Foreign capital flows into southern provinces as Lunar New Year starts
Foreign capital flows into southern provinces as Lunar New Year starts
Fresh foreign capital has been flowing into the southern provinces of Ba Ria-Vung Tau and Binh Duong at the beginning of the Lunar New Year.
Ba Ria-Vung Tau on February 14 granted nine investment certificates worth nearly VND10 trillion ($430 million) and nearly $163 million to investors.
The newly-licensed projects include the instant coffee production plant of Japan’s Marubeni Group; the liquefied natural gas (LNG) plant of PVGAZPROM Natural Gas for Vehicles, a joint Russian-Vietnamese company; and the cement additive production plant by CHC Vietnam. Other projects include the Da Bac 4 solar power plant of Dong A Chau Duc JSC, and the speedboat project linking Vung Tau city with Con Dao Island of PQ Express JSC.
Statistics show that the province’s economy grew by 7.2 per cent in 2018, a record pace over the past eight years. In 2018, the local industrial production value, excluding crude oil and gas, increased by 8.72 per cent year-on-year. Export turnover reached $4.4 billion, up 13.32 per cent.
In 2018, Ba Ria-Vung Tau attracted 44 foreign-invested projects valued at about $1.9 billion and 59 domestically-funded ones worth VND18.76 trillion ($815.7 million). As of present, the province accommodates 351 valid FDI and 521 domestic projects, valued at $27.3 billion and VND276 trillion ($12 billion), respectively.
At the same day, the Binh Duong People’s Committee also handed out investment certificates to three foreign-invested companies with a total investment capital of $180 million. BW Industrial Development JSC received investment certificates for two projects, one to lease offices and factories and another to provide logistics warehousing services, worth $105.8 million in total.
Kyungbang Vietnam Co., Ltd., was licensed to expand its facility to produce cotton yarn and blended yarns valued at $40 million, while Top Glove Sdn., Bhd. will inject $30 million in a plant to produce gloves and other products from plastics.
