Ba Ria-Vung Tau strives to attract investment projects from RoK
The southern province of Ba Ria-Vung Tau is developing infrastructure in its industrial parks in a bid to attract more investors from the Republic of Korea (RoK).
According to the Management Board of Ba Ria-Vung Tau Industrial Parks, the province is home to 124 FDI projects invested by Korean businesses with a total registered capital of over US$5 billion. Up to 70% of the registered capital has been poured in the processing and manufacturing industries.
Nguyen Anh Triet, head of the management board, said with the production of 600,000 tonnes of polypropylene (PP), 600,000 tonnes of propylene and storage of 240,000 tonnes of liquefied petroleum gas (LPG) per year, Hyosung Vina Chemicals will contribute to increasing Vietnam's exports and promoting the country's industrial development as well as its participation in the global supply chains.
Korean Consul General to Ho Chi Minh City Kang Myong-il said as the investment environment in Ba Ria - Vung Tau province has been improved, many Korean businesses have come to invest in the fields that the province encourages and has advantages, including the electricity industry, electronics, pharmaceuticals, trade and services.
The Korean business community wanted the province’s support in some problems relating to procedures for arrears and payment of land use tax and assisting enterprises in receiving tax refunds.
Pham Viet Thanh, Secretary of the provincial Party Committee, said the province will strive to settle the above-mentioned issues soon. He also pledged to focus on improving infrastructure in industrial parks to welcome foreign investors.