image: http://image.vietnamnews.vn//uploadvnnews/Article/2017/2/6/bariavungtau17050820PM.jpg

A view of the Phú Mỹ 1 Industrial Zone in Bà Rịa – Vũng Tàu Province. The People’s Committee of the southern coastal province granted eight investment certificates to domestic and foreign projects with a combined capital of US$470 million on February 6. — VNA/VNS Photo Hoàng Hải

Viet Nam News

HÀ NỘI — The People’s Committee of the southern coastal province of Bà Rịa–Vũng Tàu granted eight investment certificates yesterday to domestic and foreign projects with a combined capital of US$470 million. 

Among the projects is an expansion of a $185-million beer factory project, with a total production capacity of over 610 million litres of beer per year, developed by Heineken Việt Nam Brewery Vũng Tàu Joint Stock Company.

Other projects include a steel plant, worth more than $38 million, invested by Steel Corporation Pomina 2 in the Phú Mỹ 1 Industrial Zone (IZ), and a $97-million glass plant financed by the Nam Việt Hưng Construction Corporation.

Other projects include a float glass factory project in the Phú Mỹ 2 IZ, with a total investment of $108 million backed by the Việt Nam Urban and Industrial Zone Development Investment Corporation (IDICO) and Việt Nam Glass and Ceramics for Construction Corporation (Viglacera), in cooperation with the Khải Thịnh Science and Technology Corporation.

Nguyễn Văn Trình, chairman of the People’s Committee, said the province appreciates the role of investors and companies in boosting the province’s economic development. In return, the province is focused on helping companies resolve whatever difficulties they face, he said.

With companies speeding up work on their projects, their disbursement of funds jumped from 40.6 per cent of the pledged investment in 2015 to 45.3 per cent last year.

So far Bà Rịa–Vũng Tàu has had 301 foreign direct investment (FDI) projects with total registered capital of $27 billion, and 450 domestic investment projects with total registered capital of more than $11 billion.

The investment target in 2017 is over VNĐ42.6 trillion (US$1.87 billion), 5 per cent up from last year.

Bà Rịa–Vũng Tàu seeks to achieve economic growth of 6.7 per cent this year, the People’s Committee of the southern province said, adding that its industrial production growth target is 7.7 per cent.

To achieve the investment target, the province plans to restructure its economy with a focus on services related to the seaport system, supporting industries and tourism.

The province is upgrading infrastructure at the Phú Mỹ 3 Industrial Zone and Đá Bạc Industrial Zone besides completing construction of more zones.

Last year economic growth was 5.6 per cent, manufacturing - excluding crude oil - expanded at 7.6 per cent, and exports rose 8.85 per cent to $3.5 billion. — VNS

Read more at http://vietnamnews.vn/economy/350724/ba-ria%E2%80%93vung-tau-licenses-eight-projects.html#XFHyvUGkiscZvlul.99