09:53 | 27/11/2018 Investment
(VEN) - Ba Ria - Vung Tau is a dynamic province that has always been a leader in attracting foreign investment. Recently, a delegation visited the Republic of Korea (RoK) and Japan to present the advantages and incentives of doing business with and in the southern province.
The delegation works with Hyosung Group in RoK
The delegation was led by Secretary of the provincial Party Committee and Chairman of the province’s People’s Council, Nguyen Hong Linh.
RoK is one of the strategic investors in the province. During their visit, the delegation worked with Posco Group, Hyosung Group, Korea Zinc Company Limited and other enteprises. They also met senior officials of Pohang City.
Particularly noteworthy about the visit was an investment promotion seminar held in Seoul at the head office of the Republic of Korea Trade-Investment Promotion Agency. The seminar aimed to introduce potentials, investment opportunities and promote/ call for investment in Ba Ria - Vung Tau. The delegation said they wished to have more large RoK businesses invest in Ba Ria - Vung Tau, promoting socio-economic development.
At the seminar, representatives also introduced the Phu My 3 Industrial Zone, Dat Do Industrial Zone and the My Xuan B1 - Conac Industrial Zone.
During the visit, Ba Ria - Vung Tau signed a Memorandum of Understanding with the Korea Infrastructure Co., Ltd on the study of projects along the Vung Tau - Long Hai - Xuyen Moc coast.
This investment promotion seminar attracted more than 300 guests from 150 South Korean enterprises, 7 banks, as well as other organizations and associations. Many investors expressed great interest in Ba Ria - Vung Tau, saying they will study and explore investment opportunities in the province in the near future.
Plan of action with Japan
After the official visit to Korea, the delegation visited Japan.
In Japan, the delegation had a meeting with the Daiichi Kigenso Company (DKKK), Mitsubishi Heavy Industry Company, Toray Group. The Toray Group said it was researching and exploring investment opportunities in Ba Ria - Vung Tau. The delegation also had a working session and visited the Senboku LNG Plant and the Waste Treatment Plant of Kyoei Steel.
: The delegation visits JICA in Japan
The visiting delegation also met with officials of the Japan International Cooperation Agency (JICA) and discussed a Plan of Action to implement the 3 objectives and 9 strategies outlined in the "Local Economic Development Initiatives - PBEG" report.
Several proposals were discussed including: research; technical assistance projects; the support of Japanese experts in environmental protection; Connected Transport Infrastructure Project; calling for Japanese enterprises with modern and environmentally friendly production technology to invest in Ba Ria - Vung Tau province.
JICA has supported and coordinated with Ba Ria - Vung Tau in implementing the PBEG project from 01/2016 to 01/2018. The project seeks to optimally use several competitive advantages, including geographic location, natural resources, energy, connected infrastructure and deep water port.
The project report has 12 chapters that mainly focus on the province’s industrial development strategy, which in turn has three main focus areas: industry, environment and logistics.
To sum up, Ba Ria - Vung Tau seeks to become “the leading province in green growth and an international logistics center”.