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.
Cai Mep-Thi Vai port cluster in Phu My town, Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of Nhan Dan (The People) newspaper.
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.
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