Bà Rịa-Vũng Tàu targets US $1 bil. FDI this year

VGP – The southern province of Bà Rịa-Vũng Tàu plans to attract at least US $1 billion of foreign direct investment capital this year.

April 21, 2010 4:37 PM GMT+7

Bà Rịa-Vũng Tàu is one of the most dynamic localities which attract a large volume of FDI

Key measures to realize the target include strong efforts to review and remove obstacles relating to business registration and investment procedures.

The local People’s Committee also directed branches of commercial banks there to lower lending rates to open wider access to credit loans in favor of industrial and agricultural production.

Currently, the province has 14 industrial parks, of which 7 are available for investors and the rest will be put into operation soon.

Bà Rịa-Vũng Tàu has been one of the top FDI attracters for many years compared to other southern provinces. In Q1/2010, foreign investors poured US $902 million there.

The locality’s competitiveness index jumped four ranks last year, but potentials still remain high.

By Hải Minh