Investments in Ba Ria - Vung Tau hit $2.4B

Investment certificates and decisions for 10 domestic and five international projects, covering sectors such as chemicals, industry, electronics, pharmaceuticals, urban development, and tourism, have been distributed during the province’s planning announcement conference held on Saturday.

Leaders from the government and Ba Ria - Vung Tau province present investment certificates to businesses on March 30, 2024. Photo by VnExpress/Truong Ha

Key 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 raised the capital for 23 projects, totaling over VND62 trillion in the first quarter of 2024, achieving 90.8% of its yearly plan. This sum includes 13 FDI projects with over US$1.56 billion in total capital and 10 domestic projects with a total investment over VND25 trillion.

The aggregate of new or augmented domestic and international investments in Ba Ria - Vung Tau exceeded VND50.8 trillion in 2023, incorporating US$1.4 billion in FDI.

Currently, the province hosts 1,156 investment projects, which include 465 FDI projects with a total capital of US$33 billion and 691 domestic investment projects with a total registered capital of VND400 trillion.

Ba Ria - Vung Tau, located within Vietnam’s Southern Key Economic Region, plays a significant role in contributing to the nation’s GDP and the total state budget revenue. The province covers almost 2,000 square kilometers and had a population exceeding 1.1 million people as of 2020.

In 2023, the province experienced a 5.75% growth in GRDP, and its average per capita income was US$8,078, nearly twice the national average. The same year saw the province’s economic scale reaching almost VND366.5trillion, accounting for 3.51% of national GDP.

For the period between 2025-2030, with a vision extending to 2050, Ba Ria - Vung Tau is aiming to attain 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 developmental force in the Southeast region.