Ba Ria – Vung Tau province has granted certificates and approvals for 15 projects, collectively valued at VND60 trillion (US$2.4 billion).
During the province’s planning announcement conference held on Saturday, investment certificates and decisions were issued for 10 domestic and five international projects spanning various sectors such as chemicals, industry, electronics, pharmaceuticals, urban development, and tourism.
Notable investments among these projects include a VND4.5 trillion investment in a roofing steel sheets factory located in My Xuan B1 – Dai Duong Industrial Park, a VND1.4 trillion investment in the Phu My polypropylene plastic bead manufacturing factory within Cai Mep Industrial Park, a US$250 million investment in the Electronic Tripod Vietnam factory situated in Chau Duc Industrial Park, and a US$730 million investment in a bio-based BDO production project in Phu My II Industrial Park.
Additionally, the province has granted or secured funding for 23 projects, totaling over VND62 trillion in the first quarter of 2024, achieving 90.8% of its annual plan. This includes 13 FDI projects with a total capital exceeding US$1.56 billion and 10 domestic projects with a combined investment of over VND25 trillion.
The total value of new or expanded domestic and international investments in Ba Ria – Vung Tau exceeded VND50.8 trillion in 2023, including US$1.4 billion in FDI.
Currently, the province hosts 1,156 investment projects, comprising 465 FDI projects with a total capital of US$33 billion and 691 domestic investment projects with a total registered capital of VND400 trillion.
Situated within Vietnam’s Southern Key Economic Region, Ba Ria – Vung Tau plays a crucial role in contributing to the nation’s GDP and total state budget revenue. Covering nearly 2,000 square kilometers, the province had a population exceeding 1.1 million people as of 2020.
In 2023, the province experienced a 5.75% growth in GRDP, with an average per capita income of US$8,078, nearly twice the national average. The same year, the province’s economic scale reached almost VND366.5 trillion, accounting for 3.51% of the national GDP.
Looking ahead to the period between 2025-2030, with a vision extending to 2050, Ba Ria – Vung Tau aims to achieve the status of a directly-administered municipality by 2030 and to rank among the top five localities in the country for marine economic development, thereby becoming a significant driving force in the Southeast region.