Ba Ria - Vung Tau: Breakthrough Growth, Laying the Foundation for Sustainable Development

Impressive GRDP Growth

BRVT's GRDP grew by 11.47% in the first nine months of 2024, the highest in a decade, placing the province fourth nationwide in economic growth. This achievement resulted from the tireless efforts of local government and citizens amid various challenges. In recent years, the economic structure has positively shifted, focusing on key sectors such as industry, services, and tourism.

Industry: A Growth Pillar

Industry, especially non-oil manufacturing, has played a major role in the province's development. Over the past nine months, industrial production (excluding oil) increased by 16.1% compared to the same period last year. This not only reflects the economy's stability but also highlights its strong recovery after the pandemic and disruptions to global supply chains.

Breakthroughs in Transportation Services and Tourism

Another highlight of the province's economic landscape is the service sector, particularly in transportation and tourism. Revenue from transportation, warehousing, and logistics services grew by 12.07%, playing a key role in maintaining supply chains and connecting goods. Meanwhile, revenue from lodging and travel services increased by 19.61% and 39.68%, respectively, indicating BRVT’s growing appeal as a popular tourist destination.

Positive Export and Import Growth

The province's export and import turnover in the first nine months of 2024 both saw growth, with increases of 9.35% and 7.28%, respectively. This demonstrates BRVT's resilience as an economic hub with strong international connections, despite global economic fluctuations. The development of seaports and logistics infrastructure significantly contributed to these accomplishments.

Investment Attraction: A Bright Spot in Economic Development

One of BRVT's most notable achievements in 2024 is its strong investment attraction. In the first nine months, the province attracted $1.907 billion in foreign direct investment (FDI) and VND 34.751 trillion in domestic capital, approximately 3.2 times higher than the same period last year. These numbers reaffirm BRVT’s status as an attractive destination for investors, thanks to its favorable investment environment, developed infrastructure, and flexible business support policies.

Additionally, domestic enterprise development saw positive growth, with 1,899 new businesses entering the market in the past nine months. This reflects a gradually improving business environment in the province following the pandemic.

Public Investment Disbursement Efforts

BRVT has made significant progress in public investment disbursement under strong leadership directives. The value of disbursed public investment capital in the first nine months of 2024 reached over VND 10.585 trillion. Key projects, such as the Bien Hoa - Vung Tau Expressway, are being expedited, with issues related to land filling resolved, allowing for faster construction progress.

Sustainable Social and Welfare Development

Alongside economic development, BRVT has also focused on national target programs related to culture, social welfare, and well-being. The province has actively implemented policies aimed at improving public health and raising the quality of life for its citizens. Ensuring national defense, security, and maintaining social order has also been a priority, contributing to the stability and sustainable growth of the region.

Sports and Enhancing Quality of Life

The province organized numerous cultural and sports activities to enhance residents' quality of life. Community sports programs and public health initiatives have attracted significant participation, creating a healthier and more balanced living environment.

Challenges and Key Tasks for the End of the Year

Despite achieving many successes in the first nine months of 2024, BRVT still faces numerous challenges in the final months of the year. Mr. Pham Viet Thanh, Provincial Party Secretary, emphasized at the 22nd Conference that upcoming difficulties include the impact of global economic fluctuations and internal issues that need addressing. He called on the entire political system, party committees, authorities, and all departments to focus intensely and strive to fully achieve the targets set".

The key tasks for the last three months of the year include accelerating public investment projects, enhancing investment attraction, continuing to improve the business environment, and maintaining public security to ensure the province's sustainable development.

BRVT is undergoing a period of remarkable and encouraging growth, achieving impressive results in economic, social, and national defense-security fields. However, to maintain this momentum, the province must continue facing and overcoming the challenges ahead. With determined leadership and the dedicated efforts of the entire political system, BRVT is steadily advancing on the path to sustainable development, aiming to become one of the leading economic centers in southern Vietnam.