At the meeting, Kulachet Dharachandra, general director of Long Son Petrochemicals, expressed appreciation for Vietnam’s strong support, particularly the prime minister’s proactive and decisive efforts to tackle challenges and facilitate project implementation.

He reported on the project’s progress and expansion plans, proposing specific incentives and tax-related policies to support an additional US$400 million investment. This would enable the project to expand and use imported ethane gas as feedstock.

The Long Son petrochemical complex, invested by Thailand’s SCG Group, has a total investment of over US$5 billion and a designed capacity of 1.4 million tons of petrochemical products. The project has been completed and is operational, making it the largest FDI project in Ba Ria-Vung Tau and one of the biggest in Vietnam.

The Government chief hailed the project’s operations and reaffirmed Vietnam’s commitment to working hand in hand with businesses to address challenges in the spirit of shared benefits and risks. He noted that every meeting led to concrete solutions.

He also announced that relevant authorities would finalize procedures for the project’s expansion next week as a contribution to economic growth and job creation.

Regarding tax-related proposals, Chinh underlined the need for export and import duties to align with economic conditions and encourage investment from major, high-tech enterprises. He tasked Deputy Prime Minister Ho Duc Phoc with reviewing the matter. If within the government’s authority, a decision would be made; otherwise, it would be submitted to the National Assembly for consideration.

Reiterating the principle of "delivering on commitments with measurable results," he expressed confidence in the continued success of foreign businesses in Vietnam.

At the meeting, Bae In Han, general director of Hyosung Dong Nai and the company’s top representative in Vietnam, announced an additional US$1.5 billion investment. This includes a biotechnology plant and a carbon fiber manufacturing facility in Ba Ria-Vung Tau.

Hyosung, one of the Republic of Korea’s leading conglomerates, recorded US$16 billion in revenue in 2023. It is the third-largest Korean FDI investor in Vietnam, with a total investment of approximately US$4.6 billion.

Reaffirming Hyosung’s long-term commitment to Vietnam, Bae highlighted the country’s stable investment climate. He appreciated local authorities' support in resolving key issues, such as the import of microorganisms for biotech projects. He also suggested a streamlined one-stop mechanism to accelerate regulatory approvals and raised tax-related concerns.

Later that day, PM Chinh met with representatives of Ho Tram Project Company, including CEO Walt Power.

Ho Tram Project Company is part of the investment portfolio of Warburg Pincus, a leading US private equity firm managing approximately US$85 billion in assets.

Following the Government chief’s previous suggestion, the company has been working with local authorities to expedite procedures for a proposed road linking Long Thanh International Airport to the Ho Tram resort complex in Xuyen Moc district, Ba Ria-Vung Tau. The project is estimated to cost around VND17.3 trillion (US$700 million).

PM Chinh welcomed the initiative, highlighting its strategic importance in expanding Ho Tram’s investment, enhancing the area’s infrastructure, and unlocking new development opportunities. The project would also increase land value for local communities.

With Ho Tram’s total investment in Vietnam exceeding US$1 billion, plus the road project, the company could qualify for additional investment incentives under Vietnam’s current regulations.

He urged authorities to adopt the shortest, fastest, and most streamlined approach for the project and encouraged Ho Tram to expand investments, positioning Ba Ria-Vung Tau as a major tourism hub.

PM Chinh also called on Ho Tram to share these positive developments with US authorities to strengthen economic ties and intensify American investments in Vietnam.

Later in the day, He inspected the progress of the Bien Hoa-Vung Tau expressway, two key connecting roads for Long Thanh International Airport, and the airport’s passenger terminal. 

Foreign investment surpasses US$24.78 billion in 9 months

This year’s total registered foreign investment, including new capital, adjustments, and capital contributions via share purchases, exceeded US$24.78 billion as of September 30, up 11.6% year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.