FDI continues to flow into Ba Ria-Vung Tau

Beijing Boe Vision Electronic Technology Co., Ltd. (China) was the first enterprise to be granted an investment certificate in Ba Ria-Vung Tau in 2024, with registered capital of $278 million. Once completed, the project will assemble and manufacture items with an annual output of seven million computer screens, three million televisions, 40 million electronic shelf labels, 20 million electronic shelf label modules (ESL), 20 million plastic components, and 44.75 million SMT boards. Construction started in April 2024, and the investor is accelerating progress to put the project into operation as planned.

Semiconductor and electronic component manufacturing has attracted several international investors to Ba Ria-Vung Tau. Recently, Tripod Vietnam Electronic Co., Ltd. (Tripod Group, Taiwan) signed a contract with Sonadezi Chau Duc Industrial Park to lease 18 hectares of land for the construction of a factory worth $250 million. Tripod is one of the world’s largest manufacturers of electronic circuit boards, generating annual revenue of billions of dollars. The factory in Sonadezi Industrial Park is part of the company's global development and expansion plan in the high-tech electronics industry. Once operational, the factory will produce various types of electronic circuits and boards with a capacity of 372,000 square metres, equivalent to 1,800 tonnes per year. This project is expected to create jobs for more than 1,700 skilled workers in the area.

Polypropylene Factory and Underground LPG Storage Facility in Cai Mep Industrial Park (Phu My Town, Ba Ria-Vung Tau province)

Since the beginning of the year, the largest FDI project invested in Ba Ria-Vung Tau has been the BIO-BDO biological product factory, with a total investment of $730 million. According to Bae In Han, director of Hyosung Dong Nai Co., Ltd. (the legal representative of South Korea's Hyosung Group), the factory is equipped with modern technology, the first of its kind in Vietnam. The company is importing machinery and equipment for small-scale testing activities to ensure smooth and effective operations.

According to the provincial People's Committee, in the first nine months of 2024, the province granted new investment certificates and adjusted capital increases for 48 projects, with total registered capital of approximately $1.9 billion, 2.84 times higher than the same period in 2023. Among them, there were 33 newly granted foreign-invested projects (17 more than the same period last year), with total registered capital of about $1.67 billion, reaching 107.3 per cent of the plan and increasing by nine times compared to the previous year. Cumulatively, the province now has 489 foreign-invested projects with total registered capital of over $33.4 billion.

Best support for investors

Ba Ria-Vung Tau’s continued ability to attract billions of dollars in FDI throughout 2024 further demonstrates the province's appeal to international investors. This success is the result of efforts to create the most favourable and transparent business environment possible.

Le Ngoc Linh, director of the Department of Planning and Investment, said Ba Ria-Vung Tau Province is decisive and flexible in its leadership, administration, and administrative reforms, with the goal of creating the best possible business ecosystem for both domestic and foreign enterprises and investors. The Special Task Force 997, led by People’s Committee Chairman Nguyen Van Tho, meets every Thursday and to date has resolved nearly 40 difficulties for enterprises, which is a testament to the determination of Ba Ria-Vung Tau.

Chairman of the People's Committee Nguyen Van Tho chaired a meeting of the Special Task Force 997 to remove difficulties for enterprises

Along with that, the province is focusing on developing the regional and intra-provincial transport system, with many routes being implemented such as: Vung Tau-Binh Thuan coastal road (DT 994), Bien Hoa-Vung Tau expressway, Phuoc An bridge, and Ho Chi Minh City Ring Road 4. The formation of these routes will open up a large development space for the province and increase the attractiveness of Ba Ria-Vung Tau to investors.

Le Viet Phuc, deputy head of the provincial Industrial Park Management Board, noted that in the past, the board has focused on reviewing problems to promptly support enterprises and investors. Along with that, administrative reform has received special attention. Currently, all procedures at the unit have been carried out online at level 4. The Industrial Park Management Board also continues to review and shorten the time for handling procedures, effectively implementing the "one-stop, on-site, interconnected" mechanism to facilitate faster and more convenient investment activities in the province’s industrial parks.

While the province is determined to provide the best support for enterprises and investors, it also remains steadfast in its goal of attracting selective investments.

According to Nguyen Cong Vinh, vice chairman of the People’s Committee, the government’s Resolution 154 implementing the Politburo’s Resolution 24 also determined the development of large-scale industrial-service-urban complexes in Ba Ria-Vung Tau. Decree 31, which provides guidelines for implementing the Investment Law, also designates Chau Duc and Phu My as priority investment areas. These policies create substantial industrial development opportunities for the province.

The province's consistent policy will be steadfastly implemented to attract high-tech projects that generate significant value in the same area.

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