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Ba Ria-Vung Tau- a magnet for FDI projects

The southern province of Ba Ria-Vung Tau has been among leading localities in the country in attracting FDI over the past 30 years, with 343 projects totally valued at 27.3 billion USD.
Ba Ria-Vung Tau- a magnet for FDI projects ảnh 1Inside a cable production firm in Ba Ria-Vung Tau province (Photo: VNA)

Ba Ria-Vung Tau (VNA) – The southern province of Ba Ria-Vung Tauhas been among leading localities in the country in attracting FDI over thepast 30 years, with 343 projects totally valued at 27.3 billion USD.

Currently, renowned firms from some 30 countries and territories are landinginvestment in the province, including reputed names like ACDL, SMC, Nippon,Mitsubishi, Posco, Sumitomo, Itochu and Kyoei Lotte, among others.

FDI projects have caused enormous impact on the local socio-economy as theyhave created jobs for more than 69,000 labourers so far. Also, they are billedas a significant motive for economic shifting towards industrialisation, whilemaking contributions to local gross domestic products (GDP).

According to Bui Ngoc Diep, Vice President of the province’s Association ofSmall and Medium Enterprises, provincial authorities should pay due attentionto large tourism projects which are labour intensive and have strong connectionswith local firms.

The provincial Party’s Committee recently issued a resolution on improving theefficiency of investment attraction by 2020. Accordingly, the province willgive top priority to projects which are environmentally friendly, and focus onsea port, port logistics, tourism, and high-tech agriculture.

The resolution also stipulates regulations on shortening the time taken foradministrative procedures and developing the Provincial Competitiveness Index,among others to build a positive business climate. This is believed to be keyfor the province to develop sustainably in the future.-VNA
VNA
#Ba Ria-Vung Tau #leading localities #attracting FDI #343 projects #enormous impact #local socio-economy #Vietnam News Agency #Vietnamplus Ba Ria - Vung Tau
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