Ba Ria-Vung Tau attracts US$1.5 billion in FDI in 2017
Friday, 2018-01-12 10:01:43
NDO – A foreign direct investment (FDI) flow of US$1.5 billion was poured into Ba Ria-Vung Tau in 2017, as the southern province licensed 29 new projects and saw seven existing projects register to increase their capital.
According to the provincial Department of Planning and Investment, there were 315 projects operating in Ba Ria-Vung Tau by the end of last year, with a total registered capital of approximately US$27 billion.
Over recent times, the province’s management board of industrial zones (IZs) has focused on accelerating its administrative procedure reforms and the finalisation of infrastructure projects at IZs, whilst holding regular dialogues with investors, aiming to support and remove any difficulties for enterprises’ business and investment operations in a timely fashion, especially in compensation and land clearance work.
With the goal of boosting industrial and seaport development, Ba Ria-Vung Tau is shifting towards a new direction for investment attraction, with changes made in its investment promotion work aimed at fitting the new situation, targeting the key markets of Japan, the Republic of Korea, the US, Thailand and Singapore. In addition, the province has also promulgated support policies for foreign investors during the implementation of their projects and operations.
According to Nguyen Hong Linh, Secretary of the provincial Party Committee, over the next few years, Ba Ria-Vung Tau will give priority to calling on qualified and experienced enterprises to invest in large projects using modern technology.
Meanwhile, the Cai Mep - Thi Vai transit port system is being finalised, promising to become one of the 19 ports in the world that is capable of receiving the largest-capacity vessels, which can compete directly with transit ports in other countries in the region, such as Singapore and Hong Kong (China).
Therefore, Ba Ria-Vung Tau will continue to call for investment in developing this transit port system, specifically in the transport infrastructure system connected with the port system, logistics projects, and inland waterway port projects.