Ba Ria-Vung Tau plans $4 billion FDI attraction for 2017-2020
  • | Hanoi Times | November 20, 2017 02:32 PM
The Ba Ria-Vung Tau Province targets to attract US$4 billion worth of foreign direct investment (FDI) in 80 projects for 2017-2020.

Cai Mep – Thi Vai port complex is the only port complex in Vietnam from where container ships can sail directly to Europe and America

Among the total, VND100 trillion will come from domestic investment in 90 projects and VND15 trillion in 15 public-private partnership projects.
To attract investors, the province has made active efforts to put in place mechanisms and removed investment hurdles that could have prevented it from achieving the “big dreams, big ambitions” Prime Minister Nguyen Xuan Phuc wants it to have.

“Ba Ria-Vung Tau will try to reduce the time taken for granting investment licenses and building permits, modernize customs to reduce clearance time, and at the same time build a transparent and investor-friendly government,” Nguyen Van Trinh, chairman of the province People’s Committee, said.

Nguyen Hong Linh, member of the Central Party Committee, secretary of the province Party Committee and chairman of the province People’s Council, affirmed that the province is committed to building a facilitating government and actively improving policies to turn the province into an attractive place for well-intentioned local and foreign investors.

“The province’s vision is to attract investors selectively, with a focus on large projects, modern technology, high value-addition in the fields of industry, ports, port services and logistics, tourism, and high-tech agriculture,” Linh said.

The province has attracted more than $27 billion worth of foreign investment in over 300 projects and VND250 trillion from Vietnamese firms in nearly 500 projects.

Besides 14 general industrial parks with comprehensive infrastructure, the province also has two industrial parks specializing in supporting industries: Phu My 3 and Da Bac.

With its Cai Mep – Thi Vai port complex, ranked among the top ports in Southeast Asia and one of only 19 in the world that can handle 190,000 dead weight tonnage (DWT) vessels, the province will be a gateway for international trade and trans-shipment in Southeast Asia.

This is also the only port complex in Vietnam from where container ships can sail directly to Europe and America.

Work on the $5.4 billion Long Son Petrochemical Complex will start soon and it is expected to go on stream in 2022, providing a big push for the province’s economic development.

The province has also approved a program for high-tech agricultural development for up to 2020 with a vision to 2025, which envisages setting aside more than 5,000ha in various localities for high-tech agriculture.

In tourism, besides continuing to exploit existing attractions like Con Dao and Binh Chau Hot Spring, the province plans to develop some world-class sites. It has so far completed the coastal road from Vung Tau City to Xuyen Moc District, forming a unique beach tourism route with luxury hotels and resorts along the pristine coast. But there are still many sites where investors can develop classy tourism projects.

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