VIETNAM, November 15 – BÀ RỊA-VŨNG TÀU — Despite the COVID-19 pandemic over the past two years, the southern province of Bà Rịa-Vũng Tàu remains an attractive destination for foreign direct investment.
With its convenient location in the southern key economic zone and 100 km from Ho Chi Minh City, the province offers many advantages for investors.
Furthermore, he unveiled an action plan to improve the business climate and strengthen competitiveness to attract FDI.
He modernized the infrastructure of industrial parks keeping an eye on large high-tech environmentally friendly projects.
Kyoei, Nippon, Sumitomo, Itochu, Mitsubishi and Lotte are among the giants already present in the province.
Nguyễn Anh Triết, head of Bà Rịa-Vũng Tàu Industrial Park Authority, said there are incentives for industrial parks to attract investment, and administrative and land clearing procedures are streamlined to develop. industrial infrastructure.
Nearly 50 potential investors have signed memorandums of understanding and registered to lease more than 1,000 hectares of industrial land, he revealed.
The province plans to build eight industrial zones covering more than 8,000 ha by 2030 to meet the huge demand, he added.
Nguyễn Văn Thọ, chairman of the provincial People’s Committee, said the top five areas of foreign investment are manufacturing, ports, logistics, tourism and high-tech agriculture.
The province plans to modify the list of industries in which it seeks investment in industrial zones, with more space freed up in the zones to develop logistics to meet the needs of exporting companies.
By 2030, it will make ports and port logistics services a key economic sector to support the development of other industries, trades and services.
Its 47 seaports handle around 137 million tons of goods per year.
It will also develop the free zone of Cái Mép in the canton of Phú Mỹ.
The Ministry of Transport recently approved a VNĐ 1.4 trillion ($59.6 million) project to upgrade the navigation channel to the Cái Mép – Thị Vải port cluster to allow the passage of large ships (more than 18,000 TEU).
Companies from 30 countries and territories have invested nearly $30 billion in 442 projects in the province, according to its Ministry of Planning and Investment.
Among them, 270 projects worth $12.23 billion are located in industrial parks.
Vietnamese companies have invested more than VNĐ346.3 trillion in 688 projects in the province.
The province attracted $643 million in FDI in the first ten months, according to the department.
The province has the fourth highest FDI in the country behind the city of HCM and the provinces of Bình Dương and Bắc Ninh.
It plans to hold an investment promotion conference this month to announce a list of projects requiring investment in 2022-25.
Since its creation 31 years ago, Bà Rịa-Vũng Tàu has become one of the richest provinces in the country.
Besides the oil and gas sector, it has invested in manufacturing, ports, tourism and high-tech agriculture.
Its economic growth has been steady over the years. Even at the most difficult time of the COVID-19 pandemic, it grew by 6.1%, the third highest rate among Việt Nam’s 63 cities and provinces. Its per capita income is $13,000.
The province’s maritime economy, including tourism, ports, oil and gas development and the exploitation and processing of seafood products, has great potential.
It is the largest producer of steel, gas, electricity and nitrogen in the country and can ensure an uninterrupted supply of inputs and electricity for large projects.
In recent years, its economy has gradually transformed from the exploitation of natural resources to services, tourism, ports and high-tech agriculture. —VNS