Making news

Ba Ria-Vung Tau- a magnet for FDI projects

The southern province of Ba Ria-Vung Tau has been among leading localities in the country in attracting FDI over the past 30 years, with 343 projects totally valued at 27.3 billion USD.

Currently, renowned firms from some 30 countries and territories are landing investment in the province, including reputed names like ACDL, SMC, Nippon, Mitsubishi, Posco, Sumitomo, Itochu and Kyoei Lotte, among others.

FDI projects have caused enormous impact on the local socio-economy as they have created jobs for more than 69,000 labourers so far. Also, they are billed as a significant motive for economic shifting towards industrialisation, while making contributions to local gross domestic products (GDP).

According to Bui Ngoc Diep, Vice President of the province’s Association of Small and Medium Enterprises, provincial authorities should pay due attention to large tourism projects which are labour intensive and have strong connections with local firms.

The provincial Party’s Committee recently issued a resolution on improving the efficiency of investment attraction by 2020. Accordingly, the province will give top priority to projects which are environmentally friendly, and focus on sea port, port logistics, tourism, and high-tech agriculture.

The resolution also stipulates regulations on shortening the time taken for administrative procedures and developing the Provincial Competitiveness Index, among others to build a positive business climate. This is believed to be key for the province to develop sustainably in the future.