Most of investors in Ba Ria-Vung Tau province have been given the best conditions for project implementation. (Photo: Luu Son)

The 500-ha Dat Do 1 Industrial Park in Ba Ria-Vung Tau province was put into operation in late 2009. By the end of 2019, it had attracted 20 secondary investors and achieved an 80% occupancy rate.

Nguyen Khac Thanh, General Director of the Tin Nghia-Phuong Dong Industrial Park Company, the developer of the IP, said the COVID-19 outbreak in 2019 kept foreign investors from coming to Vietnam.

In response, the company has used digital platforms like Zalo and Skype to promote its image and infrastructure, introduce investment opportunities, and explain requirements.

According to Mr. Thanh, many new foreign investors heard about Dat Do 1 Industrial Park through business associations their countries maintain in Vietnam. Since the outbreak the company has signed memorandums of understanding and taken deposits for land leases from 11 foreign investors, including those from the US and South Korea.

“We’ve signed quite a few new investment agreements, most of which are with foreign investors. But many of them have had to delay their projects because of the most recent resurgence of the coronavirus. They are reconsidering their investment schedules and plans,” said Mr. Thanh.

Phu My 3 Specialized Industrial Park  is preparing infrastructure to welcome a new wave of investment. (Photo: Luu Son)

Like Dat Do 1 Industrial Park, the Phu My 3 Specialized Industrial Park has signed one-year agreements on deposits for land lease with 10 foreign customers from Japan and South Korea, thanks to webinars and online marketing.

Kazama Toshio, Deputy Director of Phu My 3 Specialized Industrial Park, said, “There is a relatively positive signal from investors that they’ve already decided to invest. Investment projects are about to be put into operation so service providers in Vietnam should speed up preparations. The volume of goods produced by the projects already in operation has steadily increased.”

According to economists, foreign investments in Ba Ria-Vung Tau are expected to surge once the COVID-19 pandemic is contained.

Many industrial parks have been filled and some have applied for permission to expand in order to meet the demand from FDI enterprises for land leases to build factories.

Le Thanh Liem, Vice Chairman of the Chau Duc district People's Committee, said the district is preparing a land reserve, mobilizing local companies to do land clearance work, and creating favorable conditions for investors.

“We’ll organize vocational training to prepare labor resources for the new industrial zones so investors will have confidence they can start production without delay. Maximum support will be given to land clearance and matching investment projects to the locality’s development goals,” according to Mr. Liem.

According to the Ba Ria-Vung Tau Industrial Park Authority, the provincial authorities have adjusted industrial zone planning to make investment attraction more selective to encourage environmental protection, effective land use, and the formation of industrial clusters to supply goods to the Cai Mep-Thi Vai port system.

Nguyen Anh Triet, head of the Authority, said 50 potential investors have signed MoUs and registered to lease more than 1,000 hectares of industrial land.

Ba Ria-Vung Tau plans to build 8 new industrial zones covering more than 8,000hectares by 2030 to meet the huge demand, Mr. Triet said, adding, “Potential investors have signed land lease agreements for about 630 hectares.”

Triet added, “ Eleven investors have signed MoUs with Dat Do 1 Industrial Park, one Korean investor has signed with the Dai Duong Industrial Park. Phu My Industrial Park has a foreign investor, and Cai Mep Industrial Park has 2 investors. After the pandemic, occupancy will likely reach 1,000 hectares.”

Pursuing the motto "All for investors’ satisfaction", Ba Ria-Vung Tau has paid particular attention to administrative reform in creating optimal conditions for investors.