2024 INVESTMENT PROMOTION PROGRAM FOR BA RIA VUNG TAU PROVINCE

Ba Ria - Vung Tau province witnessed robust growth in foreign investment attraction in 2023, securing 21 new projects and adjusting capital upwards for 29 existing projects. The total foreign direct investment (FDI) inflow for the year amounted to USD 1,401.4 million, marking a significant 1.92-fold increase compared to 2022. Of this total, USD 893.1 million came from new investments, while USD 508.3 million represented additional capital injected into ongoing projects.

By the end of 2023, Ba Ria - Vung Tau province hosted 457 foreign investment projects, totaling USD 31,550.5 million in registered capital, averaging approximately USD 68.45 million per project. Among these, 284 projects were situated within industrial parks, accounting for a combined investment of USD 13,855 million, while 173 projects outside industrial parks attracted USD 17,695.5 million.

Recent efforts in Ba Ria - Vung Tau have focused on administrative reform to foster an open, equitable, and transparent investment environment. The province has publicly promoted key policies aimed at attracting sustainable economic development, prioritizing investments from economically robust countries employing modern, environmentally friendly technologies. Strategic industries such as logistics, mechanical manufacturing support, and tourism have been singled out for targeted investment, while projects with high energy consumption, reliance on unskilled labor, or potential for environmental harm are discouraged.

Ba Ria - Vung Tau ranks among the top 10 provinces and cities for economic management quality in 2022, with its "Provincial Competitiveness Index" (PCI) placing 4th nationwide. The Provincial People's Committee has established a Provincial Special Working Group, led by the Chairman of the Provincial People's Committee, to review and address challenges in implementing investment projects. This group provides guidance on the unified application of investment laws and related regulations to effectively support businesses, investors, and investment projects in the area.

Through proactive and strategic efforts in attracting investment, enhancing the business environment, and mobilizing development capital, Ba Ria - Vung Tau has become one of the top five localities in the country for foreign investment. Major global corporations such as Hyosung Group (Korea), Austal Group (Australia), CJ Group (Korea), Marubeni Group (Japan), Samsung Group (Korea), and Vard Group (Norway) have made significant investments in the province. Ba Ria - Vung Tau is also developing two new economic sectors: the petrochemical industry, including the Southern Petrochemical Complex Project worth USD 5.1 billion and the Polypropylene Factory and Underground Liquefied Petroleum Gas Storage Hyosung LPG worth USD 1.3 billion, and the wind power equipment manufacturing industry, with a USD 1 billion project by the Vietnam Petroleum Technical Services Joint Stock Company (PTSC) in collaboration with a Danish energy company.

In 2024, Ba Ria - Vung Tau province aims to attract approximately USD 2 billion in new and additional investments. Of this amount, USD 1,531 million is expected to come from new investments, and USD 469 million from additional capital adjustments. The province will continue its policy of selectively attracting investments that align with global trends, emphasizing modern technology, efficient land use, low labor intensity, and environmental protection. The focus will be on attracting investments in the processing and manufacturing industries, supporting the development of the petrochemical and wind power equipment manufacturing sectors, and promoting high-tech, green, and renewable energy industries.

To enhance investment promotion efforts, the People's Committee issued Decision No. 1177/QD-UBND on May 7, 2024, approving the investment promotion program for Ba Ria Vung Tau Province. The program is based on the following perspectives:

In 2024, the province will focus on attracting selective investments to leverage its marine economy, identifying industrial development, seaports, tourism services, and sustainable economic development as key tasks. The goal is to position Ba Ria - Vung Tau as the national marine economic center, a maritime service hub for Southeast Asia, a world-class high-quality tourist destination, and an industrial center for the Southeast region, as outlined in the Provincial Plan approved by the Prime Minister in Decision No. 1629/QD-TTg dated December 16, 2023.
The province seeks to attract world-class investors with the capacity and experience to invest in key projects and infrastructure.
The 2024 investment promotion program will continue to improve in content, form, and method. Efforts will be made to innovate, refine, and enhance the effectiveness of investment promotion in a flexible manner, consistent with provincial requirements and characteristics. Coordination and linkage between the Central Government, localities, regions, state management agencies, and professional associations will be strengthened. The focus will be on proactive promotion with clear goals and key priorities, maintaining traditional markets and partners while expanding into new ones. Investment promotion activities and methods will be diversified, with an emphasis on promoting on-site investments through successful cooperation projects. Adequate investment will be allocated to promotion activities, prioritizing national, regional, and interdisciplinary initiatives. Additionally, research into mobilizing funding from social sources to support investment promotion activities will be undertaken alongside local budget implementation.

