On February 3, Provincial People’s Committee has granted investment licenses to 14 projects, including seven financed with overseas investment, capitalized at over 5.1 billion USD, providing the locality with an auspicious start to the Year of the Golden Buffalo.

The largest of the foreign-invested projects is a tourist complex, the Saigon Atlantis Hotel, backed by US-based Winvest Investment Company Ltd with registered investment totaling 4.1 billion USD.

The biggest of the seven domestic projects is being undertaken by the Tuan Hung Company Ltd., which is providing 3.6 trillion VND to develop a residential quarter in Ba Ria-Vung Tau. The combined cost of the domestically-funded schemes is just under 8.3 trillion VND.

Addressing the licensing ceremony on February 3, provincial People’s Committee Chairman Tran Minh Sanh pledged to resolve as many of the difficulties and obstacles that stand on the way of investors as is possible.

During 2008’s Lunar New Year festival, Ba Ria-Vung Tau authorities granted investment licenses to eight projects, capitalised at 1.7 billion USD. As a result, almost 12 billion USD in FDI and over 26 trillion VND from domestic investment sources were pumped into the oil-rich southern province over the course of the year.
                                                                                 Nguyen Duc