New FDI capital invested in Bà Rịa–Vũng Tàu doubles by October

Nov 13th at 07:40
13-11-2024 07:40:17+07:00

New FDI capital invested in Bà Rịa–Vũng Tàu doubles by October

Thirty-four new foreign direct investment (FDI) projects have been granted licences by the authority of the southern province of Bà Rịa–Vũng Tàu in the first 10 months of the year, with a total registered capital of US$1.6 billion.

Phú Mỹ 3 Specialized Industrial Park in Bà Rịa–Vũng Tàu Province. The province is a major seaport hub in the southeastern region. — VNA/VNS Photo Hoàng Nhị

This amounts to 2.24 times the number of projects granted licences in the same period last year, according to statistics from the province’s Department of Planning and Investment.

The department has also approved the capital adjustment for 50 other existing FDI projects.

By the end of October, the province saw 490 FDI projects operating, with a total registered capital of over $33.3 billion. These include 315 projects in industrial zones (over $15.7 billion), and 174 outside (nearly $17.7 billion).

One of the province's main advantages is that it is a major seaport centre in the southeastern region, with a deep-water port that can accommodate container ships weighing 200,000 tonnes. It also lies on a global shipping route that connects Việt Nam with Europe and the Americas.

The province holds 93 per cent of the country’s total oil reserves and 16 per cent of natural gas reserves, showing a growth opportunity for the petrochemical industry.

Lê Ngọc Linh, director of the province’s Department of Planning and Investment, said: "We have organised multiple trade conferences to attract investments.

"We have also focused on developing regional transportation infrastructure projects, such as the Biên Hòa–Vũng Tàu Expressway, the Phước An Bridge, and roads along the coasts and links to the seaport system, which will improve connectivity within the province and the region.

The province is expected to attract around $2 billion in FDI this year and nearly $1.5 billion next year. By the end of next year, the province is projected to have around 517 FDI projects, with total investment capital exceeding $34.8 billion. 

Bizhub





NEWS SAME CATEGORY

Bắc Giang prioritises high-tech FDI projects, services industry

The northern province of Bắc Giang will continue attracting foreign direct investment (FDI) projects in the future, prioritising those using high-tech or relating...

Dual transition is an inevitable trend for Vietnamese business

Dual transition is an inevitable trend that the Vietnamese business community needs to grasp in the coming years, participants heard at the annual Sustainable...

VN's trade turnover surges 16% in ten months

Việt Nam recorded a trade turnover of US$647.87 billion in the first ten months of 2024, 16 per cent higher than the same period last year, according to the General...

Vietnamese consumers careful amid economic volatility

Vietnamese consumers are becoming increasingly cautious with their spending amid economic uncertainties, shifting their focus towards essential items while cutting...

Hanoi targets 10,000 digital enterprises by 2025 despite significant challenges

Hanoi aims to create 10 primary digital product groups by 2025, but major challenges remain on the road to achieving this ambitious goal.

​Impact of Trump’s election on Vietnam’s economy overblown: expert

Countries worldwide, including Vietnam, are voicing concerns over the potential economic impacts of Donald Trump’s election on their economies but these risks may...

63% of Vietnamese consumers expected to increase spending on essential goods in 2025

PwC's 2024 Asia-Pacific Consumer Insights Survey reveals that 63 per cent of Vietnamese consumers intend to increase spending on essential goods over the next year...

Vietnamese e-commerce platform revenues fall in third quarter

Vietnamese e-commerce platform revenues fell significantly in the third quarter of this year, while foreign platforms saw considerable expansion, according to a...

Fostering a biodiversity economy in Vietnam

Government representatives, financial funds, and international organisations have issued an urgent call for aligning biodiversity goals with investment strategies...

​Vietnamese experts weigh in on implications of Trump’s second presidential term

Some Vietnamese experts have asserted that U.S. President-elect Donald Trump will still hold the mindset of a business mogul in his second term, with the...


MOST READ


Back To Top