Investment policy for expanding My Xuan B1 - Conac Industrial Park in southern Ba Ria-Vung Tau province has been approved under Prime Ministerial  Decision No. 996/QD-TTg, signed by Deputy Prime Minister Tran Hong Ha on September 17.

The project will cover 110 ha and require a total investment of VND1.989 trillion (nearly $81 million).

Of the required investment capital,  IDICO Petroleum Construction Investment Joint Stock Company, the project investor, will contribute VND386 billion (nearly $15,700).

My Xuan B1 - Conac Industrial Park was granted an investment license in 2012, with 163 ha of industrial land available for lease.

The initial proposal from the investor included a two-phase expansion. It plans to expand by 251 ha, including Area 1 (111 ha) in My Xuan Ward and Area 2 (140 ha) in Hac Dich Ward in phase 1, and expand further by 380 ha in Hac Dich Ward in phase 2.

However, provincial authorities only approved the expansion of Area 1 in Phase 1, covering 110 ha.

Ba Ria-Vung Tau province currently has 17 industrial parks, of which 13 are operational, totaling 7,243 ha.