Ba Ria – Vung Tau selective in attracting investment
The southern province of Ba Ria – Vung Tau is one of the top three localities in the country in luring investment, especially foreign direct investment (FDI), with total registered capital of 3.6 billion USD in 2018.
Illustrative image (Source: VNA)Hanoi (VNA) – The southern province of Ba Ria – Vung Tau is one of the top three localities in the country in luring investment, especially foreign direct investment (FDI), with total registered capital of 3.6 billion USD in 2018.
According to the provincial Department of Planning and Investment, the locality granted licenses to 34 FDI projects worth more than 3.6 billion USD, focusing on processing and manufacturing industry, solar power and tourism.
Director of the department Le Hoang Hai said the province is among the first localities in Vietnam to publicise priorities in calling for investment with the target of attracting large-scale projects using modern and environmentally friendly technologies.
Besides building a set of criteria for investment attraction, the provincial Party Committee promulgated a resolution in July 2017 to improve the efficiency of attracting investment through 2020.
The province has built plans to access businesses in developed countries, focusing on Japan and the RoK, to call for investment.
Therefore, many economic and industrial groups, mainly from Japan and the Republic of Korea (RoK), have entered the province.
In the future, the province will continue inviting investors to study and implement projects in fields such as logistics, urban areas and tourism.
In 2017-2020, the province strives to lure 80 FDI projects with total registered capital of 4 billion USD and 90 domestic ones worth nearly 100 trillion VND (4.2 billion USD).
According to Vice Chairman of the provincial People’s Committee Nguyen Thanh Long, more than 20 out of the 34 licensed FDI projects in 2018 are from Korean businesses.
The RoK leads in foreign investment in the province with nearly 5 billion USD, he noted.
Secretary of the provincial Party Committee Nguyen Hong Linh said selective investment will help the province develop its five economic pillars namely industry, seaports, port logistics services, tourism and high-tech agriculture.-VNA
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