Delegates attend the plant's ground-breaking ceremony on Friday. — VNA/VNS Photo

Top Solutions JSC on Friday commenced construction of a US$5.5 million grease production plant in Ninh Thuận Province's Phước Nam Industrial Zone.

The plant, the first foreign-invested project kicked off in the province so far this year, is slated for completion by the year-end.

Head of the Ninh Thuận Industrial Zone Authority Sử Đình Vinh praised the project, saying it would contribute to improving the provincial industrial production and export values.

Vinh said the ground-breaking ceremony demonstrated the investor's determination and the province's efforts to reform administrative procedures, improve the business and investment environment, and attract investment.

He added that once operational, the plant would create more local jobs and help foster the province's socio-economic development in the next few years.

Ninh Thuận is now home to 38 valid foreign-invested projects with a combined investment capital of over $1 billion, mainly focusing on several sectors including renewable energy, tourism, agricultural processing and gas electricity, the provincial Department of Planning and Investment has said.

The province's leading foreign investors are Singapore, Japan, Taiwan (China), the UK, France and the Netherlands.

In 2024, the province strives for a GRDP growth rate of 11-12 per cent, and an average income per capita of about VNĐ101 million ($4,300). In the economic structure, agriculture - forestry - fishery accounts for 25-26 per cent; industry-construction accounts for 41-42 per cent; and services 32-33 per cent.

The province strives for local budget revenue to reach about VNĐ4 trillion, and total social investment capital of about VNĐ22.9 trillion.

GRDP in 2023 reached VNĐ25.7 trillion, an increase of 9.4 per cent compared to 2022, ranking the province ninth nationwide and second among provinces in the north central and central coast regions. The poverty rate decreased to 1.72 per cent. — VNS