Long Son Petrochemical will expand investment by another 400 million USD

Mr. Kulachet Dharachandra, General Director of Long Son Petrochemical Company Limited, thanked the Vietnamese side for its active support and assistance, especially the Prime Minister’s decisive and proactive direction to remove difficulties and obstacles, and promote project implementation in Ba Ria - Vung Tau .

PHOTO: NHAT BAC

The petrochemical complex project in Long Son commune, Ba Ria - Vung Tau province, invested by SCG Group (Thailand), has a total investment of 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. This is the largest FDI project in Ba Ria - Vung Tau province and the leading project in the country.

Leaders of Long Son Petrochemical Company Limited made a number of specific recommendations and proposals related to procedures, investment incentives, tax rates... to invest an additional 400 million USD to expand the project and possibly use imported ethane gas as raw material.

Prime Minister Pham Minh Chinh said that next week, relevant agencies will complete procedures related to expanding investment in the project, contributing to socio-economic development and job creation .

Hyosung plans to invest an additional 1.5 billion USD

At the meeting, Mr. Bae In Han, General Director of Hyosung Dong Nai, said that the group will continue 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.

Hyosung is a leading Korean conglomerate with 2023 revenue of 16 billion USD. Hyosung is the third largest Korean FDI partner in Vietnam, with a total investment capital of about 4.6 billion USD. Hyosung’s leaders reiterated the group’s commitment to "put the next 100 years in Vietnam".

Mr. Bae In Han proposed establishing a one-stop mechanism to quickly resolve difficulties and problems related to the legal framework ; at the same time, he made some specific recommendations related to tax rates and tax refunds.

PHOTO: NHAT BAC

At the meeting, Deputy Prime Minister Ho Duc Phoc said that the corporation’s problems related to tax refunds by region have been resolved under the new organizational structure.

Ho Tram wants to build a 17,000 billion road as suggested by the Prime Minister

On the afternoon of March 20, the Prime Minister also received Mr. Walt Power, General Director of Ho Tram Project Company Limited - a member of the strategic investment ecosystem of Warburg Pincus, a leading private equity fund headquartered in New York, USA . This investment fund has more than 55 years of experience, managing capital of about 85 billion USD.

Ho Tram said that after the Prime Minister’s suggestion at the most recent meeting, the company has proposed and is urgently working with the locality to carry out procedures to build 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 welcomed and assessed that this road project has many meanings, not only helping to expand Ho Tram’s investment, but also increasing the value of the project, contributing to the completion of the transport infrastructure system, opening up new development space, increasing land value for the locality and the region.

Ho Tram has invested more than 1 billion USD in Vietnam, plus the capital for this route, Ho Tram’s total investment capital can meet the conditions under current regulations to be considered for a number of other favorable policies.