The Government newspaper reported that in Ba Ria - Vung Tau province, Politburo member and Prime Minister Pham Minh Chinh received representatives of Hyosung Vina Company, Long Son Petrochemical Company, and Ho Tram Company to continue to remove difficulties and obstacles and promote investment projects in Vietnam.
Long Son Petrochemical will expand investment by 400 million USD
The petrochemical complex project in Long Son commune, Ba Ria - Vung Tau province, invested by SCG Group (Thailand), has a total investment of about more than 5 billion USD; the designed capacity is 1.4 million tons of petrochemical products. The project has now been completed and put into operation.
General Director of Long Son Petrochemical Company Limited, Mr. Kula Dharachandra, made a number of specific recommendations and proposals related to procedures, investment incentives, tax rates, etc. to invest an additional 400 million USD to expand the project and be able to use imported ethane gas as raw materials.
The Prime Minister highly appreciated the project's activities and said that next week, relevant agencies will complete procedures related to expanding investment in the project.
The Prime Minister also announced that during the recent working trip of Minister of Industry and Trade Nguyen Hong Dien to the US, the Vietnamese side has made efforts to resolve procedures, promote the import of long-term stable gas from the US worth billions of USD, meet the needs of the Long Son project and contribute to promoting Vietnam - US trade to be more balanced, harmonious and sustainable.
Hyosung plans to invest an additional 1.5 billion USD in Vietnam
Hyosung is Korea's third largest FDI partner in Vietnam, with a total investment of about 4.6 billion USD.
Mr. Bae In Han, General Director of Hyosung Dong Nai and the highest representative of Hyosung in Vietnam, said that the Group continues to invest an additional 1.5 billion USD in Vietnam, including investing in a biotechnology factory and a carbon fiber factory in Ba Ria - Vung Tau province.
He reiterated the Group's commitment to "set the future for the next 100 years in Vietnam", assessing that Vietnam has a stable and favorable investment environment for business development.
The Prime Minister welcomed Hyosung for placing a long-term production base in Vietnam and the Vietnamese side pledged to "not say no, not say difficult, not say yes but not do" when resolving investors' problems.
Ho Tram wants to invest more than VND17,000 billion in the route as suggested by the Prime Minister
The Prime Minister then received a representative of Ho Tram Project Company Limited, including Mr. Walt Power, General Director of the Company.
Ho Tram Project Company Limited is a member of the strategic investment ecosystem of Warburg Pincus, a leading private equity fund in the world headquartered in New York, USA. This investment fund has more than 55 years of experience, managing a capital of about 85 billion USD. Currently, Ho Tram has invested more than 1 billion USD in Vietnam.
Ho Tram said that after the proposal of the Prime Minister at the most recent meeting, the Company has proposed and is working with agencies and localities to urgently carry out procedures to deploy investment in the construction of a connecting route from Long Thanh International Airport to the Ho Tram project (Xuyen Moc district, Ba Ria - Vung Tau province), with a total estimated investment of about 17,300 billion VND.
The Prime Minister proposed implementing this transport project in the spirit of choosing the shortest and fastest route, with the most concise procedures possible.
The Prime Minister also requested businesses to promptly notify the US government of very positive results in resolving problems, promoting the Ho Tram project as well as US investment projects in Vietnam.
