Ba Ria-Vung Tau lures capital from Japan
The southern province of Ba Ria-Vung Tau is eyeing more Japanese capital as it targets potential strategic investors.
Japanese investors had invested US$2.6 billion in 33 projects in the province, making their country rank fifth among all countries and territories investing in the locality, according to the provincial Department of Planning and Investment.
With productive operations, Japanese firms have generated jobs for more than 3,700 local people. In 2018 alone, they contributed $37 million to the State budget.
Among the Japanese-invested projects, 28 are in industrial parks, notably in Phu My 3 Specialised Industrial Park.
Nguyen Anh Triet, head of the management board of industrial parks, said Japanese projects contributed to creating a modern and eco-friendly industry, especially those by Nippon, Asahi, Mitsubishi, Daichi, Sojitz, Sumitomo, Marubeni and Nitori.
Secretary of the provincial Party Committee Nguyen Hong Linh said in the past five years, the province had formed a group of experts to contact Japanese investors and held annual working trips to Japan to promote promising projects.
The province advocates luring capital into the support industry, seeking major investors that use modern and eco-friendly technology, investing in fields of strength such as logistics, manufacturing and processing, electricity, electronics, plastics, chemicals and petrochemicals, he said.
To that end, Ba Ria - Vung Tau would step up site clearance and upgrade infrastructure in industrial parks, he added.
Ba Ria-Vung Tau is home to 194 FDI projects.