The southern province of Ba Ria - Vung Tau is now improving its business climate in order to attract more investment, with one of the focuses laid on wooing capital on developing green industrial parks.
According to a recent report, since 2016 the province has lured roughly $3 billion via 126 foreign-invested projects. The province has since established 15 industrial zones with total investment of VND25 trillion ($1.09 billion).
The presence of the industrial zones has given the province a boost in developing the local economy and infrastructure.
An example for the province’s economic development is the Thi Vai-Cai Mep deep-water port, which is playing an important role in cargo movements and reached an overall gate volume of more than 220,000 twenty-foot equivalent units (TEU) in the past two years, expecting to reach 250,000 TEU this year.
Additionally, the province’s offshore gas pipeline system is efficiently set up to support factories and plants on land. The modern gas pipeline system has brought lots of benefits in reducing cost and enhancing efficiency of projects.
Despite its remarkable number of industrial zones in the province, Ba Ria-Vung Tau has performed exemplary wastewater treatment processes from plants and factories, with 11 of the existing industrial zones such as Dong Xuyen, Phu My I, and My Xuan A being equipped with automatic wastewater treatment systems. Almost all secondary companies in the industrial zones have installed basic wastewater treatment before connecting to the main system.
The province’s development is oriented by commitment to collect projects which are set by large international institutions, applying high-end technology to meet the adequate standards of green environment. Additionally, Ba Ria-Vung Tau is focusing on its strength such as logistics and supporting industries like mechanics and petrochemicals.
However, in its ambition of developing green industrial parks, the province is encouraging projects which save energy and natural resources as well as in workforce.
The effective implementation of Directive No.41/CT/TW and Resolution No.06/NQ-TW of the Standing Committee of the provincial Party Committee has given the province a clear direction in policy and orientation to improve the investment environment and attract more financiers.
Furthermore, with the orientation of green industrial parks, the province will partly contribute in success of the Politburo’s Resolution No. 50-NQ/TW issued last August on direction to complete regulations and policies to improve quality and effectiveness of foreign investment until 2030.
In which, the number of enterprises using sophisticated tech and modern management methods as well as environment conservation will account for 50 per cent in 2025 and 100 per cent in 2030 compared to 2018.
In a statement commenting on the position of Ba Ria-Vung Tau compared to other Vietnamese provinces, senior economic expert Nguyen Mai appreciated its available potential and advised the province to adjust available industrial zones as well as build new ones following government decisions. He highlighted that the shift from conventional industrial zones into ecological ones has brought about obvious benefits, with such zones connecting plants and factories of different businesses by means of circulating power resources and material to co-operate, share, and exchange material benefits.
Ba Ria-Vung Tau has become a green destination for labour-less and environmentally-friendly projects. Since 2014, thanks to investor commitment of using modern equipment and rejecting out-of-date machines and low technologies, the province has seen greater productivity and outstanding product quality and competitiveness.
In recent years, many large groups, such as Lock&Lock, Posco, Marubeni, and CJ CheilJedang have chosen the province to expand their businesses. Such investment interest has been rising over the years and contributes to the new and modern industry.
Between 2016 and 2020, the province saw several large projects implemented, such as the Phu My plastic plant, an underground liquefied petroleum gas warehouse, an instant coffee plant by Marubeni, and a solar plant in Chau Duc.
It is anticipated that in the next five years, Ba Ria-Vung Tau could cash in on nearly 200 foreign-invested projects worth around $2 billion. The province will focus on filling up the established industrial zones to create a coastal province specialised in industry, logistics, and tourism.
The shift to more ecological investment has brought about many positive changes
Source: Vietnam Investment Review