In the first months of 2024, Ba Ria - Vung Tau province has 18 newly registered FDI projects, with a total registered investment of 1.521 billion USD, an increase of 42 times over the same period, 9 projects adjusted to increase capital reached 120.8 million USD. With the above figure, for the first time, Ba Ria - Vung Tau has risen to the top in attracting foreign investment capital in many industries and fields.

“Good land, birds perch”

As the only one specialized industrial park in Vietnam, Phu My 3 Specialized Industrial Park has been officially put into operation since 2018. Up to now, Phu My 3 SIP has attracted 44 investors with a majority of types of industries such as heavy industry, chemicals, downstream petrochemicals... from Japan, Korea, China and some EU countries with a total capital of 3 billion USD, equivalent to 58,000 billion VND.

Mr. Kazama Toshio, member of the Board of Directors, Deputy General Director of Phu My 3 SIP said that in the first 5 months of 2024, Phu My 3 has attracted 6 FDI investors with a total capital of 500 million USD. Currently, 2 investors have been licensed, 4 investors are completing licensing procedures.

Mr. Kazama Toshio, member of the board of directors, Deputy General Director of Phu My 3 SIP, said that Ba Ria - Vung Tau has many advantages to attract foreign investors.

Mr. Kazama Toshio added that Ba Ria - Vung Tau owns the Cai Mep - Thi Vai deep-sea port cluster, the only port with direct ships to the EU and US... with abundant resources, stable power and water sources, clean and abundant natural gas are very favorable conditions for investors. Besides, with the road, sea and upcoming air transport system (Long Thanh airport)., Ba Ria - Vung Tau will certainly be more attractive to FDI investors.

Not only because of the developed transportation infrastructure system, favorable geographical location..., many FDI investors decide to invest in Ba Ria - Vung Tau because of the favorable investment environment, the government always shares and cooperates with investors.

“Land and infrastructure are key”

Determining land is an important step, the Department of Natural Resources and Environment of Ba Ria - Vung Tau province urgently creates a clean, transparent land fund to provide information, administrative procedures... for investors to access and make investment decisions.

The Department has coordinated with localities to support and guide compensation, site clearance, and create a clean land fund to hand over to industrial park infrastructure investors, thereby handing over to secondary investors.

In addition to accelerating the completion of the intra-provincial transportation network, for many years now, the province has also identified inter-provincial and inter-regional transportation connections as a vital issue in attracting investment.

In addition to accelerating the completion of the intra-provincial transportation network, for many years now, the province has also identified inter-provincial and inter-regional transportation connections as a vital issue in attracting investment.

Catching up with the general trend, in 2023, Ba Ria - Vung Tau province simultaneously started three large projects (through Phu My town) with regional connectivity: Bien Hoa - Vung Tau expressway, Phuoc An bridge, and renovate and expand the Vung Tau-Binh Thuan coastal road (road 994).

Mr. Nguyen Van Tham, Chairman of Phu My Town People's Committee, said that the Ho Chi Minh City Ring Road 4 project passing through Ba Ria-Vung Tau is being accelerated. These are projects that will carry out the mission of reducing the load on National Highway 51 (section passing Phu My town), connecting with Ben Luc - Long Thanh, Dau Giay - Long Thanh expressways to Ho Chi Minh City and other localities: “To serve the Cai Mep - Thi Vai port cluster, the province is implementing route 991B connecting road 992 and connecting to Bien Hoa - Vung Tau expressway. The province is building an investment plan for Ring Road 4 (Ho Chi Minh City) to connect with Dong Nai and connect to the Bien Hoa - Vung Tau expressway. With the above connection infrastructure system, it will be one of the conditions for investors to feel secure when investing.

The government accompanies businesses

Mr. Le Ngoc Linh, Director of the Department of Planning and Investment of Ba Ria - Vung Tau province, said that the province pays great attention to administrative reform, digital transformation, and strives to achieve the goals of digital government, digital economy and digital society according to the policies of the Party and State. From the determination to reform administration, provincial competitiveness indexes have increased, and other indexes have also risen to the top.

“In attracting investment, Ba Ria - Vung Tau always identifies a consistent viewpoint from previous Party Congresses, selectively attracting and choosing large-scale projects with modern technology and techniques, environmentally friendly and not labor intensive. Concerned to improve the investment and business environment of enterprises, the Party Committee and authorities are determined to always accompany domestic and foreign enterprises to ensure investors achieve the best results", Mr. Le Ngoc Linh confirm.

Leading the country in attracting FDI capital from the first months of 2024 shows that solutions on administrative reform, improving the investment environment, accelerating connecting transport infrastructure projects... have helped Ba Ria - Vung Tau continues to be an attractive destination for FDI investors. With the goal of attracting selective investment and advanced technology, in the future the province will become one of the important development driving areas of the Southeast Region, the center of the national marine economy and will be the center of the national marine economy. By 2030, it will basically meet the standards of a central city.

Source: VOV