Illustrative image (Source: VNA)
Ba Ria – Vung Tau (VNA) – Chairman of the southern Ba Ria – Vung Tau provincial People’s Committee Nguyen Van Trinh presented investment licenses to four foreign-invested and four domestic projects during a local ceremony on February 6.

The projects, the first ones licensed in the province this year, were worth a total of 311 million USD and 3.588 trillion VND (156 million USD).

The province has so far recorded 301 foreign-invested projects worth nearly 26.7 billion USD and 451 domestic ones valued at over 245.5 trillion VND (10.67 billion USD).

The total social investment neared 41 trillion VND (1.78 billion USD) last year, up 6.8 percent annually. Upwards 33.6 trillion VND (1.46 billion USD) of which was sourced from domestic and foreign enterprises.

At the event, President of Hyosung Corporation’s Chemical Division Choi Young-gyo signed a memorandum of understanding with the province, pledging to pour 1.2 billion USD into a polypropylene manufacturing facility, a liquefied petroleum gas (LPG) warehouse, and a LPG and petrochemical port.

Nguyen Hong Linh, Secretary of the provincial Party Committee, vowed to take synchronous measures to reform administrative procedures and create a vibrant and responsible business climate.

The province will also hold regular dialogues with business owners and clear arising hindrances, he stated.

On the occasion, nine well-performing firms were honoured for their contributions to local development.

Last year, the provincial economy grew 5.6 percent, contributing in excess of 32.5 trillion VND (1.41 billon USD) to the State budget and more than 10 billion VND (434,000 USD) to social welfare programmes, as well as generating over 22,000 jobs.-VNA