Ba Ria-Vung Tau province attracts FDI

(VOVWORLD) -Ba Ria-Vung Tau has made a name for itself as a province rich in potential and a magnet of foreign direct investment (FDI) thanks to its advantages of deep-water seaports, the development of industry and tourism plus convenient transport infrastructure in the Southeast region’s dynamic economic zone. It is one of Vietnam’s leading localities in attracting FDI.

Ba Ria-Vung Tau province attracts FDI  - ảnh 1Dat Do 1 Industrial Park is ready to welcome investors. Photo:

In 2022, Ba Ria-Vung Tau granted new or increased investment capital for 42 FDI projects totaling 725 million USD and 56 domestic projects with total registered capital increasing 31.7 trillion VND (more than 1.3 billion USD). By the end of this year, there will be 446 FDI projects with a total capital of over 30.2 billion USD and nearly 700 domestic projects worth nearly 360 trillion VND (more than 15 billion USD). Ba Ria-Vung Tau ranks fourth in Vietnam in terms of FDI attraction. These impressive figures clearly manifest how effective the province’s investment attraction has been in recent years.

Home to 15 industrial parks spanning over 8,500 ha of which 13 industrial parks are housing multiple industries including electricity, gas, metallurgy, mechanics, shipbuilding, chemicals, construction materials, and fertilizer production among others. Ba Ria-Vung Tau has been a long-time destination chosen by enterprises from the US, the UK, the Republic of Korea, Japan, Taiwan (China), Thailand, and Canada.

Nguyen Tan Cuong, Deputy Director of the provincial Department of Planning and Investment, explained why Ba Ria-Vung Tau's investment attraction has been stable over the years. 

Ba Ria-Vung Tau province attracts FDI  - ảnh 2Deputy Director of Ba Ria-Vung Tau Department of Planning and Investment Nguyen Tan Cuong. Photo:

“Thanks to efforts to improve the investment environment, to increase support for businesses, and to strengthen infrastructure construction, Ba Ria-Vung Tau province has attracted many projects. The provincial administration always stands side by side with businesses during the pandemic. The provincial functional agencies continue solutions to improve the investment and business environment and reform administrative procedures."

"In our industrial parks, investors step up infrastructure construction to attract more production investment projects. We strengthen state management activities on land and create favorable conditions for enterprises to develop production and business,” Cuong said. 

Additionally, the province has improved investment promotion efficiency, thereby attracting quality FDI inflows. After a long period of being affected by the COVID-19 pandemic, Ba Ria-Vung Tau is readying the necessary conditions to attract FDI in key economic sectors, such as industry, logistics services, other services to ensure maritime safety and tourism, and high-quality service industries. Particularly, it has focused on developing the seaport system, free trade zones and industrial zones. To achieve that goal, the province always listens to and works with businesses and investors, gradually complete the provincial planning, which clearly defines the orientation, potential areas, and advantages to continue to attract investors.

“The province encourages businesses to renew their production lines and technologies to improve productivity and product quality and reduce energy consumption. In addition, we continue focused investment promotion activities, paying special attention to major partners and investment fields. The provincial leaders are concerned about administrative reform in order to handle investment procedures in the shortest time possible to facilitate investors to learn about the investment climate and make decisions,”said Nguyen Tan Cuong. 

The People's Committee of Ba Ria-Vung Tau province has issued an action plan to continue fulfilling the main tasks and solutions to improve the business environment and enhance its national competitiveness 2022 to attract more FDI.

From 2021 to 2025, Ba Ria-Vung Tau will focus on reviewing and adjusting the planning towards selective investment attraction coupled with environmental protection, effective use of land fund, and setting up linked industrial clusters, creating a source of goods for the Cai Mep-Thi Vai port system and adjusting industries and trades to attract more investment. The province advocates not to apply the motto of attracting investment at all costs, but prioritizes attracting investment in projects of hi-tech, modern, environmentally friendly, and less labor intensive industries.

In fact, many industrial parks have built infrastructure towards modernity, meeting the requirements of building factories of fastidious international investors, such as Phu My 3 specialized industrial park, Dat Do 1 Industrial Park, Sonadezi Chau Duc Industrial Park, among others.

Ba Ria-Vung Tau province attracts FDI  - ảnh 3Secretary of Ba Ria-Vung Tau Provincial Party Committee Pham Viet Thanh. Photo: VNA

Pham Viet Thanh, Secretary of the Provincial Party Committee, said :“In its development strategy, Ba Ria-Vung Tau clearly orients the policy of focusing on regional linkage. We see that now is an opportunity for the province to plan holistically so as to effectively use the new economic space.”

The open and transparent business investment environment, on-demand services, well-established infrastructure system, and favorable geographical location are Ba Ria-Vung Tau’s advantages foreign investors always appreciate. The province's policies have been and are constantly attracting foreign investment flows, making Ba Ria-Vung Tau included in the top of FDI attracting localities across the country.