Of the total projects, seven are financed by foreign investors. The largest foreign invested project is a tourist complex, the Sai Gon Atlantis Hotel, backed by US-based Winvest Investment Company Ltd with registered investment totaling US$4.1 billion.
The hotel will be located in Vung Tau City. Charm Urban Development Ltd Co is backing a US$600 million project in the new Toc Tien Urban Area.
The biggest of the seven domestic projects is being undertaken by Tuan Hung Company Ltd, which is providing more than US$212.2 million to develop a residential quarter in Ba Ria-Vung Tau. An investment project in Sai Gon-Thep Viet Port ranks second investment reaching US$113.2 million.
The combined cost of the domestically-funded schemes is just under US$488.2 million.
At a licensing ceremony the same day, provincial People’s Committee Chairman Tran Minh Sanh pledged to help investors overcome difficulties and obstacles.
During 2008’s Lunar New Year festival, Ba Ria-Vung Tau authorities granted investment licences to eight projects, capitalised at US$1.7 billion. As a result, almost US$12 billion in FDI and over US$1.53 billion from domestic investment sources were pumped into the oil-rich southern province throughout last year.
The province led other localities in attracting investment projects, according to the Ministry of Planning and Investment (MPI). The province’s efforts to lure investment despite difficult economic times showed that investors still had confidence in the country’s long-term development potential, said the MPI’s Foreign Investment Agency. (VNS)
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