Ba Ria-Vung Tau received major investment boost in Q1

March 29, 2024 | 17:22
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For more than 30 years, the southern province of Ba Ria-Vung Tau has been proactive in its socioeconomic development and remains steadfast in its sustainability goals while enticing investment and supporting business initiatives.
Ba Ria-Vung Tau welcomes a new wave of investment flows
Long Son petrochemical complex in Ba Ria - Vung Tau

Ba Ria - Vung Tau has posted positive results in investment attraction for Q1/2024. The total registered capital amount for Q1/2024 surpassed the entire figure for last year.

Specifically, total newly registered investment capital and adjusted capital reached VND62.35 trillion ($2.5 billion) with 23 foreign-invested and locally invested projects in Q1.

This figure fulfils 91 per cent of the 2024 plan, an on-year increase of almost seven times. Although the number of projects is not large, the high investment value reflects the province's seriousness in selecting high-quality projects.

Among them, there are 13 foreign direct investment (FDI) projects worth $1.5 billion and 10 locally invested projects valued at nearly VND25 trillion ($1 billion). As of the end of Q1/2024, the province is home to 1,156 valid projects, including 456 foreign-invested projects with a total registered capital of over $33 billion and around 690 domestic projects valued at VND397 trillion ($16 billion).

These results underscore the value of the province's planning and vision as well as the proper organisation of its available space, which has created a positive impact on investment attraction and received the interest of both local and foreign investors.

20 years ago, all economic activities in the southeast region revolved around Tan Son Nhat International Airport and the port of Ho Chi Minh City. Today, but today, the two new emerging centres are Long Thanh International Airport in the neighbouring province of Dong Nai and Cai Mep Port in Ba Ria-Vung Tau. Thanks to its geographical location, Ba Ria-Vung Tau enjoys enormous benefits from new infrastructure.

Moreover, Ba Ria-Vung Tau converges the factors of 'favourable weather, favourable terrain, and harmonious people' to become an investment destination for logistics, high-tech industries, and tourism in the southeast region.

Regarding 'favourable weather', Ba Ria-Vung Tau has a 305km-long coastline with several beautiful beaches and is regarded as a tourism hub in the region. To the west of the province, there are large rivers suitable for the development of a deep seaport system.

In terms of 'favourable terrain', the national infrastructure development strategy has unlocked the province's economic potential and opened up new development space for the region and the locality alike. Over the past few years, transport infrastructure has been increasingly connected with port systems and other important routes, like the Cai Mep-Thi Vai port cluster, National Highway 51, and the economic coastal corridor.

Ba Ria-Vung Tau welcomes a new wave of investment flows
Phuoc An Bridge connects Ba Ria-Vung Tau and Dong Nai

Furthermore, Ba Ria-Vung Tau is joining forces with Dong Nai, Binh Duong, Long An, and Ho Chi Minh City to invest in Ho Chi Minh City's Ring Road 4. The road will connect the Cai Mep-Thi Vai port cluster with Long Thanh International Airport and industrial and urban areas of the localities. Ba Ria-Vung Tau is also accelerating investment in traffic projects connecting the Cai Mep-Thi Vai port cluster, such as the 991B Road, the road behind My Xuan Port, and Long Son-Cai Mep Road, to improve the efficiency of the Cai Mep-Thi Vai transshipment port.

On the Bien Hoa-Vung Tau railway line, priority is being given to develop the section at Cai Mep Port with multimodal transportation. The province is researching and implementing the project in collaboration with the Ministry of Transport.

When it comes to 'harmonious people', the provincial authorities are dedicated to mobilising all local and foreign resources to make investments and put the projects into efficient operation.

"We will continue to improve the investment climate, implement policies in a timely and comprehensive manner, roll out red carpets for investors, and organise dialogues for investors and local leaders to remove problems for the projects," said Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People's Committee.

Ba Ria-Vung Tau is taking a human-centric approach, regarding its people as its most important resource and stakeholders. The driving force for development is mainly based on sci-tech, innovation, and digital transformation and the province is improving labour productivity by taking advantage of the opportunities brought about by 'Industrial Revolution 4.0'.

According to the socioeconomic development plan for the next five years, Ba Ria - Vung Tau will focus on developing industries and becoming a model of industrial development without compromising environmental protection.

Ba Ria-Vung Tau's priority projects are environmentally friendly without being labour-intensive, and the province promotes the development of supporting industries, specialised industries, and industries associated with its seaport.

Ba Ria - Vung Tau announces 92 projects:

- 21 projects on developing infrastructure for industrial parks (IPs) and clusters and initiatives in the energy industry (outside IPs);

- Six projects on developing seaports and logistics;

- 23 tourism development projects;

- 36 projects on developing urban and housing areas, projects in the service, commerce, healthcare, education, sci-tech, and culture sectors;

- Four traffic infrastructure projects with regional and national connectivity;

- Two high-tech agriculture projects; and

Source: Ba Ria-Vung Tau Department of Planning and Investment

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