Ba Ria-Vung Tau province hitting targets in style

According to the latest report from Ba Ria-Vung Tau People’s Committee, the socioeconomic situation in November saw positive changes, and all economic sectors have grown well when compared to the same period in 2021.

Ba Ria-Vung Tau province hitting targets in style, illustration photo/ Le Toan

The regional GDP of Ba Ria-Vung Tau (excluding oil and gas) is estimated at $16.9 billion for the whole of 2022. It is an estimated increase by nearly 11 per cent compared to the same period of last year and is the highest expansion in the province in the past 10 years. GDP per capita (excluding oil and gas) is estimated at $7,611 per person per year, exceeding the target of $7,600. The total budget revenue in the area is around $4.77 billion, up 25.2 per cent. Gross industrial output, excluding crude oil and gas, in January-November is estimated to increase by 10.06 per cent compared to a projected 9.82 per cent.

Among the main industrial products of the province, 17 have strong growth from 10 to 50 per cent such as frozen fish, beer, and even various water sports equipment like water skis and surfboards.

Although still facing many difficulties in agricultural and fishery production, such as high prices of petrol and animal feed, Ba Ria-Vung Tau still maintains a stable growth rate in this area. The accumulated gross agricultural output covering January to the end of November increased by 3.51 per cent, fisheries by 3.19 per cent, and forestry by 1.06 per cent, compared to the province’s targets.

Service activities maintained growth momentum after the country adjusted to the post-pandemic reopening, especially tourism and commercial retail services.

Accommodation service revenues in the period climbed 133 per cent, travel services ascended 115 per cent, and the total retail sales of goods rose by nearly 13.4 per cent compared to the same period of last year.

In addition, the cumulative export turnover excluding oil and gas reached $5.34 billion, up 8.43 per cent over the same period. Import turnover reached $7.6 billion, up 6.13 per cent.

Meanwhile, the province planned to begin construction of 30 new projects this year. By November 30, 25 projects have been started, three are undergoing contractor selection, and the remainder are completing investment procedures for bidding and starting construction.

Up to now, the province boasts 447 foreign-invested projects with the total registered capital of more than $30.2 billion, and 691 domestic ventures costing $15.5 billion.

In the first 11 months of 2022, new establishment registration certificates were granted to over 1,720 enterprises, an increase of 54 per cent over the same period, with a total registered capital of $721.7 million.

For next year, Ba Ria-Vung Tau is setting out economic development goals in the direction of improving the quality of growth, exploiting and effectively promoting development resources, protecting the environment, and improving the quality of people’s lives.

Moreover, it continues to promote digital transformation and administrative reform, improve the operational efficiency of state management authorities, implement solutions to fight against corruption, and firmly ensure national defence, security, political stability, and social order.

Meanwhile, the province will establish a goods distribution centre connecting to Long Thanh International Airport, conduct a feasibility study to establish a free trade zone at Cai Mep, and complete the detailed construction zoning plan of the Cai Mep Ha Logistics Centre to support the development of seaports and attract overseas investment.

Other infrastructure projects include Bien Hoa-Vung Tau Expressway, Phuoc An Bridge, dredging the Vung Tau-Thi Vai channel, and completing the section of Ring Road 4 of Ho Chi Minh City that travels through the province. Internal connections will also be actively promoted to invest together with the development of the logistics centres, industrial parks, and development zones of the province.

Elsewhere, Ba Ria-Vung Tau province also focuses on promoting investment in large tourism projects, implementing a tourism development strategy to cover to 2030 with a vision to 2050, and looking to develop human resources and enhancing tourism promotion.

The province also wants to reform the agricultural sector in association with innovating growth models and building new rural areas. It will place priority on accelerating the application of high-tech models in production, implementing a programme of sustainable forestry development, and other initiatives.

Ecotourism-new wave for Ba Ria-Vung Tau The southern province of Ba Ria-Vung Tau, which has been known for Con Dao Islands and many beautiful beaches, is working to promote ecotourism, bringing new experiences to visitors in its agriculture and rural areas.

Selective investment adds to attraction of Ba Ria-Vung Tau Located in the southern key economic region with outstanding advantages in resources for socioeconomic development, Ba Ria-Vung Tau province continues to persevere with the goal of selective investment attraction for large projects, creating spillover effects and promoting other industries to follow.

Resolution provides Ba Ria-Vung Tau development spark A national conference took place last week in the southern province of Ba Ria-Vung Tau to implement Resolution No.154/NQ-CP on the action programme for implementing Resolution No.24-NQ/TW of the Politburo on socioeconomic development and ensuring of national defense and security in the southeast region to 2030 and a vision to 2045.

Ba Ria-Vung Tau maintains FDI streak Ba Ria-Vung Tau continues to be one of the country’s trailblazers in attracting overseas capital in 2022.

Impressive growth augurs well for Ba Ria-Vung Tau Thanks to the implementation of safe, flexible, and effective adaptation solutions through the pandemic, the regional GDP of the southern province of Ba Ria-Vung Tau is estimated at $16.9 billion for the whole of 2022, up 7.15 per cent on-year.