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Ba Ria – Vung Tau strive to five key economic sectors by 2020 Print
Monday, 05 September 2016 09:59

VIETRADE – The southern province of Ba Ria-Vung Tau will focus on developing five key economic sectors from now to 2020 as move to take full of its advantages and potential, according to the provincial People’s Committee.


These sectors were industrial production, ports, logistics services, tourism, and high-tech agriculture, it said.


The province was regarded as a gateway to the southern key economic zone thanks to its convenient location, abundant natural resources and a massive network of seaports.


While making up only 0.6% of the country's area and over 1% of the population, the province contributed nearly 8% of the country's GDP and 12% of the Government's revenues, the provincial statistics revealed.


Over the past 25 years, the province’s economy had been growing steadily and the above-mentioned development strategy would lay a strong foundation for the locality to archive a breakthrough in the near future, the province’s People’s Committee vice chairman Nguyen Thanh Long said.


He added that that the province would continue to improve its investment climate to attract more experienced and qualified investors. 


“Ba Ria Vung Tau aims to attract more productive investment and commitments so we choose investors selectively in tune with our sustainable development strategy. The move will help us avoid long-delayed projects, which wastes land resources and hinders growth,” Nguyen Hong Linh, Secretary of the Party Committee, told online Vietnam Invest Review.


In addition to providing favourable incentives for investors, Ba Ria-Vung Tau also focused on handling all delayed projects.


“The local authorities will also tackle investors’ problems in a timely fashion, so investors could focus on implementing their projects,” Linh said.


With assistance from local leaders, if investors failed to implement their projects as they promised, we would revoke investment certificates and grant them to qualified investors, he noted.


In the first half of this year, the province attracted seven foreign investment (FDI) projects worth approximately US$350 million, bringing the total number of FDI projects up to 297, with capital totaling more than US$27.16 billion.


During six-month period, it also lured 10 domestically-funded projects with a total registered capital of VND1 trillion (about US$42 million), lifting the total number of projects with domestic investment to 442, capitalized at VND241 trillion (US$10.76 billion).


At an investment promotion conference took place in Ba Ria- Vung Tau recently, Deputy Prime Minister Trinh Dinh Dung called on the province to sharpen competitiveness of many of its products and perfect transport infrastructure linking economic zones and industrial parks.


He urged the province to speed up administrative reform, and adopt policies to attract quality human resources from other localities, especially in HCM City.


At the event, four companies, Nguyen Hoang Investment and Development Joint Stock Company, DIC Corp, Sai Gon New Port Corporation and BRG Group, signed memorandums of understanding with the province to invest a combined VND38-VND45 trillion (US$1.7 billion - US$2.01 billion) in the province.


Many other investors expressed interest in investing in the province.


Nguyen Thien Tuan, chairman of the DIC Corp, spoke to Viet Nam News newspaper that his company had invested more than VND10 trillion in the province and would invest another VND16 trillion in urban development, tourism-related property, hotels, entertainment centers, golf courses and logistics in 2016-2020./.

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