Ba Ria - Vung Tau: An attractive destination attracting investors

Attracting investment beyond plan in just 7 months

According to the report of the Department of Planning and Investment of Ba Ria-Vung Tau province, through statistics, in the first 7 months of the year, the locality attracted more than 1.7 billion USD of FDI capital and more than 27,385 billion VND of domestic capital. This figure increased 3.2 times compared to the same period in 2023, reaching 101.3% of the investment capital attraction plan in 2024.

Regarding foreign investment capital, in July 2024, the province granted 1 new project worth over 5.5 million USD and adjusted capital increase by over 89 million USD for 3 projects. By the end of July 2024, 34 projects had been newly granted and adjusted capital increase (20 newly registered projects with total capital of over 1.5 billion USD; 14 projects adjusted capital increase by over 223 million USD). In total, the province has 476 foreign investment projects with total registered capital of nearly 33.3 billion USD.

As for domestic investment capital, by the end of July 2024, 17 projects had been newly granted and capital increased (of which 12 newly registered projects had a total capital of more than VND 14,924 billion; 5 projects had capital increased by VND 12,461 billion).

In total, the province has 695 domestic investment projects with total registered capital of more than VND399,320 billion.

Many sectors in the province have high growth rates such as industrial production value (excluding oil and gas) increased by 12.56%; total retail sales of goods increased by 13.21%; tourism service revenue increased by 37.73%; revenue from transportation, warehousing and transportation support services increased by 11.25%... Thereby, the total budget revenue was 56,727 billion VND, reaching 64.03% of the estimate, up 11.45% over the same period.

Continue to increase investment attraction but selectively

"The results achieved show that Ba Ria - Vung Tau continues to be a destination of interest to domestic and foreign investors," said Mr. Le Ngoc Linh - Director of the Department of Planning and Investment.

Ba Ria - Vung Tau hopes to attract investment from high-quality tourism and service businesses as more and more international visitors come to the locality by sea. Photo: Thanh An

In the coming time, Ba Ria - Vung Tau will focus on attracting investment to develop four key economic sectors including industry, seaport-logistics, tourism, and high-quality services according to the approved development plan.

However, the locality has always been steadfast in its goal of attracting selective investment, prioritizing "green" projects that use modern technology and have great spillover effects. At the same time, it is determined not to accept projects that use old, outdated technology, consume a lot of natural resources, and harm the environment.

The People's Committee of Ba Ria - Vung Tau province has also approved and is implementing the investment promotion program for 2024; the industrial development program in the province; the trade promotion program... As well as actively operating Working Groups and Support Groups to support businesses and investors in accessing information; promoting the implementation of investment processes and procedures for projects; calling for investment in the period 2021-2030.

Source: https://laodong.vn/kinh-doanh/ba-ria-vung-tau-diem-den-hap-dan-thu-hut-nha-dau-tu-1384928.ldo