As a province with a long coastline, river ports and abundant natural resources, in the past five years, the southern province of Ba Ria-Vung Tau has made great strides in socio-economic development and deserves to be a key economic area of the southern region
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As a province with a long coastline, river ports and abundant natural resources, in the past five years, the southern
During the past five years, under the resolutions adopted at the third provincial Party Committee Congress, Ba Ria-Vung Tau has played to its strengths to paint a lively picture for the local economy. Its average GDP growth rate has increased to 183 percent while industry remains a key sector taking the lion’s share of GDP, up from 81.6 percent in 2000 to 82.3 percent in 2005. However, services and agriculture fell from 14.3 percent to 13.8 percent and from 4 percent to 3.7 percent, respectively. Total export turnover after five years has reached approximately US$22 million, a two-fold increase against the 1996-2000 period. During the reviewed period, the province mobilised more than VND55,000 billion, of which VND5,500 billion came from the local budget and the remainder from foreign direct investment (FDI), central organisations and domestic capital inflows.
Despite having advantages in tourism and seafood processing, the province has failed to obtain expected results due to inappropriate investment. Therefore, Ba Ria-Vung Tau is developing infrastructure facilities around the Go Gang area to turn it into a seafood processing area by 2007, creating sustainable development for the local fisheries sector and solving pressing environmental issues.
In terms of tourism, the province is calling for investment in major projects approved by the Government such as a US$300-million Safari project to preserve the 500-ha Binh Chau-Quoc Buu Natural Reserve, and the 300-ha Chi Linh-Cua Lap project capitalised at around US$400 million.
Regarding cultural and social developments, the province has built 1,500 classrooms and accomplished secondary education universalisation.
In terms of political security, under Government Resolution 9, the province mapped out “four reductions” programmes to put criminals, prostitutes, drug addicts and transport accidents under strict control.
Concerning foreign investment attraction, Chairman of the provincial People’s Committee member Tran Minh Sanh said that Ba Ria-Vung Tau now has 112 valid projects worth more than US$4 billion in total investment capital. Attention is being given to streamlining administrative procedures, and zoning IPs and tourism areas to call for more investment and create every condition for investors to do business in the province.
The US$700-million stainless steel project and US$40-million project named Nipolac are expected to begin construction in the near future. Considering infrastructure development as an important factor in luring investment, the province has focused on developing power networks, roads and post and telecommunications. The construction of a 70-km long seaside route from Vung Tau to Binh Thuan running through three bridges will form a new tourism area attractive to foreign investors.
In terms of efforts to initiate a breakthrough in sustainable development and integration, Mr Sanh said his province will continue mobilising investment capital, with a target of between VND72,000-82,000 billion in the 2006-2010 period, a 1.5-fold rise against the past five years. Investment capital will be allocated for priority areas such as sea port construction, industrial development, tourism and fisheries. Furthermore, the province will address social issues by building more hospitals, schools and residential areas for low-income earners.
In the years to come, Ba Ria-Vung Tau will carry out a project approved by the Government to develop the local economy in Con Dao. However, economic development on a remote island area like Con Dao will be a challenging task. Thus, the province needs major investment from the State to effectively tap the potential of the area, which is imprinted with a rich historic tradition.
(Source: VOV)
