Attractive Destination for Investors

Facing the sea in three directions, having good infrastructure and easy-going procedures and lying close to Ho Chi Minh City - the centre of southern key economic zone, Ba Ria-Vung Tau province has quickly become the most attractive destination for investors, specially foreigners. In an interview with the Vietnam Business Forum Magazine, Mr Nguyen Phuoc Le, Director of Department of Planning and Investment of Ba Ria - Vung Tau province, said: “Ba Ria - Vung Tau always readily welcomes all capable and willing investors to explore and invest in the province." Thanh Tam reports.

 

Ba Ria-Vung Tau is located in the southern key economic zone, has a lot of geographical and natural resource advantages, and has favourable conditions for sea-based economic development. Unlocking these potentials, the province has kept high economic growth over the past years, powered by oil and gas industry, seaports and industrial parks. The province is a major producer of heavy industrial products, gas, electricity, fertilizer, steel, tourism, seafood, etc.

 

The province attracted 196 foreign-invested projects with a total value of US$7.6 billion, or US$$ 40 million a project on average. From 1988 to 2007, it lured nearly US$3.5 billion, or US$175 million a year on average. Vietnam's accession to the World Trade Organisation (WTO) has left positive impacts on investment activities in the province. In the past three years (2008 - 2010), the province licensed 110 investment projects with an aggregate investment value of US$20.8 billion, or US$190 million a project. Some US$2.7 billion has been disbursed, or US$900 million a year.

 

Remarkably, Ba Ria - Vung Tau province drew US$24 billion in the 2006 - 2010 period. Many large-scaled projects of seaports, tourism and industrial production have become growth engine for the province and laid the groundwork for economic restructuring. Typical projects include SP-PSA International Terminal, Tan Cang - Cai Mep Terminal, SITV Terminal, Saigon SSA Port, Posco steel mill, and Ho Tram - Asean Coast Resort. Such projects also bring in capital, technology, governance, profession, and business development. Especially in the two years, many direct shipments to the United States and other countries from ports in Ba Ria - Vung Tau province have asserted the roles and position of the province in the southern key economic zone.

 

To continue creating favourable conditions for investors to carry out their projects and for the province to attract more investment capital, particularly FDI, in the near future, I think the province needs to step up administrative reforms, support investors to clear site, compensate land, and build resettlement zones to keep the progress of projects. Besides, it guides investors to follow all required procedures and helps them deal with difficulties.

 

To support investors to pick up the pace of their projects and disburse their registered capital, the province focuses on clearing sites and compensating land to offer ready space for investors. It also builds infrastructure items to the locations their projects are situated.

 

Besides, the province applies the single-window mechanism for investment procedures at the Department of Planning and Investment. It regularly meets investors to meet and discuss with investors to find out solutions to their hardships and problems.

 

In addition to actively implement measures to improve the investment environment, in recent years, provincial leaders and other relevant agencies have made great effort to reform administrative procedures, apply single-window mechanism to administrative procedures, and support investors to carry out their projects in the most favourable way.

 

Every week, the Chairman of the Provincial People’s Committee arranges a meeting with business leaders to listen to their complaints and find out solutions. Meanwhile, apart from monthly meetings on project implementation progress, the Provincial People’s Committee guides local authorities to supervise the progress of invested projects and propose solutions to any new problems.

 

In the coming time, Ba Ria - Vung Tau province will call investment capital into its industrial parks like Phu My 2, Cai Mep, My Xuan B1-Conac, My Xuan B1-Tien Hung, and My Xuan B1 - Dai Duong. It will give priority to investment projects engaged in mechanical manufacturing, supporting industry, household electric appliance, machines for industrial and agricultural processing, shipping, warehousing, port services, logistics, post, telecommunications, and construction. We welcome all capable and willing investors to explore and do business in the province.