Ba Ria-Vung Tau reports increase across economic indicators

In late October, Ba Ria-Vung Tau’s Party Committee held its 22^nd conference to evaluate socioeconomic development, national defence, and security progress over the past nine months and to set priorities for the final quarter of the year.

Cai Mep Industrial Park is one of attractive destinations for investors in Ba Ria-Vung Tau, photo Le Toan

Despite numerous challenges, Ba Ria-Vung Tau has maintained strong economic momentum, with a remarkable regional GDP growth of 11.47 per cent, the highest in a decade, placing the province fourth in the nation. Additionally, 13 out of 14 economic and financial indicators surpassed both last year’s figures and the targets set for 2024. Industrial production, excluding oil and gas, increased by 16.1 per cent, while retail sales of goods grew by 13.14 per cent.

Accommodation service revenue rose by 19.61 per cent, tourism services surged by 39.68 per cent, and import and export turnover grew by 7.28 per cent and 9.35 per cent, respectively. Total capital from newly registered and additional investments, both domestic and foreign, reached VND82.4 trillion, a 3.2-fold increase on-year. Currently, Ba Ria-Vung Tau is home to 489 foreign-invested and 697 domestic projects.

The province’s industrial parks (IPs) are also thriving, with four of its 14 IPs–Phu My I, My Xuan A, My Xuan A2, and Da Bac–operating at full capacity. The parks collectively span more than 1,300 ha, serving as hubs for industrial investment in Phu My town and Chau Duc district.

Polypropylene (PP) Production Plant and Underground LPG Storage Project of Hyosung Group (Korea) in Phu My town. Photo: Ba Ria Vung Tau Newspaper

Ba Ria-Vung Tau continues to draw in large-scale investors, leveraging its natural and social advantages and a well-developed inter-regional transportation system. A prime example is the $5 billion Long Son Petrochemical Complex, a major investment that reinforces the province's reputation as a key industrial centre.

These achievements reflect Ba Ria-Vung Tau’s proactive efforts to enhance its investment environment. In 2024, the province focused on supporting and connecting with businesses, organising dialogue sessions between provincial leaders and investors to foster information sharing, networking, and market expansion, particularly in seaports, logistics, and tourism.

Provincial leaders have prioritised addressing business challenges, with the People’s Committee and department heads meeting with companies and investors every weekday morning. This approach has allowed for timely responses to issues, strengthening support for businesses in the region.

Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People’s Committee, said, “These results are largely thanks to the resilience and creativity of our local business community, which has shown remarkable strength in overcoming challenges.”

“The business community plays an increasingly vital role in the province’s socioeconomic development and integration efforts, demonstrating the strong partnership between the government and enterprises towards sustainable development,” he added.

With its strategic location in the southern economic quadrangle alongside Ho Chi Minh City, Dong Nai, and Binh Duong, Ba Ria-Vung Tau holds considerable growth potential. The province’s deepwater ports, accessible road and waterway networks, and abundant natural resources position it well to expand industries such as maritime, oil and gas processing, and tourism.

Ba Ria-Vung Tau is also set to benefit from economic restructuring policies and government incentives for industrial development, making it an attractive destination for both domestic and international investors, particularly in heavy industry.

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