Ba Ria – Vung Tau: Breakthrough for Sustainable Growth

In the first eight months of 2024, BRVT achieved significant milestones thanks to the close guidance from provincial authorities, boosting production, business, and investment activities. Most of the province's economic indicators grew compared to the same period last year and surpassed the annual targets. This progress provides a solid foundation for BRVT’s confidence in future sustainable development.

By promoting production, investment, and administrative reform, Ba Ria – Vung Tau has recorded positive socio-economic changes, laying the groundwork for sustainable growth.

Strong Growth in Industry and Trade

The industrial sector continues to be the main driver of the province's economic growth. The industrial production value for the first eight months of 2024 (excluding crude oil and gas) reached over VND 303 trillion, an increase of 14.2% compared to the same period in 2023. Export turnover also showed positive growth, reaching USD 3.445 million (excluding oil and gas), an increase of 7.02% year-on-year.

In addition to industry, the trade and services sectors also achieved impressive results. Total retail sales of goods reached nearly VND 50 trillion, up 13.27% year-on-year. Revenue from transportation, warehousing, and transport support services exceeded VND 14 trillion, up 12.01%. Notably, the accommodation services sector grew the most, with revenue exceeding VND 4.5 trillion, up 17.67% from the same period last year.

Agriculture and New Rural Development Continue to Progress

The agricultural sector also experienced steady growth, with production value reaching over VND 6 trillion, up 4.14% year-on-year. The new rural development programs continued to advance, with all 47 communes meeting new rural standards, of which 37 have achieved advanced new rural standards, and 8 have been recognized as exemplary communes. The province is expected to meet the goal of becoming a fully certified new rural province by the end of 2024.

The "One Commune One Product" (OCOP) program also achieved positive results with 52 new products certified, raising the total number of OCOP products in the province to 145, all meeting the 3-star standard or higher.

Investment and Finance Exceed Plan

In the first eight months of 2024, the province's total budget revenue exceeded VND 64 trillion, up 11.37% compared to the same period. Foreign-invested enterprises contributed the largest share, with over VND 11 trillion. Meanwhile, total budget expenditures reached over VND 16 trillion, a 16.04% increase from 2023, primarily allocated for development investments.

Notably, total development investment in the province exceeded VND 40 trillion, equivalent to 63.85% of the annual plan, a 9.37% increase year-on-year. Corporate investments played a key role, accounting for 70.48% of the total. Regarding investment attraction, BRVT approved new and additional funding totaling USD 1.874 million and VND 27.751 trillion, a 3.3-fold increase compared to 2023.

Comprehensive Development in Infrastructure and Society

To drive sustainable growth, the province successfully organized investment promotion conferences and long-term planning. Key transportation projects such as the Bien Hoa – Vung Tau Expressway, Phuoc An Bridge, and Provincial Road 994 received significant investment, boosting infrastructure and regional connectivity.
In addition to infrastructure, fields such as culture, education, healthcare, and science and technology were prioritized, improving the quality of life for residents. Notably, the poverty reduction program was highly effective, ensuring no more households in poverty or near poverty by national standards.
Regarding administrative reform, BRVT maintained its high ranking nationally, thanks to efforts to enhance the investment environment and public services.

At the "2024 Conference on Dialogue between Provincial Leaders and Businesses, Investors," BRVT leaders emphasized the province's significant achievements in economic development, administrative reforms, and improving the investment environment. Over the past three years, BRVT has consistently ranked in the top 10 for provincial competitiveness, with remarkable progress in the provincial green index, demonstrating a strong commitment to sustainable development. Major infrastructure projects like the Bien Hoa - Vung Tau Expressway and Phuoc An Bridge are enhancing traffic connectivity and driving regional economic growth. Additionally, Task Force 997 has been actively addressing business concerns and encourages continued input from enterprises to foster a transparent and favorable business environment.

"Ba Ria – Vung Tau is always ready to listen and share challenges with businesses and investors. We are committed to creating the most favorable conditions for enterprises to grow, while continuously improving the investment environment and promoting sustainable economic development for the province."
— Mr. Nguyen Van Tho, Chairman of the People's Committee of BRVT

In an open, frank, and constructive atmosphere between the BRVT government leaders and businesses, many opinions and questions were raised and thoroughly answered.

• Cho Ben Cooperative’s Request: The cooperative proposed to convert inefficient salt fields into high-tech aquaculture land or auction public land for cooperative members to expand production.
  Response from the Department of Natural Resources and Environment: According to the 2024 Land Law, salt land cannot be used for aquaculture. The cooperative was asked to provide additional documentation to guide them in public land bidding procedures.
• Prime Asia (Vietnam) Co., Ltd.’s Request: The company faced water supply issues for production due to disputes between Phu My Wasuco and FIDC and sought stable water supply assurance.
  Response from the Industrial Park Management Authority: The province has held meetings with the parties involved, urging compliance with the contract. If disputes persist, they must be resolved legally.
• Davita Engineering JSC’s Request: The company encountered difficulties in storing documents beyond 10 years and requested tax inspection assistance for the years 2015-2019 to complete tax obligations.
  Response from the Provincial Tax Department: The Vung Tau - Con Dao Regional Tax Office will arrange personnel to inspect the remaining years and assist the company in fulfilling its tax obligations as soon as possible.
• Vard Vung Tau Co., Ltd.’s Request: The company has not received a land use certificate for the land it has already paid for, affecting project progress.
  Response from the Department of Natural Resources and Environment: The department is coordinating with the Tax Department and relevant agencies to determine the land rental payment. Once all documentation is provided, the land use certificate will be issued.

"The Small and Medium Enterprise Association of Ba Ria - Vung Tau highly values the provincial leaders' efforts in improving the investment environment and attracting businesses. With support from various departments, the business community is receiving many new development opportunities. We believe the province will continue to drive reforms and remove obstacles for businesses. The association will continue to act as a bridge, conveying business concerns to relevant agencies, contributing to the province’s economic and social development".
— Mr. Pham Van Triem, Chairman of the Ba Ria - Vung Tau SME Association

BRVT's relentless efforts in the first eight months of 2024 yielded positive results, with GRDP excluding oil and gas growing by 9.18% in the first half of the year. For the entire year 2024, GRDP growth, excluding oil and gas, is forecasted to reach 10.52%, laying a crucial foundation for the province to continue its sustainable development journey, solidifying its position as a key maritime economic center of the nation and the region.