Phu My 3 Specialized Industrial Park Focal Point of Attracting Large-Scale and High-Quality FDI Flows to Ba Ria - Vung Tau Province

11:00:01 AM | 25/7/2022

With 27 projects, the total FDI investment capital is more than US$1.5 billion from investors who are large multi-industry corporations from Japan, Korea, and Europe …; it can be affirmed that Phu My 3 Specialized Industrial Park has done a very good job as a “nest” to attract many “eagles” and quality investment capital for Ba Ria – Vung Tau province (BRVT), promoting socio-economic development of the province in particular, and Southern Key Economic Region in general.


The investment attraction of Phu My 3 Specialized Industrial Park comes from the combination of unique competitive advantages. The first advantage is the strategic location that the industrial park is located in BRVT – one of the most vibrant economic development localities of the Southern Key Economic Region, owning abundant natural resources such as: natural gas; a large reserve of mountain water; stable power source with large capacity up to more than 4.100MW from gas-power plants; Vietnam’s largest deep-sea port with direct ship routes to Europe and America.

In addition, BRVT is planning to develop the socio-economic through three corridors (Maritime Economic Corridor; Urban – Services – Tourism Corridor; Industry and Service Corridor) to optimize the competitive advantages; in which Phu My 3 Specialized Industrial Park belongs to the Maritime Economic Corridor, is located in a central position of the symbiotic industrial area with special competitive advantages compared to other industrial zones such as: synchronous and modern infrastructures; high-quality and international standards management services; strategic location in the logistics value chain due to its proximity to Cai Mep - Thi Vai deep-sea port. There is a corridor of LPG, LNG and condensate pipelines passing through the industrial park and connecting to PVGas Thi Vai, convenient to supply natural gas, industrial gas, liquid chemicals as materials and fuels and to use berth and tank services of PVGAS Terminal to import and export liquid chemicals; the ability to supply clean water with large capacity (100,000m3/day), suitable for the development of heavy industries, food industry...; industrial infrastructure utilities (natural gas, industrial gas, telecommunications...) are provided to the fence of the customer's land; the centralized wastewater treatment plant of the industrial park meets standard A - the highest standard according to Vietnam's discharge standards; modern underground power cable system and a team of engineers on duty 24/7, ensuring a stable power for production and daily life…. In addition to industrial items, Phu My 3 Industrial Park also plans a subdivision of nearly 140 hectares to develop into a utility service area (villas, apartments, hotels, commercial centers, dormitory, restaurants, … are designed with beautiful landscape, surrounded by sports park with 18-hole golf course, swimming pool, tennis court, football field...); thereby creating a quality living environment, meeting the daily needs of officials, employees, engineers, managers and experts.

Another competitive advantage is that Phu My 3 has been selected as the only specialized industrial park in Vietnam at present under the cooperation agreement between the Vietnamese and Japanese governments in 2014. This has created trust for customers, and investors in Phu My 3 when deciding to choose the industrial park as an investment destination. In particular, the Vietnamese government also offers preferential land lease terms in Phu My 3 Specialized Industrial Park for up to 70 years as well as an exemption from annual land-use fees for 20 years. This is the difference of Phu My 3 compared to other common industrial parks and this advantage has helped Phu My 3 successfully attract large-scale customers and investors, who want to operate their business for a longer period with a stable planning.

In order to promote advantage of strategic location near Cai Mep – Thi Vai deep seaport – the largest deep seaport cluster of Vietnam, Phu My 3 Specialized Industrial Park has invested in building and operating Phu My Inland Container Depot since December 2021; thereby diversifying the service and utility ecosystem while providing multi-modal logistics services for customers within the industrial park as well as for the whole region, helping to reduce logistics time and costs as well as optimizing production costs for customers, investors in the context that logistics costs in Vietnam are still high compared to other countries in the world, contributing to increasing international competitiveness.

In addition, the investor – Thanh Binh Phu My Joint Stock Company is also planning to build, and develop warehouse, factory rental services to meet diverse demands from customer segments, including customers who are small-scale, support industries. “The goal and vision of Phu My 3 Specialized Industrial Park are to become a modern, large-scale industrial park and the most optimal investment destination in Vietnam for investors around the world. Through efforts to improve and enhance infrastructures and services, Phu My 3 Specialized Industrial Park will contribute to the general development of BRVT in particular – Vietnam in general; at the same time meeting the Government’s expectation that the Specialized Industrial Park will become a focal point of attracting large-scale and high-quality FDI flows from abroad. In my opinion, this is also Phu My 3 Specialized Industrial Park’s mission,” affirmed Mr. Choi Heung Yeon – Deputy General Director of Thanh Binh Phu My Joint Stock Company.

