Ba Ria-Vung Tau ranks third in FDI attraction in seven months

VGP - The southern province of Ba Ria-Vung Tau ranked third among cities and provinces nationwide in FDI attraction with about US$2.15 billion landing into local projects since the beginning of 2018.

August 09, 2018 9:48 AM GMT+7

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The amount presented an increase of 30.6% against the same period last year. It included over US$320 million added into 30 operational projects, such as a brewery with an annual capacity of 610 million liters of beer of the Heineken Viet Nam Brewery at the My Xuan A Industrial Park, a steel manufacturing project of the Nippon Steel and Sumikin Pipe Viet Nam and a kitchen appliance project of Kasmain Viet Nam.

The province is currently home to 360 FDI projects with a total registered capital of more than US$28 billion.

The province has attracted a number of large FDI projects suitable to its strategy to develop key industries like food processing, mineral processing, textile and garment and solar power.

To facilitate foreign investors in the province, local authorities pledged to continue improving business climate and intensify public administration reforms by streamlining unnecessary procedures.

Ba Ria-Vung Tau has set up an inter-sectoral working group to support investors in investment procedures while the provincial leaders have held regular meetings with local departments to promptly help enterprises resolve difficulties.

According to Director of the provincial Department of Planning and Investment Le Hoang Hai, the southern locality aims to lure 80 FDI projects worth an estimated US$40 billion, and 90 domestic ones with a combined registered capital of about VND100 trillion (US$4.29 billion) from 2017 – 2020/VNA./.