Southern Vietnam province tops nation with $1.6 bln FDI in Jan-May

Vietnam’s southern coastal province of Ba Ria-Vung Tau has topped the country by attracting $1.64 billion foreign direct investment in January-May, a 12.6-fold surge year-on-year.

In the first five months of the year, the province neighboring Ho Chi Minh City received 18 new foreign-invested projects worth $1.52 billion as well as additional injections of $120 million for nine existing projects.

This has enabled the province to fulfil 82.1% of its 2024 FDI goal, according to the provincial Department of Planning and Investment.

The sudden surge in FDI inflow has been driven by high-quality projects from South Korea, China, Japan and other countries, the department says.

In March, Hyosung Vina Chemicals Co., Ltd. received an investment registration certificate to pour another $49 million into a project comprising a polypropylene (PP) plant and an underground liquefied petroleum gas (LPG) storage in Cai Mep Industrial Park, raising its tally to $1.6 billion.

Its sister company, Hyosung Dong Nai Co., Ltd., was licensed to invest $730 million in a bio-based (1,4 Butanediol) BDO production plant in Phu My 2 Industrial Park.

Last month, Taiwanese electronics manufacturer Tripod Technology secured a land lease for 18 hectares at the Sonadezi Chau Duc industrial park to develop a $250 million plant with an annual capacity of 1,800 tons. Once operational, the factory, expected to be the largest hi-tech foreign-invested project in the IP, will employ 1,700 workers.

Meanwhile, Vard Vung Tau Ltd, the Vietnam arm of Norway-based shipbuilder Vard, has completed a 15.3-ha mechanical and steel plant at the Dong Xuyen industrial park. The project includes a 5,000-DWT port, shipyard, slipway, warehouses and facilities for maintenance and technical works.

In late April, BOE Technology Group, a Chinese electronic components producer, kicked off construction of a $275 million project at the Phu My 3 Specialized Industrial Park.

Ba Ria-Vung Tau province is now home to 475 foreign-invested projects worth $33.19 billion, including 302 projects worth $15.5 billion in industrial parks.