Ba Ria-Vung Tau province ranks first in foreign investment capital

Statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment showed that between January and April, Ba Ria-Vung Tau lured $1.52 billion in overseas funding, equalling 16.4 per cent of the total foreign investment in the whole country.

Among the projects is South Korean Hyosung's $720-million biofibre factory, and Japanese Tosoh Corporation's $176-million chemical project in Phu My 3 Industrial Park (IP).

Hyosung is implementing a plan to become the biggest spandex manufacturer in the world. The company also operates a $540 million carbon fibre factory in Phu My II IP.

The South Korean firm has invested at least $3.5 billion in Vietnam so far, including $1.4 billion in Ba Ria-Vung Tau; $1.9 billion in the southern province of Dong Nai; $200 million in the central province of Quang Nam; and $100 million in the northern province of Bac Ninh.

In March, Ba Ria-Vung Tau awarded an investment registration certificate for a $250 million Electronic Tripod Vietnam factory in Chau Duc IP.

In the first four months of this year, Vietnam had a consolidated registered foreign investment capital of $9.27 billion, up 4.5 per cent on-year. The disbursed capital reached $6.28 billion, up 7.4 per cent.

The manufacturing and processing sector stands in first position in foreign investment capital influx, accounting for 66 per cent of the total registered capital. The runner-up is the real estate sector with a registered capital amount of $1.7 billion.

The traditional investors are from Singapore, Hong Kong, China, Japan, and China, which account for 73 per cent of newly registered projects and 73.4 per cent of the total registered capital.

The southern province of Ba Ria-Vung Tau has ramped up efforts to open Bien Hoa-Vung Tau Expressway on schedule by 2025, as directed by Prime Minister Pham Minh Chinh on his field visit to the project site in mid-February.

Ba Ria-Vung Tau today hosted a conference to bring exposure to the provincial planning scheme for 2021-2030, with a vision to 2050, as well as its investment promotion plans.

The container ship MSC Giusy, with a gross tonnage exceeding 170,000 DWT, on April 11 docked at the deep-water port SSIT in the Cai Mep-Thi Vai complex, the southern province of Ba Ria-Vung Tau.

Top Chinese display maker BOE Technology Group, a supplier of both Apple and Samsung, broke ground on the BOE Vietnam smart terminal phase 2 project on April 18 at Phu My 3 Specialised Industrial Park in the southern province of Ba Ria-Vung Tau.

Various measures are being taken by authorities and businesses in the southern province of Ba Ria - Vung Tau to keep up with the green tourism trend to attract more travellers.