THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Bà Rịa–Vũng Tàu: More than US $5.5 bil. investment capital
VGP – The People’s Committee of the southern coastal province of Bà Rịa–Vũng Tàu yesterday held a ceremony to license 14 investment projects totaling over US $5.5 billion in registered capital.
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Fourteen projects are licensed by Bà Rịa-Vũng Tàu, February 3 |
Among the newly-licensed projects, there are seven foreign-invested ones worth of more than US $5 billion and seven domestic ones with a combined capital of VND 8,267 billion.
Most of these projects are large in terms of investment capital. The biggest one is the US $4.1 billion Sài Gòn Atlantis Hotel complex in Vũng Tàu City invested by Việt Nam’s Winvest Investment Company Ltd. It is followed by the US $600 million Tóc Tiên urban quarter.
According to the provincial People’s Committee, Bà Rịa-Vũng Tàu will make full use of its available potentialities. Besides, to call for foreign investment, the province pledged to tackle difficulties faced by investors and facilitate the deployment of projects. The local authority will also regularly monitor and ensure the on-schedule implementation of projects.
In 2008, in the wake of the global economic downturn, Bà Rịa–Vũng Tàu drew 55 FDI projects (nearly US $12 billion) and 59 domestic ones (VND 26,000 billion).
By Ngọc Vân