Southern province attracts large-scale investment projects
The southern province of Ba Ria – Vung Tau last year attracted many large-scale investment projects, and it is noteworthy that the projects fell in the province’s orientations, according the provincial Department of Planning and Investment.
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Prominent among the projects are those on the PP production and LPG storage of the Republic of Korea’s Hyosung group (US$1.2 billion) and the paper mill of the Marubeni (US$211 million). Besides foreign investors, the province also attracted capital from domestic groups.
Also last year, Ba Ria – Vung Tau issued licenses for 44 foreign projects and approved the capital increase for 14 others totaling nearly US$2 billion. All in all, by the end of last year, the province was housing 351 foreign investment projects will a total capital of over US$27.3 billion and 532 domestic ones whose combined capital topped VND276 trillion.
Over the past years, the province has persisted in the policy of attracting foreign investment in a selective manner, which has yielded positive outcomes and helped the local economy develop in the way it opted.
From now to the year 2020, Ba Ria – Vung Tau will call for investment to the fields of logistics, tourism, support industry, high-tech agriculture, housing and urban development. As for this year, the province will promote investment to major projects such as the Nui Dinh tourism complex, the safari area, the urban area, the Cai Mep Ha logistics centre, the Bau Trung urban area, and tourism projects along the coast of Vung Tau, Long Hai and Con Dao island, among others.
