Construction of the Phu My 3 industrial zone began today in the southern province of Ba Ria - Vung Tau Province.— VNS Photo

BA RIA-VUNG TAU (Biz Hub) — Construction of the Phu My 3 industrial zone began today in the southern province of Ba Ria - Vung Tau Province.

The main developer, the Thanh Binh Phu My Joint-Stock Company, invested an estimated capital of about US$345 million in the project.

Covering a total area of 999ha, the Phu My 3 zone will house mostly Japanese companies.

Nguyen Thi Thao Nhi, CEO of the Thanh Binh Phu My Joint-Stock Company, told Viet Nam News that 300ha had been earmarked for Japanese investors, with the rest slated for domestic and other foreign companies.

The zone's land area has been divided into many uses: industrial land for factories; logistics and bonded warehouses; river ports; administrative and service areas; residential and green areas; a sports centre; and transportation areas. The design also includes technical infrastructure and various water surfaces.

According to the investor, Phu My 3 will be open to all kinds of businesses but it will give priority to heavy industry, multi-industry, ports and logistics services, as well as other service companies.

It will especially develop basic materials production, a business sector that remains underdeveloped in the country.

In the groundbreaking ceremony today, local authorities said they hoped the new zone would contribute to the economic development of Ba Ria – Vung Tau and bring new jobs. — VNS