Not only does Ba Ria-Vung Tau have impressive growth in foreign direct investment (FDI), but it is also considered a locality that attracts selective, high-quality foreign investment.
According to a report by the Department of Planning and Investment of Ba Ria-Vung Tau Province (BR-VT), in the first nine months of 2024, the province achieved impressive results in investment attraction. Specifically, the province had 489 foreign investment projects with total registered capital of US$33,448.5 million and 697 domestic investment projects with total registered capital of VND406,510.3 billion.
Ba Ria – Vung Tau is one of four localities nationwide that attract significant interest from foreign investors. (Photo: HL)
The development of enterprises in the province showed growth in both the number of new registrations and registered capital. The province issued new business registration certificates to 1,417 enterprises, an increase of 10.35% compared to the same period last year, with total registered capital of VND15,052 billion, up 11.44% from the previous year.
In the first nine months of the year, FDI reached 95.4% of the full-year plan, an increase of 2.84 times against the same period in 2023, with 48 new projects, and combined with additional capital injected into active projects, the total value hit approximately US$1,907 million. Domestic investment attraction reached 168.3% of the plan, 3.5 times higher than the same period last year, with 22 new projects and combined with additional capital, the total amount reached VND34,751 billion.
According to the province’s development plan, in the coming period, Ba Ria-Vung Tau will continue to focus on attracting investment in four key economic sectors: industry, maritime economy, logistics services, and tourism, alongside the development of high-quality services tied to a modern urban system. The province remains committed to its goal of selective investment attraction, prioritizing “green” projects that use modern technology and have a broad impact, and while projects that use outdated technology, consume extensive natural resources, or harm the environment will be turned down.
Selective investment attraction helps BR-VT eliminate unsuitable projects with outdated technology that could harm the environment. More importantly, the province is creating an ecosystem that attracts reputable, financially strong high-tech companies willing to invest. Currently, all enterprises operating in industrial and industrial cluster zones across the province have centralized wastewater treatment systems and automated monitoring systems. Moreover, 100% of newly built production facilities have adopted advanced technology and are equipped with pollution-reducing devices and waste treatment systems that meet environmental standards.
The maritime economy and logistics services are among the four key economic sectors that BR-VT aims to prioritize for investment in the coming years (Photo: HL)
In recent years, BR-VT has been consistently ranked among the top 10 localities in Vietnam in terms of GRDP and total state budget revenue. To meet long-term development needs, the province organizes its development space into four functional zones, focusing on three economic driving axes.
Aligned with Resolution 24-NQ/TW dated October 7, 2022, from the Politburo, BR-VT is focused on attracting investment in its core economic sectors. The province has outlined 92 projects with specific sectors, locations, and investment areas: 21 projects for industrial and industrial cluster infrastructure and energy industry investments (outside industrial zones and clusters); 6 projects for seaport and logistics development; 23 tourism development projects; 36 projects for urban development, housing, and services in commerce, healthcare, education, science and technology, culture, and sports; 4 projects for regional and national transport infrastructure connectivity; and 2 projects for high-tech agriculture development.
Ba Ria-Vung Tau aims to become a national maritime economic hub and a regional maritime service center for Southeast Asia (Photo: HL)
Mr. Nguyen Van Tho, Chairman of the People’s Committee of BR-VT Province, stated that the province has implemented various strategies to effectively attract investment. These include focusing on developing infrastructure with major transportation routes such as the Bien Hoa – Vung Tau Expressway and the Phuoc An Bridge to enhance regional connectivity. Additionally, the province is expanding its logistics centers and the Cai Mep – Thi Vai international transshipment port; implementing plans for large-scale industrial-service-urban complexes in Phu My; and advancing a tourism development strategy along the coastal areas from Vung Tau to Binh Chau and Con Dao. The province is also focused on workforce development to increase the rate of skilled labor.
“With a vision toward 2050, BR-VT is set to become a national maritime economic center, a regional maritime service hub for Southeast Asia, an international-class tourism center, and a major industrial hub in the Southeast region. To achieve this, the locality is focused on attracting investment into large-scale projects that employ modern technology, offer wide-reaching impact, generate high added value, and are environmentally friendly,” emphasized Nguyen Van Tho, Chairman of the Provincial People’s Committee.
(The Saigon Times)
