HÀ NỘI — New industrial projects are expected to contribute about VNĐ5 trillion (US$197 million) to the industrial production value of the southern province of Bà Rịa-Vũng Tàu in 2025, according to the provincial Department of Industry and Trade.

The department said that 21 industrial projects are set to start operations this year.

They include several large projects such as a carbon fibre factory worth $540 million of the Republic of Korea (RoK)’s Hyosung Group, the Cái Mép-Phú Mỹ pipeline and the Phú Mỹ gas distribution station worth nearly $60 million of the Hải Linh Co. Ltd, and a Pocari factory invested with nearly $100 million by the Otsuka Nutraceutical Vietnam Co. Ltd.

In 2024, 31 new projects became operational in the province’s industrial zones, helping increase the production value, generate revenue, and manufacture many new industrial products.

Last year, the industrial production value in Bà Rịa-Vũng Tàu rose by 12.91 per cent compared to 2023, much higher than the target of 10.11 per cent. This result was attributed to the stable operation of most large projects operating there for many years, along with new projects becoming functional.

Notably, the Phú Mỹ 3 Specialised Industrial Zone in Phú Mỹ Township has attracted 46 investors with a registered capital exceeding $4 billion. They include multinational corporations boasting large capital and modern technology from Japan, the RoK, Europe, the US, Taiwan (China), China and several other countries.

In 2024 alone, this industrial zone drew nine investors from Japan, China, Hong Kong (China), and Việt Nam who poured a total of over VNĐ21 trillion in investment.

Lê Ngọc Linh, director of the provincial Department of Planning and Investment, said that this year, Bà Rịa-Vũng Tàu will continue implementing decisive and flexible measures in administrative reform and investment environment improvement so as to create the best possible business climate for both domestic and foreign investors.

The province issued a scheme to shorten the time for processing 800 administrative procedures by 35 - 40 per cent, and boost the supply of online public services.

In addition, it is accelerating the development of technical infrastructure, especially transport facilities, to enhance its connectivity with other localities in Việt Nam, thus promoting its attractiveness to major businesses and investors, Linh added. — VNS