New projects to generate nearly 200 million USD in industrial production for Ba Ria-Vung Tau
New industrial projects are expected to contribute about 5 trillion VND (197 million USD) to the industrial production value of the southern province of Ba Ria - Vung Tau in 2025, according to the provincial Department of Industry and Trade.
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| The factory of the Taiwanese-invested Coretronic Co. Ltd in the Phu My 3 Specialised Industrial Zone of Ba Ria - Vung Tau province (Source: VNA) |
The department said that 21 industrial projects are set to start operations this year. They include several large projects such as a carbon fiber factory worth 540 million USD of the Republic of Korea (RoK)’s Hyosung Group, the Cai Mep - Phu My pipeline and the Phu My gas distribution station worth nearly 60 million USD of the Hai Linh Co. Ltd, and a Pocari factory invested with nearly 100 million USD by the Otsuka Nutraceutical Vietnam Co. Ltd.
In 2024, 31 new projects became operational in the province’s industrial zones, helping increase the production value, generate revenue, and manufacture many new industrial products.
Last year, the industrial production value in Ba Ria - Vung Tau rose by 12.91% compared to 2023, much higher than the target of 10.11%. This result was attributed to the stable operation of most large projects operating there for many years, along with new projects becoming functional.
Notably, the Phu My 3 Specialised Industrial Zone in Phu My township has attracted 46 investors with a registered capital exceeding 4 billion USD. They include multinational corporations boasting large capital and modern technology from Japan, the RoK, Europe, the US, Taiwan (China), China, and several other countries.
In 2024 alone, this industrial zone drew nine investors from Japan, China, Hong Kong (China), and Vietnam who poured a total of over 21 trillion VND in investment.
Le Ngoc Linh, Director of the provincial Department of Planning and Investment, said that this year, Ba Ria - Vung Tau will continue implementing decisive and flexible measures in administrative reform and investment environment improvement so as to create the best possible business climate for both domestic and foreign investors.
The province issued a scheme to shorten the time for processing 800 administrative procedures by 35 - 40%, and boost the supply of online public services.
In addition, it is accelerating the development of technical infrastructure, especially transport facilities, to enhance its connectivity with other localities in Vietnam, thus promoting its attractiveness to major businesses and investors, Linh added.
