Inside a cable production firm in Ba Ria-Vung Tau province

Currently, renowned firms from some 30 countries and territories are landing investment in the province, including reputed names like ACDL, SMC, Nippon, Mitsubishi, Posco, Sumitomo, Itochu and Kyoei Lotte, among others.

FDI projects have caused enormous impact on the local socio-economy as they have created jobs for more than 69,000 laborers so far. Also, they are billed as a significant motive for economic shifting towards industrialization, while making contribution to local gross domestic products (GDP).

According to Bui Ngoc Diep, Vice President of the province’s Association of Small and Medium Enterprises, provincial authorities should pay due attention to large tourism projects which are labor intensive and have strong connections with local firms.

The provincial Party’s Committee recently issued a resolution on improving the efficiency of investment attraction by 2020. Accordingly, the province will give top priority to projects which are environmentally friendly, and focus on sea port, port logistics, tourism, and high-tech agriculture.

The resolution also stipulates regulations on shortening the time taken for administrative procedures and developing the Provincial Competitiveness Index, among others to build a positive business climate. This is believed to be key for the province to develop sustainably in the future.

Source: VNA