Foreign investment into Ba Ria-Vung Tau soars 30pc

12:10 | 13/08/2018

The southern province of Ba Ria - Vung Tau has attracted US$2.15 billion of foreign direct investment (FDI) since the beginning of this year, up 30.6 per cent over the same period last year.

foreign investment into ba ria vung tau soars 30pc
Vung Tau Petroleum Service Port - VNA/VNS Photo

The province ranks third in FDI attraction in the country.

To date, FDI enterprises have invested in 360 projects in the province with a total registered capital of more than $28 billion, according to a report from the provincial Department of Planning and Investment.

In addition to attracting new projects, the province has created favourable conditions for existing projects to increase capital.

This year, 30 FDI projects have increased capital of more than $320 million.

These include projects such as a brewery with a capacity of 610 million litres per year of Heineken Viet Nam Brewery Vung Tau JSC and the Heineken Viet Nam Brewery Limited Company in My Xuan A Industrial Zone in Phu My Town, with a registered capital increase of $96.8 million.

The steel pipe project of Nippon Steel & Sumikin Pipe Viet Nam Co., Ltd. increased capital by $4 million, while a plant to produce cooking utensils of Kasmain Viet Nam Co., Ltd. increased capital by $3 million.

The province has attracted many large projects in line with its local industrial development planning, including mineral exploitation and processing, textiles and garments, and solar power, according to the province’s Management Board of Industrial Zones.

The province is now giving guidance to a number of large investors to complete investment procedures in the province.

Le Hoang Hai, director of the province’s Department of Planning and Investment, said the province had set up a working group to support enterprises with investment procedures.

Ambitious goal

In the 2017-2020 period, the province targets attracting 80 FDI projects with a total of registered capital of about $4 billion as well as 90 domestic investment projects with a total registered capital of VND100 trillion ($4.3 billion).

The province will continue organising regular meetings between provincial leaders and enterprises to assist enterprises in accessing capital as well as science and technology, and in trade promotion and labour.

With its goal of becoming a facilitator and partner to businesses, Ba Ria-Vung Tau Province government has reformed and built a transparent institution to create favourable conditions for investors and a level playing field for businesses.

Located in the southern key economic zone and nearly 100km from the country’s largest economic hub, HCM City, Ba Ria - Vung Tau boasts many strengths.

The province’s maritime economy, including tourism, ports, oil and gas, and seafood exploitation and processing, has great potential.

It is the largest steel, gas, electricity and nitrogen producer in the country, ensuring uninterrupted supply of input and fuel for large projects of strategic investors.

In the last few years, the province has gradually transformed its growth model from exploiting natural resources to services, tourism, ports and hi-tech agriculture.

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