Ba Ria-Vung Tau goes beyond 2023 expectations

Ba Ria-Vung Tau's overall annual regional GDP fell by 1.02 per cent on-year, but excluding crude oil and natural gas, that figure actually surged 5.75 per cent, with the per-person regional GDP figure reaching $8,078. These figures came out at the 18^th Provincial Party Committee Executive Board Meeting on December 1, and showed gradual improvement with each subsequent quarter of 2023.

Specifically, in the first quarter (Q1), it increased by 1.45 per cent; in Q2, it rose by 3.74 per cent; in Q3, there was a significant increase of 9.06 per cent, and in Q4, it surged 10.61 per cent.

November's Ba Ria-Vung Tau Tourism Week drew in thousands of visitors

Nguyen Van Tho, Deputy Secretary of Ba Ria-Vung Tau Party Committee and Chairman of the People's Committee, said, "Despite the numerous challenges this year, the concerted efforts of the relevant departments and authorities at all levels, along with the timely implementation of support policies for various sectors, contributed to maintaining the socioeconomic stability of the province."

The industrial and construction sector accounts for just under 51 per cent of Ba Ria-Vung Tau's economy, and the service sector accounts for 30 per cent. Total local budget revenue in 2023 is estimated to approximate to be a little over $4 billion, equal to 107 per cent of the budget estimate.

Revenue from oil and gas comes to $1.53 billion, over 152 per cent of the projected figure, while revenue from import and export taxes hit $760 million, equal to 83 per cent of the estimate. The domestic budget revenue is $1.71 billion, reaching a little under 95 per cent of the estimate.

Industrial production has shown signs of recovery, marked by a series of sizable projects either being initiated or restarted.

The total value of technical infrastructure investment at local industrial zones (IZs) is approximately $416 million, almost 86 per cent of the annual plan, pushing up the accumulative value to $868 million, equivalent to 63.5 per cent of the total registered investment value.

Currently, the occupancy rate at the IZs is over 56 per cent from a total of 15 IZs.

Key projects continue to be promoted, especially those related to transport infrastructure, and the simultaneous commencement of the construction of phase 1 Bien Hoa - Vung Tau expressway, Phuoc An Bridge, and the Vung Tau - Binh Thuan coastal road have opened up new development spaces.

The tourism sector was marked with impressive growth, with the accommodation service revenue increasing by 13.7 per cent compared to 2022, surpassing expectations. The revenue from travel services jumped 72 per cent on-year. The total number of tourists visiting the province approximates 14.1 million, marking a more than 15 per cent increase.

The province attracted 21 new foreign-invested projects and 29 projects with supplemental capital. The total newly committed capital this year was around $1.4 billion, almost 154 per cent of the plan.

Specifically, newly committed capital volume amounted to $893 million, marking a 221 per cent increase on-year, while additional investment capital reached $508.3 million, up 12 per cent on-year.

The province has secured 28 new domestic ventures and 15 existing projects seeking supplemental capital.

The total additional investment in the year to date reached $1.21 billion, more than 142 per cent of the plan.

Ba Ria-Vung Tau has completed and submitted its provincial master plan for the period 2021-2030 to the Prime Minister for approval.

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