Ba Ria-Vung Tau province sees 2.4-fold spike in Jan-Jul FDI inflow

Ba Ria-Vung Tau attracted $1.76 billion in registered foreign direct investment (FDI) in Jan-Jul this year, 2.4 times the same period last year, meeting 87.8% of the southern Vietnam province’s year target.

The amount is higher than the $1.54 billion in the year to July 20 that the Ministry of Planning and Investment had announced last month, ranking the coastal province fourth in the nation.

Speaking at a Wednesday press meet, Le Ngoc Linh, director of the provincial Department of Planning and Investment, said that Ba Ria-Vung Tau licensed 20 new FDI projects worth a combined $1.53 billion in the seven-month period, 14 times the same period last year.

It also approved 14 existing FDI projects to augment their capital by a total of $223.24 million.

Furthermore, the province, adjacent to the nation’s economic hub Ho Chi Minh City, granted licenses and approved the expansion of 17 domestic investment projects with a combined capital of VND27,386 billion ($1.1 billion), up three-fold year-on-year.

The province is home to 476 FDI projects worth $33 billion and 695 domestic projects with VND399.32 trillion ($16 billion).

Director Linh said that since 2018, the local administration has been more selective in licensing FDI projects, prioritizing those with high quality, clean technology, environmental friendliness and high added value.