Project Worth Nearly USD 7 Billion in Ba Ria – Vung Tau
Ba Ria – Vung Tau is a province with Vietnam’s largest deep-water port, Thi Vai – Cai Mep, which is also ranked 19th in the world.
With various development advantages, Ba Ria – Vung Tau attracts considerable attention from foreign investors. According to statistics from the Department of Planning and Investment of Ba Ria – Vung Tau province, in Q1/2024, the province attracted over USD 1.5 billion in foreign direct investment (FDI), accounting for a quarter of the nation’s total FDI (USD 6.17 billion).
Recently, Beijing BOE Optoelectronics Technology Co., Ltd. (BOE Technology Group, China) has commenced the construction of BOE Vietnam’s Phase 2 smart terminal equipment project in Phu My 3 Specialized Industrial Park (Phu My township).
The project, with a total capital of more than USD 275 million (around VND 7,000 billion), will assemble and manufacture high-resolution TVs, computer monitors, electronic components, and plastic components, reaching a capacity of over 134.7 million products, with an estimated revenue of USD 1 billion per year and creating jobs for over 4,000 workers.
BOE Technology Group leaders introduce Provincial Chairman Nguyen Van Tho to the factory’s products. Photo: Ba Ria – Vung Tau Newspaper.
BOE Group was founded in 1993 and currently has marketing offices in many major cities worldwide, with business activities in the US, Germany, Japan, South Korea, Singapore, India, Vietnam, and many other countries and regions.
BOE Group has also developed an “Internet of Things for Displays” strategy, enabling displays to integrate more functions and provide diverse forms, aiming to lead the semiconductor display industry’s innovation with a new application scenario model and propel the global display industry market into a broader growth space.
In Vietnam, BOE (VN) is BOE Group’s strategic overseas factory. The group established and put its first factory into operation in Nhon Trach 2 Industrial Park, Dong Nai Province, in 2019, producing TVs, monitors, ESL digital price tags, and more. The factory covers an area of 60,000 m2 and employs around 1,000 people.
In 2023, BOE Group implemented the BOE Vietnam Phase 2 smart terminal equipment project in Phu My 3 Specialized Industrial Park, with a total investment of approximately USD 300 million and a land area of around 286,719m2.
Why do businesses prefer Ba Ria – Vung Tau?
Ba Ria – Vung Tau is located at the gateway to the East Sea for the provinces in the southeastern region, with significant potential for developing marine industries such as offshore oil and gas exploitation, port and maritime exploitation, fisheries and seafood processing, resort and beach tourism.
Ba Ria – Vung Tau possesses favorable conditions for developing all modes of transportation, including roads, air, water, and rail, serving as a transit point to destinations within Vietnam and worldwide.
Overview of Tan Cang Cai Mep International Terminal.
According to the Ba Ria – Vung Tau Provincial Planning for 2021 – 2030, with a vision to 2050, the province will develop under the “3 Development Axes – 4 Functional Zones” model.
Accordingly, the three economic development axes include: Cai Mep-Thi Vai industrial – seaport economic axis connected to the inter-port transportation system and National Highway 51; industrial-logistics economic axis along the Bien Hoa-Vung Tau Expressway and Ho Chi Minh City’s Ring Road 4; coastal tourism economic axis along Provincial Highway DT994 and the connecting road to the Bien Hoa-Vung Tau Expressway.
The four functional zones comprise: Industrial – seaport functional zone in the west, southwest, and northwest of the province; tourism and coastal urban functional zone in the southeast; agricultural and ecological balance functional zone in the north and northeast; and sea and island zone, including the sea area under the province’s management and islands, which focuses on marine economic development.
