Ready infrastructure to welcome investment waves
According to the People's Committee of Ba Ria - Vung Tau province, the province's gross domestic product (GRDP) in 2022 is estimated at VND 390,293 billion, of which, GRDP from oil and gas is estimated to increase by 10.97% over the same period and this is the highest increase of the province in the last 10 years. In terms of the overall economic picture, industry continues to maintain a high growth rate with a proportion of 52.21% in the GRDP structure and an added value of more than 10.5%. Since the beginning of the year, industrial parks (IPs) in the province have attracted 46 projects, including 15 FDI projects with a total registered capital of nearly 270 million USD and 31 domestic projects with a total registered capital of 7,094 billion VND.
In order to attract large investors, the investment and development of industrial park infrastructure is also being implemented by investors more and more synchronously and modernly. Ms. Pham Thi Thanh Kim, Sales and Marketing Director of Phu My 3 Intensive Industrial Park, assessed that Phu My 3 Industrial Park has the advantage of strategic location in the logistics value chain due to its proximity to Cai Mep - Thi Vai deep-water seaport and close to oil and gas terminals, convenient for the supply of natural gas sources, industrial gas, liquid chemicals as raw materials for production; thereby helping to reduce logistics time and costs as well as optimize production costs for investors.
By the end of November 2022, the industrial park has attracted 36 investment projects with a total investment of about VND 60,000 billion from Japanese, US, European and domestic partners. Statistics of the Management Board of Industrial Zones of Ba Ria - Vung Tau province show that in 2022, investors of industrial zones have implemented an infrastructure investment value of about VND 689.2 billion, reaching a rate of 56.96% of the year plan and raising the total value of industrial park infrastructure investment in the area to more than VND 19,363 billion, reaching the rate of 72.8% compared to the registered investment capital for establishment and adjustment.
Cai Mep deep-water port area - Thi Vai
According to experts, the contribution of the industrial sector to the economy of Ba Ria - Vung Tau in recent years has been quite stable due to its large scale and supported by the advantage of deep-sea seaports. However, compared to the advantages and potentials, attracting investment, especially FDI, is still not commensurate due to the slow development of transport infrastructure, the inconsistent legal framework and the low proportion of trained workers.
Creating resilience for the seaport industry
In the following years, Ba Ria - Vung Tau province is determined to focus on solutions to improve the efficiency of state management of industrial zones and clusters. Along with that, the province will direct localities and departments to remove difficulties, accelerate site clearance as well as attract secondary investors.
In the long run, the province remains steadfast in its goal of attracting selective investment; in particular, focusing on attracting projects with modern technology, high added value, less labor-intensive and not harmful to the environment. At the same time, the investment and development of industry must be associated with the promotion of existing deep-water port potentials and advantages.
Recently, at the seminar "Industrial development of Ba Ria - Vung Tau province in the southern key economic region", Ms. Tran Thi Hai Yen, Director of the Southern Investment Promotion Center - Foreign Investment Agency (MPI) said that in order to promote regional linkage activities in attracting foreign investors, Ba Ria - Vung Tau province needs to coordinate in implementing policies to attract and preferential investment of the central and local governments in a consistent and transparent way. In addition, it is necessary to link the training of high-quality human resources to serve the labor needs of the regional economy, the FDI sector and build a synchronous transport infrastructure system to connect with the regional transport infrastructure.
Mr. Nguyen Cong Vinh, Vice Chairman of Ba Ria - Vung Tau People's Committee, said that the province highly appreciates the capacity, role and responsibility of investors and businesses who have made many efforts to overcome difficulties and challenges in recent years. In the coming time, Ba Ria - Vung Tau province will continue to accelerate the implementation of key projects and works on regional infrastructure, promote the reduction of administrative procedures, improve the investment and business environment to accompany businesses and investors.
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PHU NGAN - SGGP
