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