Ba Ria Vung Tau lures $174m investment

Tuesday, Feb 04, 2020 11:03

Investors pose for a photo after receiving investment licences. — VNA/VNS Photo Manh Duong

The People’s Committee of Ba Ria-Vung Tau province on Monday granted licences to five new and capital-added projects worth a combined US$174 million during a meeting with more than 300 representatives from associations, economic organisations and investors.

In his speech, People’s Committee Chairman Nguyen Van Tho praised the effective contribution of domestic and foreign investors to the province’s socio-economic development.

Last year, the province attracted 108 new projects, including 49 foreign-invested ones valued at about $623 million, and 59 domestically-financed ones capitalised at VND13.13 trillion ($566 million), Tho said.

During the year, it also allowed 40 existing projects to increase investment capital by $524 million, he added.

Currently, the locality is home to 960 projects including 390 foreign-invested with a combined investment capital of $40.5 billion.

Over the years, Ba Ria-Vung Tau had lured domestic and foreign investors, according to Nguyen Cong Vinh, director of the provincial Department of Planning and Investment.

He outlined seaports, tourism and petroleum as areas that received the most attention from investors.

In the future, the province would concentrate on attracting investment projects that used advanced and modern technologies and employed highly skilled workers, he said, adding that it would continue to improve the investment environment with a focus on accelerating administrative reforms and improving infrastructure.

Speeding up investment promotions, improving the quality of personnel and resolving difficulties for investors would also be included, Vinh said. — VNS

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