BA RIA-VUNG TAU PROVINCE RANKS FIRST IN FOREIGN INVESTMENT CAPITAL

The southern province of Ba Ria-Vung Tau took first place for attracting the most foreign investment capital in the first four months of the year.

Statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment showed that between January and April, Ba Ria-Vung Tau lured $1.52 billion in overseas funding, equalling 16.4 per cent of the total foreign investment in the whole country.

Among the projects is South Korean Hyosung's $720-million biofibre factory, and Japanese Tosoh Corporation's $176-million chemical project in Phu My 3 Industrial Park (IP).

Hyosung is implementing a plan to become the biggest spandex manufacturer in the world. The company also operates a $540 million carbon fibre factory in Phu My II IP.

The South Korean firm has invested at least $3.5 billion in Vietnam so far, including $1.4 billion in Ba Ria-Vung Tau; $1.9 billion in the southern province of Dong Nai; $200 million in the central province of Quang Nam; and $100 million in the northern province of Bac Ninh.

In March, Ba Ria-Vung Tau awarded an investment registration certificate for a $250 million Electronic Tripod Vietnam factory in Chau Duc IP.

In the first four months of this year, Vietnam had a consolidated registered foreign investment capital of $9.27 billion, up 4.5 per cent on-year. The disbursed capital reached $6.28 billion, up 7.4 per cent.

The manufacturing and processing sector stands in first position in foreign investment capital influx, accounting for 66 per cent of the total registered capital. The runner-up is the real estate sector with a registered capital amount of $1.7 billion.

The traditional investors are from Singapore, Hong Kong, China, Japan, and China, which account for 73 per cent of newly registered projects and 73.4 per cent of the total registered capital.

Source: VIR