Illustrative image (Source: VNA)Ba Ria-Vung Tau (VNA) –The Republic of Korea (RoK) is leading other foreign investors in the southerncoastal province of Ba Ria-Vung Tau as of mid-March with 21 out of 35 FDIprojects licensed in the locality in 2018.
Noteworthy among RoK projects isthe 1.2 billion USD scheme by Hyosung group to build a polypropylene (PP) plantand underground storage facilities for LPG in Cai Mep industrial park, Phu Mytown.
Licensed in August 2018, theproject is scheduled to be completed at the end of 2020.
According to the provincialDepartment of Planning and Investment, RoK investors are running 58 investmentprojects in Ba Ria Vung Tau with total capital of nearly 5 billion USD. Up to70 percent of the capital was channelled into processing and manufacturing,which are also priorities in the province’s FDI attraction policy.
President of the RoK Chamber ofCommerce (KOCHAM) in Vietnam Kim Heung Soo said Ba Ria-Vung Tau has adequate conditionsfor light and heavy industries along with good infrastructure and an abundantworkforce, which make it attractive to foreign investors in general and thosefrom the RoK in particular.
Secretary of the provincialParty Committee Nguyen Hong Linh said the province highly valued RoK investorsfor their technology, business administration and environmental protection.
Ba Ria Vung Tau will continue towork to attract investment from the RoK in selected areas, particularly thesupport industry and knowledge-based industries that suit the province’seconomic development strategy.-VNA
VNA
