US firm pours capital in cross-border e-commerce project in Binh Duong

Global growth investor Warburg Pincus with headquarters in New York, the US, has decided to invest in a cross-border e-commerce project in the southern province of Binh Duong.

Covering 75 hectares, the project will include high-tech factories, warehouse, customs bonded warehouse, showrooms and offices. 

Charles R Kaye, director general of Warburg Pincus, said Binh Duong has achieved impressive results in economic development, especially successfully implementing the dual goal of COVID-19 prevention and control as well as resuming its economy.

He expressed his wish that the province will create favourable conditions for the firm so that the project will be carried out soon, saying that it is a major strategic project which he believes will elevate the position of the province in particular and Vietnam in general in the field of e-commerce.

Vo Van Minh, chairman of the provincial People’s Committee, committed to offering the best condition for the success of the project, contributing to the construction of Binh Dương smart city in the future.

The southern industrial hub of Binh Duong is a popular destination for foreign investors. As of September 15, the province was home to 4,069 foreign-invested projects with total registered capital of nearly 39.6 billion USD. Binh Duong is currently ranked 2nd in the country in attracting foreign direct investment, after Ho Chi Minh City.

It has attracted 2.6 billion USD in the first nine months of 2022. The US currently ranks 13th out of 65 countries and territories that have invested in the province with 131 projects, worth 1.3 billion USD./.