Companies sign memorandums of understanding with the province to invest a combined VND38-VND45 trillion ($1.7 billion - $2.01 billion) in the province. — VNS Photo Xuan Huong

HCM

Speaking at a conference in HCM City on August 10 to solicit investment in the province, Nguyen Hong Linh, Secretary of the Party Committee, listed them as industrial production, ports, logistics services, tourism, and high-tech agriculture.

The province hopes to attract experienced and qualified investors who can contribute to making it more vibrant and prosperous, he said.

It would prioritise attracting large projects that use modern and eco-friendly technologies, make value-added products, consume less energy and be competitive and environment-friendly, he said.

Nguyen Thanh Long, deputy chairman of the provincial People's Committee, tabled a list of projects in which Ba Ria-Vung Tau is seeking investment, including a US$10 billion oil refinery in Long Son – Vung Tau city, the VND2.5 trillion Cai Mep Ha Logistics Centre, VND20 trillion Bien Hoa-Vung Tau rail route, the cruise terminal and Sao Mai-Ben Dinh tourism services complex, Nui Dinh Tourism Park, Long Huong Eco-urban Area, a high-tech agricultural area in Xuyen Moc District, and the Ba Ria-Vung Tau Fisheries Centre.

Linh said "The province would continue to adopt measures to create an investor-friendly investment climate".

Located in the Southern Key Economic Zone, the province has advantages like a deep-sea port, which plays a key role in international container transhipment, an industrial base and good transport infrastructure, he said. 

For the past 25 years its economy been growing steadily and continues to move in the right direction, and this development strategy would lay a strong foundation to achieve a breakthrough, he said.

So far Ba Ria-Vung Tau has attracted 297 foreign investment projects worth $27 billion and 442 others by Vietnamese companies with a registered capital of over VND240 trillion ($10.76 billion).

Speaking at the conference, Deputy Prime Minister Trinh Dinh Dung hailed the province's achievements over the years, pointing out that while accounting for just 0.6 per cent of the country's area and over 1 per cent of the population, Ba Ria-Vung Tau contributes nearly 8 per cent of the country's GDP and 12 per cent of the Government's revenues.

But the competitiveness of many of its products remain low and transport infrastructure linking economic zones and industrial parks with ports is modest, and these should be addressed, he said.

He urged the province to speed up administrative reform, and adopt policies to attract quality human resources from elsewhere, especially HCM City.

Business executives attending the conference wanted the province to provide them more support with land acquisition and compensation and petitioned the Government to review land lease policies.

The province should pay more attention to developing amusement places to attract tourists staying long in the province, they added.

Many investors with plenty of expertise and deep pockets expressed interest in investing in the province.

Nguyen Thien Tuan, chairman of the DIC Corp, said the company had invested more than VND10 trillion in the province and would invest another VND16 trillion in urban development, tourism-related property, hotels, entertainment centres, golf courses and logistics in 2016-20.

Gary Martin, head of development at Ho Tram Strip, the largest foreign-invested tourism project in Việt Nam, said: "We have invested $750 million here. We have earmarked an additional $300 million for construction projects which are either already in progress or due to start very shortly."

Four companies, Nguyen Hoang Investment and Development Joint Stock Company, DIC Corp, Sài Gin New Port Corporation and BRG Group, signed memorandums of understanding with the province to invest a combined VND38-VND45 trillion ($1.7 billion - $2.01 billion) in the province.  — VNS