Cai Mep - Thi Vai deep-water port in the Southern Province of Ba Ria - Vung Tau
With Cai Mep - Thi Vai deep-water port cluster, the industry in the province has made great progress in recent years, becoming one of the province’s four solid economic pillars.
According to the provincial People's Committee, the province's gross domestic product (GRDP) in 2022 is estimated at VND 390,293 billion; plus, GRDP from petroleum is estimated to increase by 10.97 percent over the same period and this is the highest increase in the province in the last 10 years.
Overall, the industry continued to maintain a high growth rate with a proportion of 52.21 percent in the structure of GRDP and added value up to more than 10.5 percent. Since the beginning of the year, industrial parks (IZs) in the province have attracted 46 projects including 15 FDI projects with a total registered capital of nearly US$270 million and 31 domestic projects with a total registered capital of nearly VND 7,094 billion.
In order to attract big investors, the investment and development of industrial park infrastructure are also being carried out synchronously. Sales and Marketing Director of Phu My 3 Intensive Industrial Park Pham Thi Thanh Kim assessed that the Phu My 3 Industrial Park has the advantage of a strategic position in the logistics value chain due to its proximity to the Cai Mep – Thi Vai deep-water seaport and near oil and gas port warehouse which is convenient for the supply of natural gas, industrial gas, liquid chemicals as raw materials for production; thereby, helping to reduce logistics time and costs as well as optimize production costs for investors.
By the end of November 2022, Japanese, American, European, and domestic partners decided to pour investment in the IP which attracted 36 investment projects with a total investment capital of about VND60,000 billion.
According to the Ba Ria - Vung Tau Industrial Park Management Board’s statistics, in 2022, the investors of industrial zones spent about VND 689.2 billion investment in infrastructure, achieving the rate of 56.96 percent of the annual plan and cumulatively increasing the total investment value of industrial park infrastructure in the area to more than VND19,363 billion, reaching the rate of 72.8 percent of the registered and adjusted investment capital.
According to experts, the contribution of the industrial sector to the economy of Ba Ria - Vung Tau Province in recent years has been quite stable due to its large scale and supported by the advantage of a deep-water seaport.
However, investment attraction, especially FDI investment, is still not commensurate with its advantages and potential due to the slow development of the connected transport infrastructure, the lack of asynchronous legal framework and the low labor rate of trained workers.
In the following years, Ba Ria - Vung Tau Province will determine to focus on solutions to improve the efficiency of state management of industrial zones and clusters. Along with that, the province will direct localities and departments to remove difficulties, speed up site clearance as well as attract secondary investors.
In the long term, the province remains steadfast in its objective of selectively attracting investment with a focus on attracting projects using modern technology, high added value, less labor intensive and non-invasive to the environment. At the same time, investment and industrial development must be associated with promoting the potential and advantages of the existing deep-water ports.
Recently, at the seminar "Industrial development of Ba Ria - Vung Tau Province in the southern key economic region", Ms. Tran Thi Hai Yen – Director of the Southern Investment Promotion Center under the Ministry of Planning and Investment's Foreign Investment Agency said that in order to promote regional linkage activities in attracting foreign investors, the province needs to coordinate in implementing the central investment attraction and incentive policies consistently and transparently.
In addition, it is necessary to train high-quality human resources to serve the labor needs of the regional economy, and the FDI sector and build a synchronous transport infrastructure system to connect with the transport infrastructure.
Mr. Nguyen Cong Vinh, Vice Chairman of the provincial People's Committee, said that in the coming time, the province will continue to accelerate the implementation of key projects and works on regional linkage infrastructure, speeding up the reduction of administrative procedures, and improving the investment environment.
