Bà Rịa – Vũng Tàu industrial parks await FDI post-pandemic

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Workers at Dongjin Global Company in Đất Đỏ 1 Industrial Park in Bà Rịa- Vũng Tàu Province. VNA/VNS Photo

HCM CITY — Industrial parks in the southern coastal province of Bà Rịa – Vũng Tàu are making preparations to attract foreign investments that are expected to surge after the COVID-19 pandemic passes.

The 500ha Đất Đỏ 1 Industrial Park in Đất Đỏ District wants FDI to account for 70 per cent of all investment and domestic projects for only 30 per cent, with priority given to supporting industries and hi-tech projects.

This year it attracted six local investors but no foreign investment.

Due to the ongoing COVID-19 pandemic, foreign investment had been severely impacted, Nguyễn Khắc Thanh, general director of Tín Nghĩa – Phương Đông Industrial Park JSC, the developer of Đất Đỏ 1 Industrial Park, said.

Many foreign investors hadve rented land in the park but delayed their projects since it was impossible for them to enter the country due to the travel restrictions and border closure, he said.

But his company had maintained contact with global customers and resorted to online marketing to introduce the opportunities and the procedures they have to complete to invest in the park, he said.

As a result, it managed to sign memorandums of understanding and took deposits for leases from 11 foreign investors, he revealed.

The park had helped foreign investors with investment procedures as part of efforts to attract them, he added.

The 999ha Phú Mỹ 3 Specialized Industrial Park in the province’s Phú Mỹ Town has not attracted a single foreign project for more than a year due to the pandemic.

It has signed lease agreements with 10 foreign customers thanks to webinars and online marketing.

Nguyễn Anh Triết, head of the Bà Rịa – Vũng Tàu Province Industrial Park Authority, said there were incentives for industrial parks to attract investment, and administrative and land clearance procedures were being streamlined to develop industrial infrastructure.

Nearly 50 potential investors had signed MoUs and registered to lease more than 1,000 hectares of industrial land, he said.

The province planned to build eight industrial zones with more than 8,000ha by 2030 to meet the huge demand, he added. —VNS

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