The province has so far this year licensed six investment projects worth USD 1.3 billion, ranking it fourth for domestic and foreign investment after Ba Ria-Vung Tau, Binh Duong and HCM City.

Major investment projects include Phuoc An Port in Nhon Trach District. It is invested by the PetroVietnam Group, Bien Hoa Industrial Park Development Company and Tin Nghia Company.

The USD 1.1 billion project is expected to increase the port’s capacity to 9 million tonnes a year and make it capable of accommodating 30,000-60,000 tonne vessels.

Petro Vietnam’s Deputy Director General Vu Quang Nam said the group’s other projects in Dong Nai include Nhon Trach Power Plants 1 and 2, adding the group would invest in other projects in the province in coming years.

A Sai Gon New Port Company project, named the ICD Tan Cang – Long Binh in Bien Hoa Town, has an investment capital of USD 11 million. It aims to turn Dong Nai into a centre for transport and logistics services.

The Park Hyatt Viet Nam Hotel complex includes a five-star hotel and a residential building in Bien Hoa with a total investment capital of USD 50 million.

Dong Nai provincial authorities also granted investment certificates to Thai TOP Solvent company, which specialises in producing and processing solvents and other chemicals in Go Dau Industrial Park in Long Thanh District. It’s worth USD 440 million.

The two remaining projects are a USD 65 million aluminium, steel and alloyed metal production joint venture with the Viet Nam Steel Corporation, Malaysia’s Federal Works Iron Company and Japan’s Sumitomo and a project by Maxxist Holding from Virgin Islands which was allowed to adjust its capital from USD 81 to USD 145 million to produce inner tubes and tyres and other rubber products. In addition, the province in the last nine months attracted USD 766 million in new investment projects and additional capital registered by existing projects.

Investment officials said Dong Nai was well on track to reach its USD 2 billion target in foreign direct investment this year.