Accordingly, the Program provides the following directions:

Continue focusing on the socio-economic development goals set by the province. Emphasize investment promotion in key areas, aiming to develop Ba Ria - Vung Tau as a leader in industry, seaports, logistics, tourism, and high-tech agriculture. Address investor challenges to create favorable conditions for attracting large-scale, impactful projects that will provide resources for development and contribute to an economic shift towards increased industry and services.
Implement the Action Plan in accordance with Resolution No. 58/NQ-CP dated April 27, 2020, and Plan No. 71-KH/TU dated August 11, 2021, from the Ba Ria - Vung Tau Provincial Party Committee, following Resolution No. 50-NQ/TW of the Politburo. This includes perfecting institutions and policies to improve the quality and effectiveness of foreign investment cooperation by 2030, as per Decision No. 3152/QD-UBND dated October 11, 2021.
Support industrial parks in improving infrastructure, creating clean premises, connecting transportation networks, and training human resources to be investment-ready.
Continue reforming administrative procedures and implementing Government Resolutions No. 01/NQ-CP and No. 02/NQ-CP dated January 5, 2024, to enhance the business environment and national competitiveness. Follow solutions to improve the provincial competitiveness index (PCI) according to Directive No. 05/CT-UBND dated March 26, 2021, for the period 2020-2025.
Selectively attract and cooperate with foreign investments based on quality, efficiency, technology, and environmental protection. Prioritize projects with advanced, high, and clean technologies that are not labor-intensive but use high-quality labor, have significant spillover effects, and integrate into global production and supply chains.
Enhance the quality and efficiency of investment promotion while improving the investment and business environment. Modernize and simplify administrative procedures to create an open, attractive, and competitive business environment. Support business development and expand investment activities.
Focus on on-site investment promotion by resolving difficulties for investors and facilitating existing projects' implementation and business operations.
Utilize information technology in investment promotion activities to ensure diverse, complete, updated, and systematic information. Innovate promotion methods professionally, modernly, and effectively.
Operate the Provincial Special Working Group effectively as per Decision No. 997/QD-UBND dated April 28, 2023, to address difficulties and support businesses, investors, and projects.

Program Goals:

Attract investments according to the approved List of Projects for the periods 2024-2025 and 2026-2030. Focus on attracting large investors with established brands and projects with advanced technology and high added value to promote socio-economic development in the province and region.
Strengthen outreach activities and connect with large investors and supply chain leaders to attract high-quality, high-technology investments, particularly in priority industries and fields.
Proactively organize and review resources to anticipate global investment shifts and create development momentum for future stages.
Support licensed project investors by addressing difficulties during project implementation. Provide information on investment policies, procedures, market potential, partners, and opportunities.
Promote technology application by creating digital maps with integrated location information, project introductions, brochures, and promotional films in foreign languages. Advertise in magazines, newspapers, and websites.
Coordinate with the Ministry of Planning and Investment and Vietnamese Embassies abroad to conduct diverse and effective investment promotion activities. Improve content and form with high-quality synchronization and enhance resource mobilization for socialization.
Organize training and skill development for provincial investment promotion officers. Coordinate with relevant agencies for training on new legal documents for businesses and officials.
Improve the investment promotion work's quality and effectiveness by enhancing the investment and business environment and modernizing administrative procedures. Create an open, attractive, and competitive environment to support enterprise development and expand investment activities. Develop high-quality human resources.
Organize an Investment Promotion Conference in Europe to attract businesses and investors in seaports, logistics, industry, free trade zones, and urban areas. Hold periodic dialogue conferences between provincial leaders and investors.
Participate in national investment promotion programs organized by ministries and central branches.

Focal Agencies:

The Department of Planning and Investment, Management Board of Industrial Parks, Department of Finance, Department of Agriculture and Rural Development, Department of Industry and Trade, Department of Transport, Department of Foreign Affairs, and the Provincial Investment, Trade and Tourism Promotion Center will coordinate with relevant units to implement assigned tasks. They will monitor the situation closely and propose effective solutions promptly.
Focal agencies will report on the investment promotion program's implementation results. The Department of Finance will report costs to the Department of Planning and Investment for synthesis and reporting to the Ministry of Planning and Investment as per State Management Regulations.
The Department of Planning and Investment will coordinate with relevant units to urge, supervise, and compile periodic reports to submit to the Provincial People's Committee and the Ministry of Planning and Investment.

Tran Thi Thuy Hang
Department of Information and Trade Promotion - VIOIT