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

Published on 29.08.24

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.
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.

 Source: The Investor
22/08/2024

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