In the first five months of 2008, the provincial People’s Committee issued investment licenses for 28 foreign projects in the province.

Only the number of foreign investment projects exceeded the plan of year 2008 (planned 22 projects). The total registered capital of 28 projects is USD6,465mil, exceeding 124,6% as compared with the plan of the year.

Until now, in the province there has been 218 foreign investment projects with the total effective capital of USD14.121bil.

Big and high – density projects of capital, area, as well as scale...are still tourism projects. Ho Tram tourism project (Canadian capital) was licensed and started right in May 2008 with the total capital of USD4,230bil, it is not only the biggest project in the province but also the country in the field of tourism. This is also the project started right after having the license.

The Good Choice Tourism project (United State of America) with the total capital of USD1,299bil ranked the second on the list.
 
Industrially, seaport projects are attracting investors’ concern. The biggest project has just been licensed is Cai Mep Gemadept Terminal Link port (France) with the total capital of USD520mil. In the first five months of the year, foreign investment projects had gone to operation, reached 35% of the plan (the plan of year 2008 is USD600mil). However, if the foreign investment capital of USD152mil, then it only reached 30.4% of the year’s plan (USD500mil as planned).

The invested capital mainly concentrated at large-scaled projects like Posco steel, Nam Con Son Gas, Vietnam – Russia – Japan Petroleum Company, SP-PSA port, Essar Vietnam Steel, Sai Gon International Port, some mechanical projects in industrial zones...

The attraction of a sizeable amount of foreign investment capital into the province in the recent time is a joyful signal, contributed to the GDP increase of the province as well as took the advantages of capital source, high technology, management manpower... from abroad.

Nevertheless, the sharply increase of this capital required the equivalent development of the province on management, infrastructure, awareness.... The first difficult is the management of source of capital, the bigger amount of capital is, the more difficulty management has to face with. In which, converting from registered capital to performed capital in accordance with the policy and requirement proposed by the provincial People’s Committee when issuance of investment license is still stuck in impediments.

Besides some projects which started right after having licenses, there are still mass of delayed projects. If the amount of total capital performed until the end of May 2008 is USD3.618bil, it only makes up 44.8% as compared with the total investment capital of the end of year 2007 (excluded series of big projects which have just been licensed in 2008 like Good Choie, Ho Tram Strip, Cai Mep Gemandept...

Causes of delayed projects are from investors, and subjectivism of the State management. Ground clearance is still the most difficulty work, and more difficulty to foreign investors as they are not familiar with the local geology, manners and customs.
 
This needs the determination of the provincial People’s Committee so that investors can keep their minds on works when investing to Ba Ria – Vung Tau. Other issues also need to perform from now on such as constructing standard industrial sewage treatment system, raising the sense of initiative in manpower with high technology...

Hong Nhung