Ba Ria-Vung Tau looks to US$12 billion in FDI

Since it started taking on the first foreign investors, the province has attracted around 220 projects worth over US$19 billion. Until 2005, it had drawn only US$3.5 billion but since 2005, the figure has shot up to nearly US$16 billion.

Le Kim Huong, director of the province’s Department of Planning and Investment, told the Daily that the expected US$12 billion would come from about 30 projects, most of them having already received investment certificates.

"This year will be a success in attracting foreign invested projects to our province," she said.

Huong went on to say that the tourism services sector was receiving the biggest part of the total this year at nearly US$6 billion, followed by the industrial sector at nearly US$4 billion.

Two of the biggest projects to date are the Ho Tram Strip project of Asian Coast Development Ltd, and a petrochemical complex of the Long Son Petrochemicals Co., Ltd, together having already drawn nearly US$8 billion.

"In the service sector, investors are not only developing tourism services but also spending more in financial and banking services," Huong said, and explained that with the investment trend, the province expects that after 2015 the service sector will make up around 40% of the economy compared to the current 30%.

About FDI disbursement, Huong acknowledged difficulties regarding on land clearance to make space for the projects.

"We will try our best to make space for the investors to speed up the disbursement," Huong said.

Some investors, including local investors, have said that delays in land clearance were affecting their projects.