For the first half of 2024, Ba Ria- Vung Tau province witnessed growth in 13 out of 14 economic and financial indicators, surpassing the targets set for the full year.
Specifically, the estimated industrial production value (excluding Oil and Gas) reached VND 229,561 billion, a 11.65% increase compared to the same period last year. Total retail sales of goods amounted to VND 37,714 billion, a surge of 13.27%. Revenue from accommodation services also witnessed a substantial rise, reaching an estimated VND 3,325 billion, a 19.22% increase year-on-year.
Notably, the province attracted approximately VND 31,528 billion in total development investment, marking a 15.11% increase. In terms of budget revenue, the province achieved around VND 48,674 billion, fulfilling 54.94% of the annual plan. Domestic revenue stood at approximately VND 21,150 billion, accounting for 50.36% of the annual target.
Excluding Oil and Gas, Ba Ria- Vung Tau’s GRDP ranks 8th in the country. (Photo: Luu Son)
According to Mr. Le Ngoc Linh, Director of the Department of Planning and Investment, the province’s GRDP structure is heavily reliant on the Oil and Gas sector, which faced challenges during this period, resulting in a 14.37% decline. This led to an overall 1.42% decrease in GRDP for the first six months compared to the same period last year.
However, this figure does not accurately reflect the efforts and achievements in socio-economic development that the province has made.
Mr. Linh further elaborated, “While the inclusion of Oil and Gas pulls down our ranking, excluding it places us 8th in the country. Being the only province associated with this sector, we trail behind provinces like Bac Ninh, Khanh Hoa, Thanh Hoa, Ha Nam, Hai Phong, Tra Vinh, and Hai Duong. Despite our 8th position in GRDP, Ba Ria- Vung Tau’s economic scale places us in the top 5 provinces nationwide.”
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