Gov’t chief receives foreign investors in Ba Ria-Vung Tau

The companies included Hyosung Vina Co., Ltd., a subsidiary of the Republic of Korea's Hyosung Group; Long Son Petrochemical Company Limited (Thailand); and Ho Tram Project Company Ltd., a subsidiary of Asian Coast Development (Canada) Ltd. (ACDL).

Additional US$1.5 billion investment in biotechnology and carbon fiber

During his meeting with Hyosung Vina's Dong Nai General Director Bae In Han, the Prime Minister urged the company to prioritize environmental protection, strengthen linkages with domestic businesses, and ensure social welfare for workers.

He encouraged Hyosung to explore the use of domestically produced materials to replace imports, thereby reducing production costs, enhancing competitiveness, and enabling Vietnamese businesses to improve their production capacity and participate in global supply chains.

Pham reiterated the government's commitment to supporting Hyosung in making Viet Nam a hub for its investment, production, and business operations, further contributing to the country's economic development and social responsibility.

Hyosung's Bio-BDO plant in Ba Ria-Vung Tau is one of the world's largest biotechnology plants in this field. To date, the company has invested approximately US$4.6 billion in Viet Nam and plans to invest an additional US$1.5 billion in biotechnology and carbon fiber.

The company sugggested Viet Nam facilitate the import of genetically modified microorganisms for Bio-BDO production and adopt more preferential policies regarding land leasing and tariffs.

Pham welcomed the company's expansion plan and agreed to assign the Ministry of Finance and local authorities to study preferential tax policies for priority investment areas, particularly in high-tech, green, and clean technology projects, as well as VAT refunds in accordance with the current regulations.

US$400 million investment in ethane market

Kulachet Dharachandra, General Director of Long Son Petrochemical Company Limited—invested in by Thailand's SCG Group—reported that the group signed a contract with a U.S. partner to supply raw materials for the project for 15 years, with a total value exceeding US$4.5 billion.

He suggested that the Prime Minister instruct relevant ministries and sectors to reform administrative procedures and shorten the process of issuing project permits.

The General Director reported that the company intends to invest an additional US$400 million to expand the project and potentially use imported ethane gas as raw material.

Pham agreed to facilitate SCG's continued cooperation and investment expansion in Viet Nam, bringing its total investment to nearly US$6 billion.

40km expressway connecting Long Thanh int'l airport and Ho Tram area

The leader of Ho Tram Project Company Ltd shared that following the Prime Minister's suggestion, the company has collaborated with Ba Ria-Vung Tau authorities to propose the construction of an expressway connecting Long Thanh International Airport in Dong Nai province to the Ho Tram Urban Area in Xuyen Moc district, Ba Ria-Vung Tau province.

The 40km expressway is estimated to cost approximately VND17 trillion (US$665.1 million). With this project, the company plans to invest an additional US$1.8 billion in the Ho Tram area.

Pham underscored the significance of the highway, which is expected to connect Ba Ria-Vung Tau province—particularly Ho Tram—not only to Vietnam's largest airport but also to the southeastern, southwestern, and south-central regions, as well as international markets.

He called on the company to work closely with Ba Ria-Vung Tau authorities to accelerate project implementation and open the expressway to traffic as soon as possible.

Additionally, he encouraged the company to expand its investment to transform the Ho Tram area into a major international hub for tourism, resorts, exhibitions, and conferences./.