FDI fund put into the southern provinces is full of optimism

Ba Ria - Vung Tung is a province that have many FDI projects. In the photo: Cai Mep port (Ba Ria - Vung Tau). Photo: Đ.N

Positive signs

Binh Duong is the leading province in attracting foreign investment with a total registered capital of $US 696.3 million, accounting for 43.8% of total investment in Vietnam. Ho Chi Minh City ranked 2nd with 53 new granted projects, 15 projects with increased capital, the total registered capital was $US 201.2 million, accounting for 12.7% of total investment in the country. In addition, several provinces in the south like Ba Ria-Vung Tau, Dong Nai, Long An, Tay Ninh, Binh Phuoc also have prospered in attracting foreign investment in the early days of the year, promised a strong year.

About the scale of projects, in the first month of 2017, the projects with large registered capital are currently located in Binh Duong. They are Vietnam Singapore Industrial Park III Project, which has a total investment of $US 284.75 million invested by Singapore with the main objectives to invest and build up business infrastructure and industrial parks. Tire yarn production KVT-1 Projects with a total investment of $US 220 million that invested by Kolon Industries Inc. The Tetra Pak JSC Binh Duong Project has total investment of $US 124 million invested by Singapore with the goal of producing sterile packaging from paper, plastic and aluminum for packaging liquid food ( including molding stage, printed on the package label).

In contrast, in Ba Ria-Vung Tau, on February 6^th 2017, provincial leaders were awarded the certificate of registration for four foreign investment projects, 4 domestic investment projects with total registered capital of $US 311 million and $US 3,588 billion. Notably, the leader of Ba Ria-Vung Tau province and Hyosung Corporation signed the memorandum on the investment commitment and support investment in Ba Ria-Vung Tau Province in 2017 with a capital base of $US 1.2 billion invested in a Polypropylene Factory project (PP) and underground warehouse containing liquefied petroleum gas (LPG); and LPG specialized port and petrochemical. Therefore, these southern provinces are preparing to receive many projects.

Improving the quality of projects and supporting investors

Speaking at the meeting and awarded the certificate of the investment in 2017, Mr.Nguyen Hong Linh, Secretary of the Peoples Committee of Ba Ria-Vung Tau province, said the province will set the priority for calling to attract qualified investors with experience in investing in large projects, modern technology, using less land, energy, labor, and environment friendly. Ba Ria-Vung Tau also will resolutely withdraw delayed projects, and increase the performance of investment projects registered. Ba Ria-Vung Tau province will continue to implement synchronization solutions for administrative procedure reform, business support and timely dialogue, overcome difficulties and obstacles for businesses and investors during operation; removing barriers to investment. Commitment of the leaders of this province is well oriented in calling for investment attraction of the key southern local economic region. In HCMC, in 2017, the Management Board of the Export Processing Zones and Industrial City proposed criteria for attracting investment capital of $US 500 million; in that focusing on attracting investment in key industries, high technology content, supporting industry; and exploitation of industrial land.

From the beginning of 2017, the leaders of Long An held investor meetings for South Korea and Japan enterprises to hear business opinions, and to remove difficulties. Provincial leaders have committed to facilitate for investors, domestic and foreign enterprises to implement successfully their projects with the motto: "Your difficulty is also the difficulty of us, and your success is also our success. " Also, in January of 2017, Long An Province has attracted 9 foreign investment projects with total registered capital of over $US 12 million.

The year of 2017 has a long way to go, so provinces are focusing on measures to promote investment, support foreign investors to implement projects, production and business. Hopefully, the southern provinces will harvest FDI fund during the year.