According to Mr. Choi Heung Yeon, Phu My 3 Specialized Industrial Park was selected as a model industrial park, eco-oriented smart industrial park and information technology application in management and operation for the “Province – based Economic Growth program (PBEG)" approved by the provincial government. The formation of a model industrial park towards sustainable development, while optimizing production and operating costs, is more attractive to investors with environmental and social responsibility, creates more value-added, improves technology efficiency, helps the community to develop sustainably when there are many improvements in environmental and resource management; thereby meeting the strategies of BRVT province to attract more high-quality FDI flows.

Meeting the ESG criteria will be an important "stepping-stone" for Phu My 3 Specialized Industrial Park to achieve SDG's early (declaration on sustainable development), becoming a Specialized Industrial Park with more competitive advantages and attractive investment and stronger ability of risk tolerance, satisfying investors' requirements for sustainable green development.

Mr. Kazama Toshio, Deputy of General Director of Thanh Binh Phu My JSC

As a specialized industrial park, ecological and symbiosis industrial park

According to the Deputy General Director – Mr. Choi Heung Yeon, after Covid 19 pandemic, there is a huger investment wave from foreign countries to Vietnam that leads to more and greater development opportunities for Industrial Park. However, in order to attract brand-name and high-quality investors, Industrial Parks have to develop based on the model of an eco-industrial park, balancing production and environmental protection, effectively meeting the sustainable development needs of investors. Understanding market requirement, Phu My 3 Specialized Industrial Park always strictly complies with the provisions of the Law on Environmental Protection. Also, we accompany and guide customers and investors to comply with Government regulations and Industrial Park internal regulations on environmental protection. Apart from providing synchronous and modern technical infrastructure, providing energy, clean fuel, telecommunications, etc. with high quality, the industrial park has a team of experienced, multi-disciplinary experts who always support investors in all aspects. In addition, we have full, clear and transparent operating regulations; Therefore, environmental management, incident prevention and response are organized methodically, scientifically and effectively, helping customers and investors feel secure to develop their projects.

Regards green growth, and sustainability development, Mr. Kazama Toshio – Deputy of General Director of Thanh Binh Phu My JSC also gave his opinion that the world's leading companies have begun comprehensive environmental activities to reduce carbon emissions, ensure sustainable growth and now the elements of comprehensive environmental protection, development Sustainability has also been taken into account as criteria for choosing investment destinations by investors. Therefore, Phu My 3 Specialized Industrial Park is also making efforts to achieve ESG (Environment - Society - Governance) criteria by focusing on investing in modern and synchronous technical infrastructure system, international standards; increasing the percentage of green areas in the industrial zone; regularly organize and participate in environmental activities; actively contributing to the community through charity and volunteering activities; prioritize the use of local labor; efforts to attract industries that match the carbon neutrality criteria that the Government of Vietnam is aiming for (manufacturing industries with high and modern technology content; renewable energy; electric vehicle production and electric vehicle battery...).

Ms. Nguyen Thi Thao Nhi – Chairman of the Board of Management and General Director of Thanh Binh Phu My JSC

At this moment, standing in front of the perfect picture and strategic location of Phu My 3 Specialized Industrial Park and recalling that this place used to be a lowland, swampy, mangrove area without economic value, which is a huge concern for any investors since the infrastructure investment has been significant. However, we are still undaunted, still persistently investing with the goal of sustainable development and creating added value on the basis of international standard infrastructure, professional one-stop service, always dedicated to serving investors. With will and determination, we overcame many difficulties. Also, we are lucky to have support and companionship from Government as well as blessing our efforts. Thanks to that, a Specialized Industrial Park – a vibrant industrial center has been created from such a lowland, swampy, mangrove area. Moreover, this area is now becoming a center of FDI attraction of Ba Ria – Vung Tau province which creates development promotion for economic and society of the province particularly as well as the center economic Southern generally. 

Phu My 3 SIP attracted 27 investors with a total capital investment of over 33,000,000 billion VND, by the end of 2021. At the present, Phu My 3 SIP is attracting many investors from the USA, Korea, Euro, Japan, China, Taiwan, and Thailand. In this year, we expect to attract more capital investment which should be around over 1 billion USD, increasing the total capital investment to the Industrial Park up to 55,000,000 billion VND, by the end of 2022. Our Specialized Industrilal Park has still been making effort every single day to complete the infrastructure construction of PM3 SIP’s phase 2 as soon as possible to catch up the land handling-over progress for investors. As a consequence, there will be more investors attracted to make cooperation and contribute to industrial development and seaport development in Ba Ria – Vung Tau province that can accompany by our province’s development towards industrialization, modernization and international economic integration.

Source: Vietnam Business Forum