Binh Thuan province to receive huge investment capital flow

The south-central Vietnamese province of Binh Thuan has granted in-principle approval, investment registration certificates, and investment memoranda to multiple domestic and foreign businesses, including those leading in the fields of infrastructure, real estate, footwear and steel.

The documents were delivered at a ceremony on Wednesday to announce the provincial master plan for the 2021-2030 period, with a vision to 2050.

One unnamed investor plans to invest VND50 trillion ($2.03 billion) in a new urban area, entertainment and tourism service complex project in the province.

Industrial property developer Becamex IDC Corp will implement the 5,000-hectare Ham Tan-La Gi service-urban area-industrial park project, with total investment capital of VND20 trillion ($811.36 million).

Provincial authorities also awarded an investment registration certificate to Dong Sai Gon Investment and Development Corp. to build the first phase of the VND1.72 trillion ($69.8 million) Son My Industrial Park 2 in Ham Tan district.

Meanwhile, Kien Phat Real Estate Investment JSC will develop a 45-hectare sports-culture-art-tourism urban area at a cost of VND1.85 trillion ($75 million).

ARCS JSC plans to invest in a 9-hectare, VND120 billion ($4.87 million) footwear factory at Ham Kiem II - Bita's Industrial Park in Ham Thuan Nam district, while Khai Doanh JSC aims to develop a VND150 billion ($6.08 million) plastics factory project covering 8.9 hectares at the same IP.

Tan Phat Manufacturing JSC will carry out a 200-hectare, VND4.99 trillion ($202.4 million) complex project specializing in deep processing of titanium, zircon and other rare metals; and ATAD Steel Structure JSC will develop a VND4.86 trillion high-tech steel structure factory complex on an area of 100 hectares.

A joint venture between Binh Thuan Forestry Limited Company and Hao Hung Company Limited will build a 20-hectare wood processing factory for interior and exterior exports at a cost of VND1 trillion ($40.6 million).

Hao Hung Co., Ltd. will also develop a VND5 trillion ($202.84 million) factory producing pulp, paper and boards on an area of 40 hectares.

Speaking at the ceremony, Chairman of the provincial People's Committee Doan Anh Dung affirmed that Binh Thuan is committed to accompanying investors and creating favorable conditions for them to successfully deploy their projects in the locality.

According to the master plan, by 2030, Binh Thuan will strive for dynamic, rapid and sustainable development. By taking advantage of maritime activities, per capita income will rise above the regional and national averages. The province also aims to become a national and international beach resort center and one of the country's green energy hubs.

Its average gross regional domestic product (GRDP) growth rate in the 2021-2030 period is expected to reach 7.5-8%. State budget revenue will increase by 6.5-7.5% per year from 2021-2030, while investment for development will be equivalent to 36-38% of GRDP.