The province has so far attracted around USD 5.7 billion in FDI. Most of this FDI is coming from overseas Vietnamese overseas or their relatives.

So far, 66 overseas Vietnamese have invested in Ba Ria – Vung Tau Province in the various fields of industry, oil and gas services, tourism, aquatic products, training, and many others..

Overseas Vietnamese businessmen in Ba Ria – Vung Tau also plan to form an overseas Vietnamese association in the province in order to share their experiences with other overseas Vietnamese who are still hesitating about investing in their homeland.

Earlier, in 2008, Ba Ria – Vung Tau Province granted investment licenses to 14 projects.

Saigon Atlantic, a multi-function recreation centre tourism project, invested in by the Winvest Company topped the investment list, when the company adjusted its registered investment capital from USD 300 million to USD 4.1 billion.

Peter Luu, a Vietnamese-American and project manager, said that he wanted to invest in Vietnam because Vietnam is his motherland.

“Especially, Ba Ria – Vung Tau attracted my attention because it has great potential and strength in tourism,” he said.

“2009 will be a difficult year for businessmen but we are well-prepared financially to carry out our project as soon as possible,” he added.

Meanwhile, Nguyen Thanh Phong, CEO of the Baconco Fertilizer Company, and owner of the Lotus Resort, the first and only resort in industrial district of Tan Thanh, Ba Ria – Vung Tau, said that he invested in the Lotus Resort three years ago with capital of more than VND 10 billion, and he is now started to reap the benefits of that investment.

“I will double the size and investment in the resort within the next three years,” said Nguyen Thanh Phong.

Another successful Vietnamese overseas businessman, Alexander Tran, CEO of the Dai Dung Company said that he would open a foreign language centre in Vung Tau to teach American English for those who want to learn from American teachers.

Alexander Tran believes that his centre will become successful because of the overwhelming need to study foreign languages that a dynamic Vung Tau is demanding.