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Ba Ria – Vung Tau lures high-quality FDI projects

As foreign direct investment (FDI) has an important role to play in the economic development of the southern province of Ba Ria – Vung Tau, the locality has paid due regard to attracting high-quality projects to create breakthrough for the local industry which is developing towards modernisation and sustainability.
Ba Ria – Vung Tau lures high-quality FDI projects ảnh 1Ba Ria - Vung Tau prioritises high-quality FDI projects. (Photo: VNA)
Ba Ria – Vung Tau (VNA) – As foreign direct investment (FDI) has animportant role to play in the economic development of the southern province ofBa Ria – Vung Tau, the locality has paid due regard to attracting high-qualityprojects to create breakthrough for the local industry which isdeveloping towards modernisation and sustainability.

According to the provincial Department of Planning and Investment, foreigninvestors have registered more than 31.4 billion USD into 457 FDI projects inthe province so far. From the outset of this year, Ba Ria – Vung Tau hassecured over 751 million USD in 20 newly-registered projects, up 2.78 folds invalue year-on-year, and 503 million USD added to existing 25 projects, increasing 15.3% from the same time last year.

To date, more than 30 countries and territories have landed investment in theprovince, including the US, Canada, Thailand, the Republic of Korea, the UK, andFrance.   

Particularly, the province has lured several large-scale projects withinvestment capital of more than 1 billion USD such as the 5-billion USD Long SonPetrochemical Complex invested by Thailand’s Siam Cement Group, and a Polypropylene(PP) plant and a liquefied petroleum gas (LPG) storage cavern worth 1.3 billionUSD invested by Hyosung Group from the RoK.

Ba Ria – Vung Tau lures high-quality FDI projects ảnh 2At Phu My 3 Industrial Park (Photo: VNA)
According to Chairman of the provincial People’s Committee Nguyen Van Tho, theprovince will sharpen focus on calling for large-scale non-labour intensiveprojects with advanced technologies and high value-added products in the comingtime.

Besides, it has encouraged FDI firms to renew their production line andtechnologies to improve productivity and product quality while saving energy,he said.

Tho said he has ordered competent departments and sectors to provide investorsin prioritised fields with support in industrial infrastructure, and help otherenterprises remove financial bottlenecks so that they are able to expandbusiness and production.

As the province is striving to attract atleast 15 billion USD in FDI capital by 2025, it has invested in a moderntransport system besides developing the industrial infrastructure./.
VNA
#Ba Ria - Vung Tau #high-quality FDI #modernisation #sustainability #non-labour intensive projects #infrastructure #Vietnam News Agency #Vietnamplus Ba Ria - Vung Tau
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