Unleashing Economic Growth: Baria-Vung Tau’s Stellar Performance in H1 2024

2024 marks a period of robust development for Ba Ria – Vung Tau province, with significant advancements across economic, social, and environmental sectors.

Strategically located and with continuously upgraded infrastructure, Ba Ria – Vung Tau is emerging as one of the most dynamic provinces in the country, thanks to the unity between the government and its people. In the first half of 2024, key economic sectors such as tourism, industry, and agriculture witnessed positive shifts, yielding impressive results.

Tourism: The Shining Star of the Economy

Tourism, being one of the province’s leading economic sectors, experienced remarkable growth in the initial six months of 2024. The strong recovery of the tourism industry post-COVID-19, coupled with sensible stimulus policies, attracted a large influx of domestic and international visitors.

Ba Ria – Vung Tau is renowned not only for its beautiful beaches like Vung Tau and Long Hai but also for its eco-tourism and luxury resorts.

During the first half of the year, tourist arrivals to the province surged by over 30% compared to the same period last year, leading to a significant increase in tourism revenue, which greatly contributed to the province’s economic growth.

Local tourism promotion has been a key focus, with numerous promotional campaigns and large-scale cultural events being organized continuously. Notable among these were the Vung Tau Beach Tourism Festival and the Ba Ria – Vung Tau Tourism Fair, which attracted the interest of many tourists and investors.

Industry: The Economic Growth Engine

Industry has always been the primary driver of economic growth in Ba Ria – Vung Tau. In the first half of 2024, the province’s industrial sector continued to make significant strides. Industrial parks such as Phu My, Cai Mep – Thi Vai, and Chau Duc operated at high capacity, attracting substantial investment projects from domestic and foreign corporations.

Notably, the development of transportation infrastructure, including seaports, highways, and a synchronized logistics system, facilitated the operations of industrial enterprises.

In the first six months, Ba Ria – Vung Tau attracted additional FDI projects with a total registered capital of up to billions of USD. This increase in investment projects not only created jobs for local residents but also contributed to enhancing the province’s industrial technology and competitiveness.

Moreover, the energy industry, particularly petroleum, witnessed impressive growth. New oil and gas exploitation projects in the province’s waters have stabilized and made significant contributions to the provincial budget.

Additionally, the processing and manufacturing industries also flourished, with numerous new factories and enterprises being constructed and put into operation.

Agriculture: Embracing Technology for Sustainable Development

Alongside industry and tourism, agriculture also recorded considerable development in the first half of 2024 in Ba Ria – Vung Tau. The province has focused on promoting the application of high technology in agricultural production, enhancing product quality, and expanding consumption markets.

High-tech agriculture is becoming the predominant trend in the locality, with numerous smart farm models utilizing modern technologies such as automatic irrigation systems and AI in crop management and care.

The province’s agricultural products, such as pepper, coffee, and fruits, have met export standards, expanding their reach to numerous countries worldwide.

Local authorities also prioritize sustainable agriculture development, with programs supporting farmers in adopting organic farming practices and reducing the use of pesticides and chemical fertilizers. This not only protects the environment but also enhances the economic value of agricultural products, meeting consumers’ increasing demands for safe and high-quality produce.

Infrastructure and Transportation: Foundation for Development

One of the critical factors contributing to Ba Ria – Vung Tau’s remarkable growth in the first half of 2024 is the synchronized development of infrastructure and transportation.

The province has implemented numerous vital infrastructure projects, facilitating movement, cargo transportation, and connectivity within and outside the province.

The upgrade and expansion of highways, along with the completion of large ports in Cai Mep – Thi Vai, have enhanced sea transport capacity and connected the key economic region of the South with other provinces.

The province’s seaport system is now becoming a significant destination for international sea transport lines, significantly contributing to the development of the marine economy and logistics industry.

Additionally, urban infrastructure development, including new township projects, parks, and social infrastructure like schools and hospitals, has improved the quality of life for residents, attracting people and workers to live and work in the locality.

Education and Healthcare: Elevating Human Resources Quality

Alongside economic development, Ba Ria – Vung Tau also attaches great importance to education and healthcare to enhance human resources quality and ensure social welfare.

In the first half of 2024, the province made substantial investments in the education system, constructing new schools equipped with modern facilities to meet the educational needs of local students.

Vocational training programs aimed at enhancing labor skills were also widely implemented to prepare a high-quality workforce for the industrial and service sectors.

Furthermore, the province’s healthcare system has been upgraded, with new hospitals and medical centers being built and equipped with advanced medical technology, improving healthcare services for the people.

Social welfare policies, caring for the poor and disadvantaged, were also effectively implemented, contributing to reducing poverty rates and enhancing the material and spiritual lives of the people.

Environment and Sustainable Development

Amid robust economic development, Ba Ria – Vung Tau also pays close attention to environmental protection and sustainable development. The province has implemented various environmental protection programs, reduced pollution, and efficiently utilized natural resources.

Renewable energy projects, such as wind and solar power, are being promoted to reduce reliance on fossil fuels and protect the environment. Additionally, the province focuses on forest protection, water resource management, and biodiversity conservation to ensure harmonious development between the economy and the environment.

According to the Provincial Planning and Investment Department, the synchronized efforts of the government and the locality have led to positive shifts in the province’s socio-economic situation.

Specifically, total budget revenue reached 62.62% of the estimate (the plan is VND 88,600 billion); Total investment capital for development increased by 11.61% over the same period last year. In which, budget investment capital increased by 42.41%; enterprise investment capital increased by 4.66%.

The value of industrial production excluding crude oil increased by 12.56% (the plan is 10.11%); Lodging service revenue increased by 19.87% (the plan is 13%); Travel service revenue increased by 37.73% (the plan is 13.33%); Transport, warehousing, and supporting transport service revenue increased by 11.25% (the plan is 4%); Export turnover excluding crude oil increased by 7.01% (the plan is 3.28%); Import turnover increased by 8.42% (the plan is 3.05%)…

Notably, in the first seven months of the year, the province granted new investment registration and adjusted investment capital increase for 17 domestic projects, with a total registered capital of about VND 27,390 billion (reaching 132.6% compared to the plan and increasing 2.96 times over the same period).

Especially, in July 2024, Ba Ria – Vung Tau province granted an investment registration certificate for 1 FDI project with a total investment of USD 5.5 million and adjusted investment capital increase for 3 projects with a total registered investment capital increase of USD 89 million; 3 projects with an investment capital increase of VND 89 million.