Phú Mỹ 3 Specialized Industrial Park in Bà Rịa–Vũng Tàu Province. The province is a major seaport hub in the southeastern region. — VNA/VNS Photo Hoàng Nhị

Thirty-four new foreign direct investment (FDI) projects have been granted licences by the authority of the southern province of Bà Rịa–Vũng Tàu in the first 10 months of the year, with a total registered capital of US$1.6 billion.

This amounts to 2.24 times the number of projects granted licences in the same period last year, according to statistics from the province’s Department of Planning and Investment.

The department has also approved the capital adjustment for 50 other existing FDI projects.

By the end of October, the province saw 490 FDI projects operating, with a total registered capital of over $33.3 billion. These include 315 projects in industrial zones (over $15.7 billion), and 174 outside (nearly $17.7 billion).

One of the province's main advantages is that it is a major seaport centre in the southeastern region, with a deep-water port that can accommodate container ships weighing 200,000 tonnes. It also lies on a global shipping route that connects Việt Nam with Europe and the Americas.

The province holds 93 per cent of the country’s total oil reserves and 16 per cent of natural gas reserves, showing a growth opportunity for the petrochemical industry.

Lê Ngọc Linh, director of the province’s Department of Planning and Investment, said: "We have organised multiple trade conferences to attract investments.

"We have also focused on developing regional transportation infrastructure projects, such as the Biên Hòa–Vũng Tàu Expressway, the Phước An Bridge, and roads along the coasts and links to the seaport system, which will improve connectivity within the province and the region.

The province is expected to attract around $2 billion in FDI this year and nearly $1.5 billion next year. By the end of next year, the province is projected to have around 517 FDI projects, with total investment capital exceeding $34.8 billion. — VNS