In July, Hyosung Vietnam Co., Ltd. was greenlit to invest in the carbon fibre plant project based in Phu My 2 Industrial Park, Phu My Town, with a planned mobilised capital reaching $540 million, with approximately $120 million earmarked for phase 1 alone.

The chemical production plant of Hyosung Vina Chemicals Co., Ltd. in Phu My town

Kim Kyung Hoan, general director of Hyosung Vietnam, stated that the carbon fibre and material production plant is the first of this kind in Vietnam, with a designed capacity of 4,800 tons per year in phase 1.

The plant is slated for completion and to come on stream from February 2025.

“We have received active support from local management authorities. As of now, our company is carrying out relevant procedures for the project, such as construction, environmental protection, and fire prevention, to be able to soon commence the project,” said the general director.

“We hope that the provincial management continues to accompany us, creating better conditions for the project to start on schedule, contributing to the overall development of the province,” Kim noted.

Hyosung's carbon fibre plant is among the largest foreign-invested projects in Ba Ria-Vung Tau in 2023.

In October alone, the province hailed five projects with a total registered capital reaching $594 million, pushing the total number of foreign-invested projects in the first 10 months of this year to 20 valued more than $750 million in total registered capital, equal to a 2.78-fold increase compared to 2022 amid numerous headwinds in both domestic and global markets.

Driving force

With the significant increase in FDI in the province in 2023, up to now, the province is home to 457 foreign initiatives with a total registered capital surpassing $31.4 billion.

Among them, 284 projects are based in local industrial parks (IPs) with a total capital of $13.7 billion, and 173 projects are outside IPs with a total registered capital approximating $17.7 billion.

Ba Ria-Vung Tau is also well-prepared in land and infrastructure to greet foreign investors

FDI has become a driving force in promoting the province’s development. This is a testament to the province's appeal to foreign businesses, leveraging vigorous and coordinated implementation of various solutions.

The province has focused on innovating its governance and organisation to propel administrative reform, especially enhancing the role and responsibility of leaders in various agencies and units.

In addition to maintaining good performance in existing indicators, the province particularly emphasises clearing bottlenecks in the mechanisms, conducting a comprehensive review, and simplifying administrative procedures in investment activities to facilitate businesses.

Ba Ria-Vung Tau prioritises creating the most better conditions for investors

Concerted efforts have been taken to engage the entire political system in improving indices, such as the Provincial Competitiveness Index.

According to Nguyen Van Tho, Chairman of the provincial People's Committee, the province’s management consistently makes efforts to accompany businesses with the principle that the success of businesses is the success of the provincial government.

The provincial People's Committee has established a special taskforce to receive suggestions from businesses and investors in the province, addressing difficulties and providing effective support in a timely manner. Preparations also involve with land, infrastructure, and a high-quality workforce.

As of now, local IPs are having available clean land to serve investors. The provincial leaders have also instructed relevant departments and localities to reassess the potential in industrial clusters, zones, and commercial land to attract new investors both domestically and internationally.

Developing the transport infrastructure to connect the regions is also set a priority. As such, a series of key projects such as the Bien Hoa-Vung Tau expressway, coastal road 994, or Phuoc An bridge are actively under construction and gradually taking shape.

In early November, during a meeting between provincial leaders and investors, businesses, the provincial leaders demanded that any difficulties or obstacles faced by investors and businesses be promptly resolved.

Issues that cannot be immediately resolved should be urgently studied and reported to the competent authorities for timely, flexible, and effective handling.

“We are committed to supporting businesses and investors in the swift manner to ensure convenient implementation of their projects. We will continue to streamline procedures to make Ba Ria-Vung Tau truly a place to invest with large and compelling projects, contributing to the development of the province and the southeast region,” Tho said at the meeting.