Phu My town in the southern province of Ba Ria-Vung Tau province has attracted 261 projects totally capitalized at over US$16.3 billion across nine industrial zones, according to local authorities. 

The figure makes up approximately 50% of the total foreign direct investment (FDI) in Ba Ria - Vung Tau province, with total registered capital for valid projects in the locality until December 20, 2020, reaching a figure of more than US$32.7 billion.

Nguyen Van Tho, chairman of the Ba Ria - Vung Tau People's Committee, revealed that moving forward into the next five years, the province will continue to speed up the development seaports, logistics and tourism services. This will be done with a view to enhancing competitiveness and attracting additional investment from other countries in the region into industrial parks and the Cai Mep - Thi Vai port system.

Tho therefore emphasized the need to apply a range of cutting-edge technologies, in addition to making the most of comparative advantages of seaports in an effort to promote economic development in a fast and sustainable manner.

Following the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) from August 1, 2020, Phu My has rapidly become a hot spot for investment, especially due to its seaport.

Most notably, Cai Mep port received ships with a tonnage of up to 214,000 tonnes in October, 2020, with the port ranking among the world’s 20 largest seaports.

The EVFTA has also served to create opportunities to transform Phu My into a world-class trading port due to Belgian and Dutch investors applying for investment license for the Cai Mep logistics centre project worth approximately US$1 billion. This is done with the aim of turning Cai Mep Ha into a leading centre for transport services and agricultural exports from the Mekong Delta to the EU.