Q1 / 2020 Ba Ria - Vung Tau province attracts more than 450 million USD of foreign investment

In the first three months of 2002, Ba Ria - Vung Tau province had 7 new projects that were granted investment certificates (land area of more than 90 hectares), 8 projects adjusted to increase investment capital equivalent to more than 450 million USD of increased investment capital and new registration in industrial parks.

However, a number of businesses operating in industrial zones also faced many difficulties due to the impact from the Covid-19 epidemic, leading to a decline in revenue. Accordingly, about 25% of businesses have a revenue reduction of 30% to 50%, 27% of businesses have a revenue decrease of 10% to 30%. In particular, the operation of enterprises in the processing industries of garments, leather shoes, bags, backpacks ... encountered many difficulties due to interrupted material and accessories. Materials are mainly imported from countries such as China and South Korea…

My Xuan A Industrial Zone, Ba Ria – Vung Tau Province. 
Source: Idico.com.vn

According to statistics, up to now, about 52% of enterprises maintain production activities with reserved materials. It is expected that these enterprises will not have enough raw materials for production in the following months. Notably, 6.8% of enterprises completely lacked raw materials and faced the risk of stopping production right next month. As a result of the above situation, the first quarter revenue of enterprises decreased significantly over the same period. In addition, logistics enterprises are severely affected by the disruption of goods circulation and the sharp decrease in the volume of goods cleared due to the Covid – 19 epidemic.

Facing this situation, enterprises in Ba Ria - Vung Tau industrial zones wish to enjoy the Government's support policies to help ease the difficult situation of Covid-19 pandemic such as: reducing interest rates, reducing loan interest rates, expanding loan limits, restructuring loans, rescheduling taxes, and social insurance…

In the middle of this week, the leader of Ba Ria - Vung Tau People's Committee directed the Department of Planning and Investment and the Management Board of Industrial Zones to quickly update the Government's policies to support businesses affected by Covid – 19 and guide businesses to complete procedures to enjoy policies, soon stabilize production, overcome difficulties and revive the economy.

Vietnam maps showing administrative units, sources of critical raw materials and industrial zones locations.