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Province lures investors
Southern coastal Ba Ria – Vung Tau Province has attracted an increasing number of investment projects over the last five years, according to the province's Department of Planning and Investment.
From 2006 through 2010, the province issued 196 new investment licences with total committed capital of US$24.26 billion.
The investment projects now number at 280, with total committed capital of $27 billion.
Most investment projects are in the tourism and industry sectors.
The number of projects has doubled, while committed capital has increased 10 times compared to the target set for the 2006-10 period, according to the department.
Implemented capital reached $3.39 billion, a rise of 1.5 times compared to the 2001 – 05 period, about $650 million higher than the target.
According to the department, foreign investment projects, mostly in the tourism sector, have accounted for 60 per cent of total investment capital and 50 per cent of export turnover.
During the 2006-10 period, foreign-invested projects made up 20 – 30 per cent of the total budget and created more than 20,000 jobs.
Local investors have focused on projects to develop seaports, residential areas and other infrastructure projects.
They include projects to develop Long Son Oil and Gas Industrial Park ($169.7 million), An Phu shipbuilding factory ($144.1 million), Chau Duc residential area ($63.43 million) and Nui Lon – Nui Nho tourist resort ($71.79 million).
Tan Thanh District in the province has attracted 127 projects with total investment capital of VND86,357 billion ($4.4 million).
Vung Tau City ranked second in the number of projects, with 76, and a total investment capital of VND24,099 billion ($1.2 million).
Viet Nam's membership in the World Trade Organisation (WTO) in 2007 has helped spur foreign investment growth, especially in Ba Ria – Vung Tau Province.
In 2007, the province attracted investment capital of only $1.4 billion, but capital rose to $11.6 billion in 2008.
Le Kim Huong, director of the province's Department of Planning and Investment, said the province wanted to create the most favourable conditions for both local and foreign businesses to invest.
The executive director of Ho Tram Beach Resort, Le Ngoc Quynh, noted that when his company invested in tourism in Phuoc Thuan Commune in Xuyen Moc District, local authorities supported them by improving infrastructure, such as power and telephone lines.
Because of the global recession, investors have also faced challenges in luring capital, particularly for large projects.
In addition, frequent changes in Government policies about land-use have postponed site clearance work because of lawsuits on compensation for displaced residents. This, in turn, has delayed progress on large projects.
Located in the major southern economic zone more than 100 kilometres from HCM City to the southeast, Ba Ria – Vung Tau Province is a major tourism site, favoured by nature with a long, beautiful coast.
The coastal province is also the country's only site for the offshore oil and gas industry.
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