Bà Rịa-Vũng Tàu targets place among top 3 FDI destinations in Việt Nam

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The southern province of Bà Rịa-Vũng Tàu has announced measures that could help achieve its target of becoming one of the three provinces to attract the highest foreign direct investment (FDI) this year.

They include drafting a socio-economic development plan for 2016-25 under which logistics services will be developed along National Highway No 51 and the Thị Vải River.

Ocean-related tourism will be developed in Vũng Tàu, Long Hải, Phước Hải, Hồ Tràm, and Bình Châu.

A tourism development plan up to 2025 towards 2030 will be implemented.

Plans for industrial zones will also be reviewed and amended to make investment selective.

Lands available in industrial zones will be effectively used, and inter-linked industrial complexes will be developed.

Furthermore, the province plans to amend the list of industries it seeks to attract to its industrial zones, with more space in the zones used to develop logistics to meet the requirements of export companies.

More efforts to support local companies

To improve the investment climate and expand production, the province People’s Committee issued instructions at the end of 2019 for improving Bà Rịa-Vũng Tàu’s position in the provincial competitiveness index (CPI).

In terms of human resources, the province will continue to improve the quality of vocational training centres, and link up local companies with them. It will execute a plan to develop human resources for logistics and its supporting industries.

Trade promotion will be enhanced by organising many conferences and trade fairs. Training courses will be organised for local companies.

Meetings will be regularly organised between local authorities and companies to help resolve difficulties facing the latter. Policies to support small and medium-sized enterprises will continue to be implemented.

Administrative procedures would be publicised, the province said, promising that legal documents and news would be posted regularly on websites so that investors clearly understand new regulations.

The People’s Committee said it had ordered all government agencies to reduce the time they take to complete administrative procedures.

The province’s efforts have been welcomed by industry.

Selective investment in 2020

Determined to attracting more foreign direct investment and selectively, Bà Rịa-Vũng Tàu has been calling on investors with deep pockets and experience as well as advanced technology to invest in big projects in the province.

The five main areas it focuses on to attract investment are industry, ports, logistics, tourism, and high-tech agriculture.

According to the province’s Department of Planning and Investment Bà Rịa-Vũng Tàu accounts for 10 per cent of the country’s total FDI.

It ranks fourth out of 63 provinces and cities in this regard.

The average value of a foreign project is US$87 million.

With its ideal location in the southern area and status as one of the key southern economic provinces, Bà Rịa-Vũng Tàu offers a number of advantages to attract investors.

On Monday the People’s Committee issued licences for five Vietnamese and foreign projects worth nearly VNĐ1.5 trillion and $109 million.

On the same day it met with over 200 local companies on the occasion of New Year to review investments that came in last year and make plans for 2020./.