5:29:17 PM | 3/1/2007
Foreign direct investment (FDI) into industrial parks (IPs) in the southern coastal province of Ba Ria-Vung Tau hit a record level of US$1.4 billion in 2006, the provincial IP management board said.
The very impressive figure, increasing 1.83 times over 2005, was attributed to the province's good planning of IP development, and transparent and convenient administrative procedures.
With the approval for the US$1.128 billion steel project in Phu My II IP by the Republic of South Korea’s Posco Group, Ba Ria-Vung Tau took the lead in attracting FDI last year, accounting for more than 26.6 per cent of the country’s total FDI, replacing Ho Chi Minh City.
Ba Ria-Vung Tau now has nine IPs, and plans to build four more with a total area of 1,000 ha from now to 2010, namely Long Huong, Long Son, Kim Dinh, and Ngai Giao, to lure more investment. (VNA)
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