Binh Dinh seeks German investment in offshore wind power project

He provided an overview of the local socio-economic development, highlighting its investment potential, unique advantages, and policies designed to attract foreign investors, especially from Germany.

According to the provincial leader, Binh Dinh has great potential for renewable energy, particularly offshore wind, with a 134-km coastline.

He expressed his hope that the Ambassador will continue supporting the offshore wind project, initiated as a joint effort in 2019, to ensure its success and encourage further German investment in the province.

For her part, Ambassador Barth said that Binh Dinh boasts considerable advantages, making it a safe and effective destination for foreign investors, including those from Germany. She committed to acting as a bridge, introducing German investors to potential opportunities in Binh Dinh, and fully supporting PNE Group’s offshore wind project in the province.

Peter Kompalla, chief representative of AHK Vietnam, pledged support for Binh Dinh in attracting qualified German investors.

Binh Dinh currently hosts 91 foreign direct investment (FDI) projects, with a total registered capital of over US$1.19 billion from 22 countries and territories. Among them are four German-invested projects, totaling nearly US$60.5 million, which have significantly contributed to local employment and tax revenue.

These investments focus primarily on industrial production, notably KURZ Group’s high-tech film and coating manufacturing plant, a US$45.39 million project whose first phase began operation in September 2023. The province is also expediting procedures for PNE Group’s 2,000 MW offshore wind project, with a projected investment of US$4.6 billion.

In the first nine months of 2024, Binh Dinh’s export turnover to Germany reached nearly US$48 million, a year-over-year increase of 47%. Key export items to Germany include plastic products, wooden goods, and garments, with plastic products accounting for over 42% of the total export value.

Imports from Germany totaled over US$4 million during the reviewed period, down more than 70% from the previous year, primarily consisting of machinery, equipment, and spare parts.