Ba Ria – Vung Tau lures high-quality FDI projects

22/11/2023 11:01

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.

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Ba Ria - Vung Tau prioritises high-quality FDI projects. (Photo: VNA)

Ba Ria – Vung Tau (VNA) – 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.

According to the provincial Department of Planning and Investment, foreign investors have registered more than 31.4 billion USD into 457 FDI projects in the province so far. From the outset of this year, Ba Ria – Vung Tau has secured over 751 million USD in 20 newly-registered projects, up 2.78 folds in value 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 the province, including the US, Canada, Thailand, the Republic of Korea, the UK, and France.

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

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At Phu My 3 Industrial Park (Photo: VNA)

According to Chairman of the provincial People’s Committee Nguyen Van Tho, the province will sharpen focus on calling for large-scale non-labour intensive projects with advanced technologies and high value-added products in the coming time.

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

Tho said he has ordered competent departments and sectors to provide investors in prioritised fields with support in industrial infrastructure, and help other enterprises remove financial bottlenecks so that they are able to expand business and production.

As the province is striving to attract at least 15 billion USD in FDI capital by 2025, it has invested in a modern transport system besides developing the industrial infrastructure./.

VNA