Foreign investment flow to Ba Ria-Vung Tau sees sharp increase

Ba Ria-Vung Tau leaders present investment license

to representative of the Winvest LLC Group

Nhan Dan/VNA - The southern province of Ba Ria-Vung Tau has granted investment licenses to 14 projects, capitalised at US$5.5 billion and VND 8.2 trillion, in January.

Half of these projects are foreign direct investment ones.

The Saigon Atlantis entertainment and tourism complex project by US-based Winvest LLC Group is the largest, with a registered investment of US$4.1 billion, followed by US$600 million Toc Tien new urban area project, invested by Charm Urban Development Company Limited.

Addressing the licensing ceremony on February 3, provincial People’s Committee Chairman Tran Minh Sanh pledged to resolve as many of the difficulties and obstacles that stand on the way of investors as possible.

During 2008’s Lunar New Year festival, Ba Ria-Vung Tau authorities granted investment licenses to eight projects, capitalised at US$1.7 billion. As a result, almost US$12 billion in FDI and over VND 26 trillion from domestic investment sources were pumped into the oil-rich southern province over the course of the year.

Source: Nhan Dan News

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