The southern province of Ba Ria – Vung Tau is working to draw more investment from Japan as it defined the country as one of its future strategic investors, said the provincial Department of Planning and Investment.

Illustrative image (Source: vinakyoeisteel)

Japan investors have so far invested 2.6 billion USD in 33 projects in the province, making their country rank fifth among countries and territories investing in the locality. 

With productive operations, Japanese firms have generated jobs for more than 3,700 local people. In 2018 alone, they contributed 37 million USD to the State budget. 

Among the Japanese-invested projects, 28 are in industrial parks, notably in Phu My 3 specialised industrial park. 

Nguyen Anh Triet, head of the management board of industrial parks, said Japanese projects contributed to creating a modern and eco-friendly industry, especially those by Nippon, Asahi, Mitsubishi, Daichi, Sojitz, Sumitomo, Marubeni, Nitori, among others. 

Secretary of the provincial Party Committee Nguyen Hong Linh said in the past five years, the province formed a group of experts to access Japanese investors and held annual working trips to Japan to introduce promising projects. 

The province advocates luring capital into the support industry, seeking major investors that use modern and eco-friendly technology, investing in fields of strength such as logistics, manufacturing and processing, electricity – electronics, plastics, chemicals and petrochemicals, he said. 

To that end, Ba Ria – Vung Tau will step up site clearance and upgrade infrastructure in industrial parks, he added.

Ba Ria-Vung Tau is home to 194 FDI projects.