Phu My 3 industrial zone in Ba Ria-Vung Tau Province. Local industrial parks need to expand to meet the rising demand for land rentals. — Photo baobariavungtau.com.vn

New waves of investment coming to the southern province of Ba Ria-Vung Tau are predicted to increase demand for land rentals at local industrial parks (IPs), which in turn will need to be expanded.

According to the provincial IPs management board, the province is home to 16 IPs covering a total area of 9,054ha.

Together they house 469 projects worth more than US$20.09 billion, with occupancy rates at 52.35 per cent.

Nguyen Anh Triet, head of the board, noted that the upcoming expansion of local IPs is in line with a Government decree as well as State regulations on the management and planning of IPs and economic zones.

The board proposed the addition of eight more IPs on more than 8,120ha in 2021-25.

In response, the chairman of the provincial People’s Committee Nguyen Van Tho asked departments and sectors to monitor the establishment and expansion of local IPs, taking into consideration their investment effectiveness and impact on the environment and social welfare.

Nguyen Khac Thanh, General Director of Tin Nghia-Phuong Dong Industrial Park Joint Stock Company, said an immediate expansion is necessary to meet investors’ demand. — VNS