According to the report from the provincial Department of Planning and Investment, by the end of 2023, foreign direct investment (FDI) in Bà Rịa-Vũng Tàu is expected to increase by 2.78 times compared to the same period in 2022. It is projected that in 2023, there will be 21 new projects and adjustments to increase investment capital for 29 projects. The total additional attracted investment capital for the year is estimated to reach approximately US$1,401 million, achieving 153.9 per cent of the plan and a 91.67 per cent increase compared to 2022. Specifically, new investment capital is $893.1 million, a 221 per cent increase from 2022, and additional investment capital is $508.3 million, a 12 per cent increase from 2022. By the end of 2023, it is expected that there will be 458 foreign-invested projects in the province with a total registered capital of $31,535.5 million, including 285 projects within industrial zones (IZs) with a total investment capital of $13,880 million and 173 projects outside IZs with a total registered capital of $17,655.5 million.

Bà Rịa-Vũng Tàu Province has also developed and issued a plan to promote the implementation of projects based on the Memorandum of Understanding on investment at the conference to implement the Government's Action Program implementing Resolution 24-NQ/TW with seven investors/companies. So far, the province has issued amended Investment Registration Certificates for one project. According to the report from the Industrial Zone Management Board, the province is also continuing to support the investment procedures for six specific projects, including IDIS Vietnam Co., Ltd., Earth Vision LLC, Waizu Giken Company, Thanh Bình PM Joint Stock Company, and Kraft of Asia Paperboard & Packaging Co., Ltd.

The scale of the Phú Mỹ III Industrial Zone in Bà Rịa-Vũng Tàu Province

Bà Rịa-Vũng Tàu always remains attractive to FDI businesses because it consistently holds a high Provincial Competitiveness Index (PCI). In 2022, Bà Rịa-Vũng Tàu climbed 5 ranks to become the province with the 4th highest PCI, surpassing both Hanoi and Ho Chi Minh City. This indicates the business community's trust in Bà Rịa-Vũng Tàu Province.

"The achievements are the result of continuous efforts to improve the business investment environment and administrative procedures in the province. The province always listens to and acknowledges the contributions and suggestions to address difficulties for businesses, thereby contributing to the development of the local economy," shared Nguyễn Văn Thọ, Chairman of the People's Committee of Bà Rịa-Vũng Tàu Province.

Direct dialogue conference between provincial leaders and businesses, investors in the area to gather opinions, and improve a business-friendly environment for both enterprises and the province. — Photo Vũ Lan.

Bà Rịa-Vũng Tàu boasts over 305km of coastline and abundant natural resources, notably the largest oil reserves in the country. Five out of eight districts and cities in Bà Rịa-Vũng Tàu are coastal, and it is a region with the advantage of owning the largest deep-water port in Vietnam, Cái Mép-Thị Vải, ranking 19th globally, capable of accommodating vessels up to 200,000 tonnes. This favourable location has positioned Bà Rịa-Vũng Tàu as a key development hub in the Southeast region, a national maritime economic centre, and a province strong in industries, seaports, tourism and high-tech agriculture. Consequently, Bà Rịa-Vũng Tàu has become a preferred investment destination for many foreign businesses seeking sustainable development.

Vina Kyoei Steel Company, a Japanese enterprise, has been investing and developing its business in the Phú Mỹ 1 Industrial Zone, Bà Rịa-Vũng Tàu Province, for nearly 30 years. The company highly appreciates the province's efforts in developing infrastructure and its strategic position.

"With a series of domestic road networks connecting Hồ Chí Minh City and the Southeast region, numerous deep-water ports along the Thị Vải River, and the future Long Thành International Airport, BRVT has the potential to develop into an industrial and service centre for the key economic region in the South. Due to its favourable geographical location, we chose Bà Rịa-Vũng Tàu as our investment destination from the early days of the province's establishment," said Mr. Tomonori Yasui, Deputy General Director of Production at Vina Kyoei Steel Company.

The Vina Kyoei Steel plant has been investing in Bà Rịa-Vũng Tàu since the early days of the province's establishment in 1994.

A South Korean conglomerate has recently invested $540 million to implement a carbon fibre plant in the Phú Mỹ 2 Industrial Zone, Bà Rịa-Vũng Tàu.

Mr. Kim Kyung Hoan, the General Director of Hyosung Vietnam, stated, "We are establishing a factory for the production of carbon fibre and materials, a new project that is the first of its kind in Vietnam, with a designed capacity of 4,800 tons per year in the first phase. It is expected to be completed and operational around February 2025. We have received positive support from the relevant authorities in Bà Rịa-Vũng Tàu Province to expedite the project."

Bà Rịa-Vũng Tàu Province currently has 15 industrial zones (IZs) covering a total area of over 8,492 hectares. Among them, 13 IZs are operational, occupying a total area of over 7,242 hectares, with an occupancy rate of over 65 per cent of the completed infrastructure. Additionally, the province has 14 industrial clusters covering a total area of 484.36 hectares, and there are plans to develop 2 new IZ clusters with a total area of 82.7 hectares. By 2030, the province aims to have 23 IZs and 16 industrial clusters covering a total area of 13,969 hectares.

All industrial zones (IZs) and industrial clusters are located near the deep-water port system, connected to the transportation network in the Southeast region and the Long Thành International Airport. This is highly advantageous for the export of goods.

Enterprises investing in Bà Rịa-Vũng Tàu Province come from 30 countries and territories, including Thailand, South Korea, the United States, Canada and Japan, investing and operating in industrial zones. The province aims to continue striving for additional FDI of at least $5.804,7 million by 2025. "The province emphasises attracting investment in large-scale projects, modern technology, with spillover effects, high added value, low labour intensity, and environmentally friendly. To attract major investors, the province focuses on developing infrastructure for industrial zones and clusters, connecting transportation infrastructure within the province and the strategic development plan for the economic and social development phase from 2021 to 2030," affirmed Nguyễn Văn Thọ, Chairman of the People's Committee of Bà Rịa-Vũng Tàu Province.

 Vũ Lan