Economy
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| With its goal of becoming a facilitator and partner to businesses, the Bà Rịa-Vũng Tàu Province administration has pledged to create a transparent and business-friendly investment eco-system. — Photo baodauthau.vn |
HCM CITY — With its goal of becoming a facilitator and partner to businesses, the Bà Rịa-Vũng Tàu Province administration has pledged to create a transparent and business-friendly investment eco-system.
The southern province hopes to attract US$4 billion worth of FDI, VNĐ100 trillion (US$4.4 billion) worth of domestic investment and VNĐ15 trillion ($660.8 million) in public-private partnership projects by 2020.
It will focus on streamlining distribution networks, infrastructure and business registration procedures, and providing assistance for improving technologies and training workers.
Authorities are also considering new tax policies and other ways to aid small- and medium-sized businesses, especially those in key sectors like ports, port services and logistics, tourism, and high-tech agriculture, Nguyễn Thành Long, deputy chairman of the People’s Committee, said at a meeting with more than 100 local businesspeople on June 1.
Authorities would seek to reduce the time it takes to issue investment licences and building permits, modernise customs procedures to reduce clearance time and make the administration transparent and investor-friendly, he said.
The province has attracted more than $27 billion worth of foreign investment and VNĐ250 trillion worth of local investment.
Situated in the southern key economic zone and close to HCM City, Bà Rịa - Vũng Tàu boasts many strengths, with its maritime-based economy, including tourism, ports, oil and gas, and seafood exploitation and processing, having great potential. — VNS
