Deputy Prime Minister Tran Hong Ha directs to remove difficulties for petrochemical enterprises

According to the People's Committee of Ba Ria - Vung Tau province, the local socio-economic situation has achieved many good results in recent times. Of which, 11/12 economic and financial indicators have grown compared to the same period and are higher than the 2024 plan. Total budget revenue to date has reached nearly 90% of the set plan (88,600 billion VND). Investment attraction to date has reached more than 85,500 billion VND, of which foreign direct investment (FDI) has reached nearly 96% of the plan, domestic investment has reached 168.3% of the plan...

Mr. Nguyen Van Tho, Chairman of Ba Ria - Vung Tau Provincial People's Committee spoke at the working session with Deputy Prime Minister Tran Hong Ha.

The province has focused on drastically and effectively implementing solutions on administrative reform, improving the investment environment, accelerating connecting transport infrastructure projects; removing obstacles, effectively supporting businesses and investors, creating an open and transparent investment environment... This has helped Ba Ria - Vung Tau province continue to be an attractive destination for international investors and maintain its position in the group of leading provinces and cities nationwide in attracting foreign direct investment (FDI).

Of which, two large FDI projects have come into operation. The Polypropylene Production Plant and LPG Underground Storage Project of Hyosung Vina Chemical Co., Ltd. (Korea) with a total registered investment capital of 1.67 billion USD will come into operation from the end of 2021. The Southern Petrochemical Complex Project of Long Son Petrochemical Co., Ltd. (LSP - Thailand) with a total investment capital of 5.3 billion USD will come into commercial operation from the beginning of October 2024.

Since then, Ba Ria - Vung Tau has initially formed a new industry - Petrochemical Industry, contributing to job creation, ensuring social security and developing the local socio-economy.

However, these two projects came into operation in the context of the petrochemical industry facing many challenges due to the impact of the recession. Current product prices are not enough to cover production costs, so investors have proactively adjusted production plans, restructured operations and shifted to importing input materials. At the same time, investors also recommended that authorities remove difficulties in mechanisms and policies.

At the meeting, Mr. Le Manh Cuong - Deputy General Director of Vietnam Oil and Gas Group (Petrovietnam) pointed out some difficulties and problems of the petrochemical companies under the Group. Petrovietnam also proposed to the Central and the province some contents to support petrochemical enterprises, some specific difficulties in land procedures to implement some projects of the industry.

Mr. Le Manh Cuong, Deputy General Director of Vietnam Oil and Gas Group spoke at the meeting.

After listening to the recommendations from businesses, leaders of ministries and sectors in the working group took note and discussed each content in detail. Issues such as current legal regulations, the actual situation in the operation, investment and production of the petrochemical industry were also carefully analyzed, along with solutions to overcome difficulties proposed by businesses.

The leaders of Ba Ria - Vung Tau province also responded to the issues raised by businesses, clearly stating the solutions and measures that the province has implemented. At the same time, the province proposed that the Government and ministries and branches provide specific guidance and support to remove difficulties for localities and businesses.

Concluding the meeting, Deputy Prime Minister Tran Hong Ha highly appreciated the results that Ba Ria - Vung Tau province achieved in 2024. The Deputy Prime Minister commended the province for proactively investing in key projects, developing transport infrastructure and attracting foreign investment in new fields such as petrochemicals.

Deputy Prime Minister Tran Hong Ha concluded the working session.

Deputy Prime Minister Tran Hong Ha also acknowledged the difficulties and recommendations raised by the province, and at the same time proposed specific solutions. Regarding the recommendations of the three enterprises, the Deputy Prime Minister assigned the Ministry of Industry and Trade to coordinate with ministries, branches, and Ba Ria - Vung Tau province to study and report specifically on each group of issues, clearly stating the viewpoints and proposing solutions to the Government. The State Bank was assigned to study the recommendations of enterprises on accessing loans. The Ministry of Finance had specific research on tax issues... At the same time, Ba Ria - Vung Tau province was assigned to proactively implement a number of issues under the province's authority in implementing investment projects, removing difficulties for enterprises./.

PV

Source: https://www.pvn.vn/chuyen-muc/tap-doan/tin/a7b00f58-c3b4-4206-a6c1-ae7f371c2713