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Ba Ria-Vung Tau goes all out to lure foreign investment
Source: Vietnam News ServiceIn a bold move to attract foreign investment, Ba Ria-Vung
Tau Provincial People's Committee authorities are prioritizing investment projects and
making all out efforts to streamline administration procedures.
Top priority is being given to investment projects with 80 per cent of their
products for export. Investment projects in the agriculture and marine product sectors,
with each project employing more than 500 local workers and exporting 50 per cent of t
heir-products, are also benefiting from the policy. ^
Other beneficiaries of the policies are projects in the entertainment industry,
agricultural machines and equipment manufacturing, fishing ship-building industry, shoe
manufacturing, construction material manufacturing along with the oil and gas indus try
and its related projects.
According to Le Kim Huong, director of the provincial Department of Planning
and Investment: projects in the provincial districts of Xuyen Moc, Long Dat and Chau Doc
will also be given priorities.
Huong says these efforts are aimed at improving the local business environment,
which became stagnant between 1997 and 1998 due to a drop in foreign investment projects.
According to Huong, foreign investment In the province reached its peak between
1995 and 1996, when seventeen foreign investment projects valued at US$448 million and
twelve projects worth $945.9 million were approved, respectively.
However, projects dropped dramatically in the following two years, with only eight
projects valued at $374 million approved in 1997 and another eight projects worth a modest
$18.9 million in 1998.
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