|Illustrative image (Source: VNA)
Noteworthy among RoK projects is the 1.2 billion USD scheme by Hyosung group to build a polypropylene (PP) plant and underground storage facilities for LPG in Cai Mep industrial park, Phu My town.
Licensed in August 2018, the project is scheduled to be completed at the end of 2020.
According to the provincial Department of Planning and Investment, RoK investors are running 58 investment projects in Ba Ria Vung Tau with total capital of nearly 5 billion USD. Up to 70 percent of the capital was channelled into processing and manufacturing, which are also priorities in the province’s FDI attraction policy.
President of the RoK Chamber of Commerce (KOCHAM) in Vietnam Kim Heung Soo said Ba Ria-Vung Tau has adequate conditions for light and heavy industries along with good infrastructure and an abundant workforce, which make it attractive to foreign investors in general and those from the RoK in particular.
Secretary of the provincial Party Committee Nguyen Hong Linh said the province highly valued RoK investors for their technology, business administration and environmental protection.
Ba Ria Vung Tau will continue to work to attract investment from the RoK in selected areas, particularly the support industry and knowledge-based industries that suit the province’s economic development strategy.