According to a report by Ba Ria-Vung Tau Department of Planning and Investment, in the first 10 months of 2024, the province granted new and adjusted capital for 50 foreign direct investment (FDI) projects. Of these, 34 were new projects with total registered capital of over $1.6 billion, a 2.24-fold increase compared to the same period last year.

As of October, the province was home to 490 foreign-invested projects, with total registered capital exceeding $33.3 billion. Of these, 315 projects were located within industrial zones, with a total registered investment of more than $15.7 billion, while 174 projects were outside IZs, with a registered investment of nearly $17.7 billion.

Ba Ria-Vung Tau aims to enhance production capacity and reduce dependence on labour-intensive industries or natural resources. Photo: Chi Cuong

Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People's Committee, reported that in the past three years, the province's provincial competitiveness index has consistently ranked among the top 10 in the country, and it has been at the forefront of the southeastern region.

Chairman Tho attributed these achievements to the proactive, creative efforts of the local business community. “In the current economic and social development and international integration process, businesses play an increasingly important role. The growth of the business community and entrepreneurs in the province has further demonstrated the consensus between the government and businesses for the goal of integration and sustainable development,” he said.

Furthermore, the People's Committee noted that to attract deeper investment, the province is prioritising projects that use advanced technologies, have a positive impact on the environment, and make efficient use of resources. These projects ensure economic growth and contribute to long-term sustainable development.

The province is also focusing on projects with high added value in the manufacturing and processing industries and electronics, which help enhance production capacity and reduce dependence on labour-intensive industries or natural resources.

In addition, Ba Ria-Vung Tau is developing IZs with a specialised model, focusing on specific industries such as petrochemicals, renewable energy, and mechanical engineering. These zones are equipped with modern infrastructure, creating favourable conditions for businesses to grow and expand production activities.

As part of its investment strategy, the province is concentrating on renewable energy projects, such as wind and solar power, as well as biomass energy. These initiatives help protect the environment and reduce dependence on fossil energy, aligning with the province's "green" development goals.

Ba Ria-Vung Tau is concentrating on renewable energy projects. Photo: Chi Cuong

Local businesses also highly appreciate the province's business environment and have shared their vision for future development. The Chau Duc Industrial, Urban, and Golf Course Zone, invested by Sonadezi Chau Duc JSC, spans 2,287 hectares and is currently the largest and most prominent industrial zone in Ba Ria-Vung Tau. With synchronised, modern green infrastructure, the zone is already 52 per cent occupied, attracting major investors from South Korea, Taiwan, Singapore, Australia, China, and other countries, producing electronic components and accessories for global brands.

Nguyen Van Tuan, general director of Sonadezi Chau Duc, said that the provincial government's innovative investment approach will help Ba Ria-Vung Tau leverage its potential and strengths.

“It can be confidently asserted that Ba Ria-Vung Tau is one of the most investment-friendly regions in the country. Along with attractive factors such as its strategic location, multi-modal transport system, and ongoing regional connectivity investments, the local government's support has instilled significant trust among the business community and investors, providing reassurance and motivation for investment in the province,” Tuan said.

Meanwhile, Tran Ho Bac, deputy general director of PTSC Engineering Services JSC, shared, “The province has now established an effective system of ports, warehouses, and mechanical workshops, successfully completing hundreds of oil and gas projects for both domestic and international clients. Many products, services, components, and oil and gas energy infrastructure have been successfully produced and exported as 'Made in Ba Ria-Vung Tau'.”

Currently, PTSC is gradually participating in offshore wind energy and renewable energy projects, both as a contractor and a potential investor. “PTSC is confident that we will continue to win international clients and further elevate the global profile of products manufactured in Ba Ria-Vung Tau,” Bac said.

Additionally, the Ba Ria-Vung Tau Association of Small and Medium Enterprises and the Japanese Business Association in Ba Ria-Vung Tau have signed a cooperation agreement on information exchange, networking, hosting seminars, sharing experiences, and providing mutual legal and staffing support.

According to provincial authorities, in the final quarter of the year, Ba Ria-Vung Tau will focus on key tasks and solutions, including enhancing the quality of economic growth based on a skilled workforce, and integrating rapid, sustainable economic development with cultural and human development.