(VOVWORLD) - Ba Ria-Vung Tau has, over the past few years, paid special attention to attracting investment in seaports, logistic services, tourism, and high-tech agriculture - the main drivers of the local economy.
 Ba Ria-Vung Tau province aims to attract hi-end investment projects (Photo: reatimes.vn) |
Ba Ria-Vung Tau province accounts for nearly 10% of Vietnam’s total FDI and ranks fourth among 63 provinces and cities in FDI attraction. On average, one FDI project in Ba Ria-Vung Tau is worth 86.7 million USD. Most come from major investment groups in Japan, South Korea, the US, Canada, Thailand, the Netherlands, and Singapore who invest in ports, logistics, plastic beads, and electronics.
In recent years, Ba Ria-Vung Tau has also discarded ineffective projects to reserve land for new potential investors. It has discarded 142 projects - 38 in industrial zones, 53 housing projects in residential areas, and 51 others outside industrial zones.
According to Nguyen Thanh Long, Vice Chairman of the provincial People's Committee, the withdrawal of projects is in accordance with law. Provincial authorities have worked with investors to identify the cause and propose ways to address each case.
“Under a program to deal with projects in disrepair, the province has issued specific regulations. The management of these projects has been conducted professionally and transparently. All related information has been published on online newspapers,” said Long.
Cancelling ineffective projects has increased land reserves for other investors. The province has consistently pursued selective investment attraction, given special attention to large-scale, and advanced technological and environmentally friendly projects.
 Seaports and port logistics are economic drivers of Ba Ria-Vung Tau (Photo: nhandan.com.vn) |
Choi Young Gyo, Chairman of South Korea’s Hyosung Chemical Group, said that he has invested 1.2 million USD to build a polypropylene (PP) plant and an underground storage facility for liquefied petroleum gas (LPG) in Ba Ria-Vung Tau.
“We are very happy to receive the investment licence. We have been doing business in Vietnam for a decade. During the last 4 years preparing for the PP project, we received great support from Ba Ria-Vung Tau authorities,” said Choi Young Gyo.
Nguyen Hong Linh, Secretary of the Ba Ria-Vung Tau provincial Party Committee, said the province has developed a set of criteria for attracting high-end investors. Last year, 3.6 billion USD of FDI was invested in Ba Ria-Vung Tau’s target areas, creating a motivation for local investment.
Linh said: “Ba Ria-Vung Tau will continue to select investors in the industries which will not cause environmental pollution and will meet sustainable development requirements.
The province is calling investment in such projects as the Dinh Mountain project, the Safari Wild Animal Garden, and the Cai Mep Ha Logistics Center. More support will be given to boost investment in the Bau Trung urban residential area, the Cape Nghinh Phong tourist area, and the Vung Tau Marina City-Tuan Chau tourist site.