The province is on the way to develop into a port urban city in the future. In the space plan, the economic space is designed to link with other cities in the region, which will create a regional economic corridor of industry and port. The province’s key economic drivers include port, marine shipping, logistics, industry, marine tourism, science and technology, human resources, and services. In order to realize the orientation, the province is speeding up the progress of site clearance, attracting investment in sea port system, building a comprehensive traffic network. Ba Ria Vung Tau also defines foreign investors as an important force for the provincial socio-economic development. Therefore, the provincial government will proactively improve the investment climate; apply more flexibly the investment incentives, especially for those investing in infrastructure outside industrial parks, site clearance and resettlement, etc. The local government will apply incentives that are not stipulated in Law on Encouragement of Domestic Investment and Law on Foreign Investment in order to mitigate risks for foreign investors. “Ba Ria – Vung Tau is a safe place for effective investment in the Southern Key Economic Zone.”
In the past five years, Ba Ria Vung Tau’s economy has grown dramatically with the average GDP at 17% per year. The majority of economic goals were achieved or outperformed. Until now, there are 14 industrial parks with the total area of 8,400hectares in the province. Of them, 04 industrial parks are fully occupied, 06 industrial parks are completing infrastructure with over 60% of land available for investors. Industrial parks in the province mainly locate in Tan Thanh district as the district is in the close proximity of Thi Vai – Cai Mep port cluster.
Besides the existing industrial parks and small industry and handicraft clusters, the province set aside the majority of land bank for the demand of logistics and supporting industries. Ba Ria – Vung Tau is concentrating in building infrastructure, aiming at providing the best facilities for investors. The province also put priority to attract companies with similar business lines into industrial clusters. In such way, it is expected that the whole value chain will be created. In other words, the output of one manufacturer is the input of the others in the industrial cluster. Therefore, it will be easier for state management as well as service providers. Furthermore, the environmental problems can be minimized and sustainable development is assured. There are five main business lines on the investment attraction agenda: chemical manufacturing, electrical and electronics, agro-forestry product processing, textiles clothing – leather and footwear, construction material manufacturing.
At present, Phu My 3 and Da Bac industrial parks, which have been developing in Ba Ria – Vung Tau province are the two specialized industrial parks for supporting industry. The two industrial parks aim at providing the variety needs of suitable factory sizes for Japanese SMEs and facilities meeting investors’ demands ranging from business to living and entertainment.
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