Ba Ria-Vung Tau seeks to tackle investment hindrances

 

Ba Ria-Vung Tau (VNA) – Officials from the Department of Planning and Investment and other relevant agencies and sectors in the southern province of Ba Ria-Vung Tau met on March 6 to seek measures to draw in more investment.

Nguyen Hong Linh, Secretary of the provincial Party Committee, who chaired the meeting, said the province boasts a lot of untapped potential but has yet to do enough to reel in big investors.

He suggested departments and other sectors to join hands in making existing investors satisfy and treating businesses, old and new, local and foreign alike, on an equal footing.

He pointed to the need to shorten the licence-granting duration while speeding up a support programme for businesses.

The Industrial Park Management Board should pay heed to the quality of infrastructure at industrial parks in an effort to raise their competitiveness, he noted.

According to Le Hoang Hai, Director of the Department of Planning and Investment, in 2017, the province licensed 86 locally-invested and foreign-invested projects with a total investment of 1.5 billion USD and 41.9 trillion VND.

Newly-licensed projects are engaging mainly in warehouses, logistics, ports, industry, tourism, housing, environment, healthcare, mining, trade and agriculture.

Also in 2017, local and foreign businesses disbursed over 36.1 trillion VND of their investment capital, accounting for around 80 percent of the total investment poured into the locality.

On February 23, the province presented investment licenses to eight projects worth over 8.3 trillion VND (366 million USD) at a meeting with businesses.

The projects comprise two solar power factories, two housing projects, one hospital project, one ceramic factory, one tourism project, and one steel project.

The locality is focusing its investment attraction efforts on the five sectors that it has potential, namely industry, sea ports, port logistics services, tourism, and hi-tech agriculture.-VNA