Ba Ria - Vung Tau: 4 key areas of industry, seaports, tourism and high-quality services planned to attract investment

DNHN - On March 3, Ba Ria-Vung Tau Province held a Conference to deploy the Planning for the period 2021 - 2030, to promote investment in BRVT Province. 4 groups of fields were prioritised for investment planning: Industry, seaports, tourism, and services.

Attending the event were Central Committee member, Deputy Prime Minister of the Government Tran Hong Ha, together with leaders of ministries, departments, and sectors, Ba Ria- Vung Tau Province, Ho Chi Minh City, Dong Nai, Binh Duong, Long An, Tay Ninh, Binh Phuoc, Binh Thuan and more than 500 domestic and foreign enterprises and investors.

Advantages and differences to attract investment

As a province in the Southeast region, Ba Ria - Vung Tau Province has a particularly important strategic location, being the gateway to the East Sea of the Southeast region and the whole country, with favourable natural conditions, gentle and hospitable people, and a quality workforce.

Currently, the Central Government has focused on investing in large-scale synchronous infrastructure projects, which are currently under urgent construction. Thus, in just two years, the Southeast Region and Ba Ria – Vung Tau will become a place where all conditions are met to turn potential into new opportunities in the fields of industry, seaports - logistics, tourism – urban areas, and high-quality services.

Mr Pham Viet Thanh, Member of the Central Committee of the Party and Secretary of the Ba Ria - Vung Tau Provincial Party Committee commented: The planning of Ba Ria - Vung Tau Province approved and announced today is a concrete step to realise the policy of the Politburo in Resolution No. 24-NQ/TW dated October 7, 2022 on socio-economic development and ensuring national defence and security in the Southeast Region to 2030, with a vision to 2045; maximising the province’s potential and competitive advantages. We not only rely on natural advantages but also boldly make breakthroughs to create a difference in the development strategy of Ba Ria–Vung Tau, having formed 2 new industries, namely the chemical industry and the manufacturing industry of renewable energy equipment - wind power. Together with the available advantages, by promoting reforms in the investment and business environment, Ba Ria-Vung Tau has become a potential destination on the investment attraction map of the whole country.

In 2023, the total newly attracted and increased domestic and foreign investment capital was over VND 50,681 billion; in which, newly attracted and adjusted FDI capital reached nearly USD 1.4 billion, equivalent to VND 32,410 billion.

The total registered investment capital of Quarter I/2024 exceeded that of the whole year of 2023, specifically: Newly granted and increased capital for 23 domestic and foreign investment projects with a total attracted investment capital of over VND 62 trillion, reaching 90.82% of the plan for 2024; 6.88 times higher than the same period in 2023; including 13 FDI projects with a total attracted investment capital of over USD 1.56 billion; and 10 domestic projects with a total attracted investment capital of VND 25 trillion.

As of the end of Quarter I/2024, there were 1,156 investment projects of enterprises still in effect in the province, including 465 foreign investment projects with a total registered investment capital of over USD 33 billion and 691 domestic investment projects with a total registered investment capital of VND 400 trillion.

The above investment attraction results of the province show that the Provincial Planning, with its long-term goals and vision, and the organisation of appropriate territorial space, has initially had a positive impact on attracting investment, receiving the attention of both domestic and foreign investors.

The proof is that today, the People’s Committee of Ba Ria – Vung Tau Province granted certificates to 15 investors with a registered capital of over USD 1.5 billion. Typically, Steel Build High-Tech Steel Joint Stock Company with the HTSB high-tech steel structure manufacturing plant project in Chau Duc Industrial Zone with a total investment capital of VND 839.7 billion.

“The interest of investors and the new projects granted investment decisions today give us confidence that Ba Ria - Vung Tau Province will continue to achieve remarkable achievements in the green transition,” Deputy Prime Minister Tran Hong Ha expressed his hope and belief.

Planning is the guiding principle for investment orientation

As Secretary Pham Viet Thanh affirmed: “Good planning will create good development space, good development space will attract good investors, good investors will have good projects”.

Therefore, the work of building and implementing the Provincial Planning is an extremely important task. It is necessary to take this opportunity to create a model for allocating development space, remove bottlenecks, renew old growth drivers and create new development drivers, combining the implementation of 3 strategic breakthroughs: a breakthrough in the multi-modal transport infrastructure system, a breakthrough in digital transformation associated with administrative reform and a breakthrough in improving public governance capacity.

Sharing the same view, Deputy Prime Minister Tran Hong Ha said: The planning will open up development space, create breakthroughs for Ba Ria - Vung Tau to develop strongly into one of the national marine economic centres with a seaport logistics system, international maritime services; an international-class tourism centre and one of the clean energy, green industry centres with high added value. First of all, Ba Ria-Vung Tau needs to take the lead in the green transition trend of the whole country. With the potential of wind power, solar power and gas-fired power, the province will become a centre for renewable energy, hydrogen, and green ammonia associated with the energy industry of the whole country. The success of PTSC’s project will promote this process. I believe that green energy will be a new strong driving force for Ba Ria-Vung Tau to become an attractive destination for investors.

The Deputy Prime Minister made suggestions for Ba Ria Vung Tau Province: The province needs a roadmap to green the economic sectors, develop a circular economic model based on the platform of science - technology, digital transformation, and build a green lifestyle. It is necessary to take the lead in transforming, building, and developing a green, smart, and modern port system, contributing to the national effort to reduce emissions, towards net zero emissions by 2050. Promote the advantages of the sea, islands, mountain forest landscapes, diverse biological resources and cultural and historical resources to develop Ba Ria-Vung Tau into a high-quality tourism centre of national and international stature with high-quality island and coastal resort tourism products, sports tourism, entertainment, cultural tourism, ecological tourism, health and wellness tourism, and agricultural tourism.

The province needs to prioritise connecting the logistics sector with other service sectors such as transportation, accommodation, trade, developing digital infrastructure, and digital utilities; towards developing a smart tourism ecosystem. Attract strategic investors to develop international-class tourism complexes that are key attractions. Link up to form an economic tourism development axis with provinces and cities in the Southeast region, the Mekong River Delta, and the Central Highlands.

The province needs to pay special attention to harmonising development and conservation. Red addresses such as Con Dao, revolutionary bases and natural values, pristine beauty, and primaeval forests need to be preserved and protected for future generations.

Deputy Prime Minister Tran Hong Ha also hoped that investors would choose Ba Ria-Vung Tau as a place to do business in the long term and sustainably; and suggested that Party committees and authorities at all levels pay attention to creating all conditions and promptly resolving difficulties so that the business community has an effective and transparent investment and business environment.

According to the planning, by 2030, Ba Ria Vung Tau Province will become a centrally-run city with a GRDP per capita of USD 18,000 to 18,500; Develop Ba Ria - Vung Tau Province into A marine economic centre; A maritime service centre of the country and the Southeast Asian region; An international-class high-quality tourism centre; and one of the largest industrial centres in the Southeast Region.

By 2050: Achieve the goal of net zero emissions according to the commitment of the Vietnamese Government at the COP26 International Climate Change Conference.

Thu Hien – Bich Lien