Ba Ria-Vung Tau to attract more FDI for development

The development strategy for 2020 continues to focus on completing the road system connecting the province with other localities in the region, including roads connecting the port system with Highway 51, industrial zones and logistics centers; developing the system of inland ports and warehouses around the Cai Mep-Thi Vai port; and promoting investment in railway lines connecting the Cai Mep-Thi Vai port and stations in provinces and cities in the southern key economic zone.

The province has many advantages for foreign investment, such as good infrastructure, developing port services, low labor costs, and high economic growth. In 2020, the province will invest strongly in the Cai Mep-Thi Vai port system and logistics centers in order to strengthen connections with European supply chains.

In addition, it will focus on promoting major projects that use advanced technology and are environment-friendly, with sectors including logistics, supporting industries, high-tech agriculture, and tourism being prioritised.

It will identify major global corporations for soliciting investment.

Activities to promote investment, trade and tourism will be undertaken together with partners such as Japan, South Korea, Australia, North America, Russia, and ASEAN.

With the effect of the ASEAN Trade in Services Agreement (ATISA) and the ASEAN Agreement on Electronic Commerce, the Southeast Asia third party logistics market is expected to grow at a compound annual rate (CAGR) of 5.5% over the next few years, reaching US$56 billion by 2025.

Another bright spot for FDI in Vietnam in general and Ba Ria-Vung Tau Province in particular is the signing of free trade agreements that will promote exports and create jobs. 

Over the years, the province has issued appropriate policies to support businesses in participation in provincial and regional supply chains. 

The province will also strengthen investment promotion activities at home and abroad./.

By Vien Nhu