with an installed annual capacity of 350,000 tonnes of industrial paper products.
Binh Duong has recently organised a dialogue with Taiwanese companies. According to Mai Hung Dung, Deputy Chairman of Binh Duong People’s Committee, Taiwanese companies have invested more than $5.5 billion in 843 projects in Binh Duong, mainly in the fields of textile and garment, footwear, automotive, healthcare, pharmaceutical, and food processing.
“In the first seven months, Taiwanese companies have registered investment capital of $237 million, ranking among the top countries and territories investing in Binh Duong,” he said, noting that more Taiwanese groups are planning to invest in the province.
Binh Duong is conducting a programme on renewing investment attraction in the 2016-2020 period. The province is looking to soliciting hi-tech projects with high added value and environmentally friendly investment without being labor-intensive. The province focuses on planned industrial parks, especially in the northern area of the province.
Wu Chun-ying, president of the Binh Duong-based Taiwan Business Association, said that one-third of Taiwanese companies coming to Vietnam decide to invest in Binh Duong. The country has signed a wide range of free trade agreements, presenting many opportunities for Taiwanese companies to expand investment activities.