Ba Ria-Vung Tau, an ideal investment destination
Ba Ria-Vung Tau, an ideal investment destination
With its goal of becoming a facilitator and partner to businesses, the Ba Ria-Vung Tau Province government has constantly reformed and built a transparent institution to create favourable conditions for investors a level playing field for businesses.
Ba Ria-Vung Tau has thus become an ideal destination in the eyes of many investors.
Located in the southern key economic zone and nearly 100km from the country’s largest economic hub, HCM City, Ba Ria - Vung Tau boasts many strengths and its maritime economy, including tourism, ports, oil and gas, and seafood exploitation and processing, has great potential.
The province’s potential is in fact unique in Viet Nam.
It is the largest steel, gas, electricity and nitrogen producer in the country, ensuring uninterrupted supply of inputs and fuel for large projects by strategic investors.
In the last few years the province has made relentless efforts to build comprehensive, modern infrastructure to facilitate trade, and has gradually transformed its growth model from mainly exploiting natural resources to services, tourism, ports, and hi-tech agriculture.
With its Cai Mep – Thi Vai port complex, ranked among the top ports in Southeast Asia and one of only 19 in the world that can handle 190,000 dead weight tonnage (DWT) vessels, the province will be a gateway for international trade and trans-shipment in Southeast Asia.This is also the only port complex in Viet Nam from where container ships can sail directly to Europe and America.
In tourism, besides continuing to exploit existing attractions like Con Dao and Binh Chau Hot Spring, the province plans to develop some world-class sites.
The province has completed the coastal road from Vung Tau City to Xuyen Moc District, forming a unique beach tourism route with luxury hotels and resorts along the pristine coast. But there are still many sites where investors can develop classy tourism projects.
Besides 14 general industrial parks with comprehensive infrastructure, the province also has two industrial parks specialising in supporting industries: Phu My 3 and Da Bac.
Work on the US$5.4 billion Long Son Petrochemical Complex will start soon and it is expected to go on stream in 2022, providing a big push for economic development.
The province has approved a programme for high-tech agricultural development for up to 2020 with a vision to 2025, which envisages setting aside more than 5,000ha in various localities for high-tech agriculture.
Investors in high-tech agricultural projects will always be welcomed with many incentives.
Continued improvement to attract more investment
To meet the increasing needs of local development, Ba Ria - Vung Tau has invited leading domestic and foreign experts and consultants to help it draft zoning plans harmonised with the southern key economic zone’s master plan approved by the Government.
The province has made active efforts to put in place mechanisms and removed investment hurdles that could have prevented it from achieving the “big dreams, big ambitions” Prime Minister Nguyen Xuan Phuc wants it to have.
Nguyen Van Trinh, chairman of the province People’s Committee, said: “ Ba Ria - Vung Tau will try to reduce the time taken for granting investment licences and building permits, modernise customs to reduce clearance time ... and at the same time build a transparent and investor-friendly government.”
Accompanying investors
Nguyen Hong Linh, member of the Central Party Committee, secretary of the province Party Committee and chairman of the province People’s Council, said: “Ba Ria - Vung Tau is committed to building a facilitating government and actively improving policies to turn the province into an attractive place for well-intentioned local and foreign investors.
“The province’s vision is to attract investors selectively, with a focus on large projects, modern technology, high value-addition in the fields of industry, ports, port services and logistics, tourism, and high-tech agriculture.”
The province has attracted more than $27 billion worth of foreign investment in over 300 projects and VND250 trillion from Vietnamese firms in nearly 500 projects.
In 2017-20 the province hopes to attract US$4 billion worth of FDI in 80 projects, VND100 trillion worth of domestic investment in 90 projects and VND15 trillion in 15 public-private partnership projects.
