Phu My 3 Specialized Industrial Park: Focal Point of FDI Attraction to Ba Ria - Vung Tau Province

Together with vibrant development of the national economy, over the past time, Ba Ria – Vung Tau province’s economic development has made a strong transition, rising to achieve outstanding accomplishments and become the highlight of the Southern key economic region. This achievement is largely the result of large scale projects which focus motivation and have a strong effect in the province. The highlight project is Phu My 3 Specialized Industrial Park (SIP), with Thanh Binh Phu My Joint Stock Company as the investor.

Starting construction in August 2015 with a total area of 999 ha, Phu My 3 IP is the key project which was selected by Ba Ria – Vung Tau province to attract both domestic and international investors. The IP is also included in the “Local Economic Development Initiative Program” of Japan International Cooperation Agency – JICA and selected by the Governments of both Vietnam and Japan to develop into a model Industrial Park. In the future, Phu My 3 SIP will develop into a multi-industrial park and supportive industry; heavy Industrial Park; Port and Logistics; and most developed Amenities, service area in the Southern key economic region.

Phu My 3 SIP has quickly become the ideal destination for secondary investors, not only because of the advantages of being close to the seaports, investment attraction policies that are competitive, but also an infrastructure system with investment in synchronous and modern power, water supply, gas and telecommunication cable system to the factories; and convenient traffic system connecting to national roadways going through the roads, waterways and airways. Furthermore, the IP has also put into operation Phase 1 of the Wastewater treatment plant that reaches standard A using Japanese technology with processing capacity of 9,000 m3/day. Not only focusing in investing and constructing the infrastructure system in a serious and methodical manner, Thanh Binh Phu My Joint Stock Company, investor of the IP, also pays close attention in investing in services to effectively meet the demand of secondary investors. Especially with the flexible management cost, the one stop service actively supports the issuance of Investment Registration Certificate, Enterprise Registration Certificate, and other relevant procedures in the local region. Phu My 3 SIP has created every favorable condition for the investor after signing the land sublease contract to implement factory construction, install equipment and machinery, and quickly begin production and business.

Through the integration of outstanding advantages, so far, Phu My 3 SIP has attracted 16 secondary investors from Japan, Korea, and a joint venture project of Vietnam with Switzerland. The highlight projects are: The project of Nitori Ba Ria – Vung Tau furniture manufacturing plant by Nitori Japan Corporation; the Zinc Oxide steel dust treatment plant project (ZOCV) by the largest Korean steel corporation Korea Zinc; the Phu My 3 Logistics Center project (total investment capital of US$5.4 million) by Vietnam Japan Shirogane Logistics (VJS) Co., LTD – joint venture between Thanh Binh Phu My Joint Stock Company and Shirogane Transport Co., LTD (Japan); the Gas plant No. 2 - Phu My 3 branch by Vietnam Japan Gas JSC (belong to Taiyo Nippon Sanso Corporation); and Vietnam Rare Elements Chemical (VREC) has also trusted and selected Phu My 3 SIP as their relocation and construction site for an expanded new factory. Particularly, Marubeni Corporation (Japan) has highly appreciated and invested in two projects in the SIP: the Packaging Paper factory and the Instant Coffee factory.

The prime point is that among the current investors, there are enterprises boldly increasing their investment capital to expand production business, such as the Nitori furniture manufacturing project of Nitori Ba Ria – Vung Tau Co., LTD registered from above US$106 million to more than US$164 million, showing that Phu My 3 SIP has become an ideal destination, attracting investors for long-term cooperation and cohesion. After the success of phase 1, Phu My 3 SIP is currently promoting the construction of phase 2 with total area more than 500 ha and expecting by the end of 2020, it is possible to hand over the land to secondary investors.

Ms. Nguyen Thi Thao Nhi, Chairwoman of the Board of Directors, General Director of Thanh Binh Phu My Joint Stock Company, informs that in order to improve the quality of investment capital, in July, 2017, Ba Ria – Vung Tau Provincial Party Committee has issued Resolution 06-NQ/TU improving the efficiency of attracting investment within the province area till 2020 with the viewpoint of selective investment attraction, attracting large-scale projects with modern technology that is competitive, pervasive and with high added value; environment friendly, focusing on industries, seaports, port logistics, tourism and high-tech agriculture. “This is also the orientation in attracting investment of Phu My 3 SIP and we commit to actively accompanying Ba Ria – Vung Tau provincial authorities in implementing the selective investment attraction policy, focusing on quality over quantity; thereby creating a breakthrough supporting sustainable development of the province. Our expectation is to make Phu My 3 SIP a model Industrial Park of Vietnam in general, of Ba Ria – Vung Tau province in particular, and also the focal point of FDI attraction to Ba Ria – Vung Tau province, creating a driving force promoting the socioeconomic development of the province and also the Southern key economic zone,” Ms. Nhi affirmed.