Ba Ria-Vung Tau eyes new wave of investment post-pandemic

Tuesday, Nov 15, 2022 09:25

The Phu My 3 Industrial Park in Phu My Town in Ba Ria-Vung Tau Province. The province remains an attractive destination for foreign direct investment post-COVID. — VNA/VNS Photo Hoang Nhi

The COVID-19 pandemic in the last two years notwithstanding, the southern province of Ba Ria-Vung Tau remains an attractive destination for foreign direct investment.

With its ideal location in the southern key economic zone and 100km from HCM City, the province offers investors a number of advantages.

Besides, it has unveiled an action plan to improve the business climate and enhance competitiveness to attract FDI.

It has upgraded infrastructure at industrial parks with an eye on large environment-friendly high-tech projects.

Kyoei, Nippon, Sumitomo, Itochu, Mitsubishi, and Lotte are some of the giant corporations that already have a presence in the province.

Nguyen Anh Triet, head of the Ba Ria-Vung Tau Industrial Park Authority, said there are incentives for industrial parks to attract investment, and administrative and land clearance procedures are being streamlined to develop industrial infrastructure.

Nearly 50 potential investors have signed MoUs and registered to lease more than 1,000 hectares of industrial lands, he revealed.

Dat Do 1 Industrial Park in Dat Do District's Phuoc Long Tho Commune in Ba Ria-Vung Tau Province. — VNA/VNS Photo

The province plans to build eight industrial zones covering more than 8,000ha by 2030 to meet the huge demand, he added.

Nguyen Van Tho, chairman of the provincial People’s Committee, said the five main areas of foreign investment are manufacturing, ports, logistics, tourism, and high-tech agriculture.

The province plans to amend the list of industries in which it seeks investment in industrial zones, with more space freed up in the zones to develop logistics to meet export companies’ requirements.

By 2030, it will develop ports and port logistics services into a key economic sector to support the development of other industries, trade and services.

Its 47 seaports handle around 137 million tonnes of cargo a year.

It will also develop the Cai Mep Free Trade Zone in Phu My Township.

The Ministry of Transport recently approved a VND1.4 trillion (US$59.6 million) project to upgrade the navigation channel to the Cai Mep – Thi Vai Port Cluster to allow the passage of large ships (over 18,000 TEU).

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