Bà Rịa-Vũng Tàu investing in infrastructure to attract investors

December 21, 2022 - 08:40
The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.
Bà Rịa-Vũng Tàu Province has for long been an ideal destination for foreign investors. – VNA Photo

BÀ RỊA - VŨNG TÀU— The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.

Calling for investment in ports is one of the five sectors that Bà Rịa-Vũng Tàu is focusing on to achieve its target to become one of the three provinces attracting the highest foreign direct investment in this period.

Developing infrastructure is an indispensable trend the southern province is following to achieve the goal of comprehensive development, its people’s committee has said.

In recent years it has invested a lot of money in upgrading and expanding roads, logistics centres and ports.

This reduces the time it takes and makes it easier for investors and local people to reach neighbouring cities and provinces like HCM City, Bình Dương and Đồng Nai by sea and road, the people’s committee said.

Investment has also been made to upgrade intra-province transportation between industrial zones, ports and logistic centres, it said, adding that upgrades to infrastructure and transportation would continue until 2030.

As the southern gateway of the country, the province's network of deep-sea ports plays an important role in its commercial service and industry development, as well as import and export activities, which is why upgrading ports and logistics centres remains a top priority for the province.

It has worked hard to improve infrastructure, many of which directly affect the province’s infrastructure and economy from now to 2025. These improvements will in turn enhance the province’s ability to draw domestic and foreign investments.

These include investment in the Biên Hòa – Vũng Tàu railway for transporting goods that will connect the Cái Mép – Thị Vải seaport, expansion of Côn Đảo Airport and developing large industrial complexes for industry and services in Phú Mỹ New City.

The province will also draw up strategies to attract efficient investors to Cái Mép Hạ Free Trade Zone, with a focus on key industries such as technology, ports and logistics, tourism, digital economy, and finance.

The government’s action plan targets strengthening linkages between industrial parks and export processing zones in the southeastern region, developing the region into a financial, commercial, services, and international trade hub in Southeast Asia.

It also aims to develop Bà Rịa –Vũng Tàu into a maritime hub.

Besides port infrastructure, the province also plans to build a VNĐ850 billion (US$34 million) road through the centre of Vũng Tàu City.

Once completed, the 1.83km road will boost local tourism.

With financial assistance from the government, Bà Rịa-Vũng Tàu is also building a 53.7km stretch of the Biên Hòa-Vũng Tàu Expressway at a cost of VNĐ17.8 trillion ($712 million).

It will contribute VNĐ670 billion, or half the expected land costs.

It has cancelled 21 projects and postponed 27 others to allocate nearly VNĐ10 trillion for transport infrastructure.

Bà Rịa-Vũng Tàu has for long been an ideal destination for investment thanks to its location: it is only around 100km from HCM City.

It has a network of modern highways and inner roads that conveniently connect it with other provinces in the region as well as with ports and industrial zones.

It is now focusing on developing services, ports, trade, tourism, and high-tech agriculture.

It has become an energy, heavy industry, port, and tourism hub of the country with the Phú Mỹ Thermal Power Plant and Bà Rịa Power Plant, which account for 40 per cent of the country’s total power capacity.

It has around 50 ports with a total capacity to handle 150 million tonnes a year.

Cái Mép International Terminal is able to berth vessels of up to 250,000 tonnes. From this port, they can sail to Europe and America. Cái Mép Port Cluster is among the 19 large ports around the globe that can receive the world's currently largest container ships.

The province currently has 447 foreign-invested projects worth a total of $30 billion. — VNS