Ba Ria-Vung Tau, an ideal investment destination

With its goal of becoming a facilitator and partner to businesses, the Bà Rịa-Vũng Tàu Province government has constantly reformed and built a transparent institution to create favorable conditions for investors a level playing field for businesses.

Bà Rịa-Vũng Tàu 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, Bà Rịa – Vũng Tàu 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 Việt 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.

 

Prime Minister Nguyễn Xuân Phúc at a working session in Bà Rịa-Vũng Tàu Province. — VNA/VNS Photo

With its Cái Mép – Thị Vải port complex, ranked among the top ports in Southeast Asia and one of only 19 in the world that can handle 190,000 deadweight 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 Việt Nam from where container ships can sail directly to Europe and America.

In tourism, besides continuing to exploit existing attractions like Côn Đảo and Bình Châu Hot Spring, the province plans to develop some world-class sites.

The province has completed the coastal road from Vũng Tàu City to Xuyên Mộc 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 specializing in supporting industries: Phú Mỹ 3 and Đá Bạc.

Work on the US$5.4 billion Long Sơn 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.

A container ship with a capacity of 18,000 TEU docks at Cái Mép-Thị Vải port in February this year. — VNA/VNS Photo

Continued improvement to attract more investment

To meet the increasing needs of local development, Bà Rịa – Vũng Tàu has invited leading domestic and foreign experts and consultants to help it draft zoning plans harmonized 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 Nguyễn Xuân Phúc wants it to have.

Nguyễn Văn Trình, chairman of  the province People’s Committee, said: ” Bà Rịa – Vũng Tàu will try to reduce the time taken for granting investment licenses and building permits, modernize customs to reduce clearance time … and at the same time build a transparent and investor-friendly government.”

Accompanying investors

Nguyễn Hồng Lĩnh, member of the Central Party Committee, secretary of the province Party Committee and chairman of the province People’s Council, said: “Bà Rịa – Vũng Tàu 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 VNĐ250 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, VNĐ100 trillion worth of domestic investment in 90 projects and VNĐ15 trillion in 15 public-private partnership projects.

Source: Vietnam News