Foreign investors flocking to Ba Ria-Vung Tau

At a meeting assessing the socioeconomic development of Ba Ria-Vung Tau held in mid-September, Ba Ria-Vung Tau Department of Planning and Investment (DPI) reported that in the first eight months of 2024, the southern province had implemented coordinated tasks and solutions to support businesses and promote production, business, and investment activities.

"As of early September, 11 out of 13 of the province's economic and financial indicators had seen growth, an improvement on last year, and surpassing the annual targets for 2024," said Le Ngoc Linh, director of the DPI of Ba Ria-Vung Tau.

The province approved six new foreign-backed projects in August with a total registered capital of $108.5 million and increased capital for one existing project by over $9.2 million. Over the first eight months of 2024, the province green lit 41 new and adjusted foreign projects, amounting to $1.87 billion in capital, achieving almost 94 per cent of the annual target and representing an on-year increase of 3.35 times.

Regarding domestic investment, one new project valued at $8.6 million was approved in August, while 21 new and adjusted projects were approved in the first eight months, totalling $1.11 billion, reaching 134.4 per cent of the year’s plan and increasing by three times on-year.

The total new and additional capital attracted from both domestic and foreign investments in the first eight months of 2024 amounted to $2.98 billion, reaching 108.7 per cent of the annual target, and represents a significant increase of approximately 3.3 times compared to the same period in 2023.

According to the 2023 Provincial Competitiveness Index (PCI) report released by the Vietnam Chamber of Commerce and Industry (VCCI) in early May this year, Ba Ria-Vung Tau continues to rank in the top 10 provinces with excellent PCI in 2023. The province scored 69.57 points, placing sixth nationwide.

Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People's Committee, said, "Businesses are the backbone of the economy and supporting business is the top priority for the province's political system," said Tho. "Provincial leaders have been focusing on promptly resolving issues for investors, as well as quickly implementing procedures for economic support and stimulus policies."

Another crucial factor in attracting foreign investment is the rapid development of industrial zones (IZs). The province currently has 15 IZs covering over 8,800 hectares, with major zones like Phu My, My Xuan, and Dat Do growing significantly and attracting large-scale projects in manufacturing and services.

Container ship unloading at Tan Cang-Cai Mep International Terminal Port

Ba Ria-Vung Tau People's Committee also reported that several measures have been implemented to maximise investment attraction. These include developing key infrastructure projects, such as Bien Hoa-Vung Tau Expressway and Phuoc An Bridge, to enhance regional connectivity. Priority is also being given to expanding logistics hubs, Cai Mep-Thi Vai International Transshipment Port, and a large scale industrial-service-urban complexes in Phu My. The province is also focusing on workforce development and increasing the proportion of skilled labour.

To meet demand for industrial and infrastructure development, the province is focussing on tightly managing land resources while facilitating business access to land. The provincial government has continually updated land-use planning and provided policies to assist businesses in resolving legal issues, creating a favourable environment for production and business growth.

Since 2022, the province has transformed 300ha of industrial land to accommodate major projects. Incentives like land tax exemptions and reductions, particularly for infrastructure investors in high-tech sectors, have boosted the province’s appeal.

A key strategy for the province is to prioritise industries with high added value, advanced technology, environmental sustainability, and low-energy consumption. Sectors such as electronics, machinery manufacturing, biotechnology, and renewable energy are emerging as the primary focus for investment.

One of the standout projects in Ba Ria-Vung Tau is the $5 billion liquefied natural gas power plant in Phu My, which has garnered substantial international interest. As one of the province's flagship initiatives, it will play a pivotal role in advancing energy sustainability and modernising the manufacturing sector.

To further entice investment, the province has introduced a range of incentives, including tax exemptions, legal assistance, and streamlined investment procedures. In addition, trade and investment promotion efforts have been ramped up, fostering stronger connections between domestic and international businesses and encouraging greater collaboration.

Ba Ria-Vung Tau is becoming an ideal destination for foreign investors thanks to its sustainable development policies, improved investment environment, and enhanced infrastructure. Its focus on land management, high-tech industrial projects, and business support has helped the province on its meteoric rise, affirming its position as one of the top industrial and economic hubs in the country.

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