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Ba Ria-Vung Tau: result after 20 years of renewal and development (part 1) Print
Monday, 22 April 2013 14:35

VIETRADE - Since its establishment, Ba Ria-Vung Tau Province has taken steps to "catch up" the future with specific plans for each industry, each sector and each locality under the guideline of utilizing the potential and advantage.Three key areas are still industrytourism-commercial services. Upon the comparative advantages of economic potentials, the province began to "wake up" the advantageous potentials, such as oil and gas, ports and to form industrial parks since the early 1980s.

 

Basically, the province's economic structure has shifted toward the sound direction of industry-serviceagriculture for the past 20 years. If including the oil and gas in 1996, industry accounted for 75.7%, services 18.9%, agriculture 5.4%; in 2000 industry rose to 81.6% and services decreased to 14.4%, agriculture 4%. If excluding oil and gas, during the period 1996-2000, its economic structure is: 48.6%- 37.6%-13.8% and in 2000 the shift of the economic structure as 47.2%-41.2%-11.6%. Total GDP in the period of 1992- 2001, excluding oil and gas, rose 18.06%/year on average. The scale of GDP in 2001, including oil and gas, is 3.7 times higher than that of 1992. GDP per capita in 2001 is 3.5 times higher than that of 1992.

 

The economic sectors like industry, trade-service, tourism, export, agriculture- forestry have high growth rate. Thanks to the strong economic development, the cultural and social aspects changes positively; people's living standard is continuously improved and enhanced; national security is stable, etc. The fifth congress of the Party Committee of Ba Ria-Vung Tau recently summed up the achievement of the socio-economic development in five years (2006-2010). Most socio-economic targets in the local ity were successfully gained and exceeded targets set by the fourth Party Congress, in which some targets are higher than that of the whole country, such as average annual economic growth gained 17.78%, GDP per capita/year recorded over US$ 5,800. As a result, it has had the largest economic scale in the region as well as the country with sound and positive shift of the economic structure, as detailed the proportion of industry-service accounting for nearly 96%, major export volume, the budget revenue exceeding the targeted figure, the poverty rate declining as well.

 

Ranking top in investment attraction

Situating in the Southern key economic sectors and having comparative advantages of the potential for economic social development, Ba Ria-Vung Tau has been the leading province of the country in terms of investment attraction. According to the report of the Department of Planning and Investment, the province issued 196 new certificates of foreign investment with total registered capital of US$ 24.258 billion in five years of 2006-2010, increasing the total number of investment project on the province of over 280 projects with total registered capital of about USS 27 billion. It exceeded twice in terms of number of projects and exceeded ten times in terms of the amount of registered capital compared to the targets set by of the fourth provincial Party Congress.

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The projects focus on two fields of tourism and industry. Apart from the increase of the registered capital, funds from the foreign investment recorded US$ 3.39 billion, exceeding US$ 650 million compared with targets and 1.5 times compared with the period of 2001- 2005. Statistics showed that the foreign investment projects accounted for 60% of the total investment capital, 50% of export revenue, contributing 20% -30% of state budget and created new jobs for more than 20,000 employees. It is estimated that the total investment capital made in 2010 was about 8,020 billion dongs with 248 projects being implemented; the investment cer tificates were granted for 38 foreign investment projects and 56 foreign investment projects in the country with total capital of US$ 2,436 million and 41,443 billion dongs respectively.

 

Strong growth of the industry

The province has now 14 Ips with the scale of 8,800 ha. In particular, seven IPs established before 2006 are put into operation, occupying 77% of the area. The Ips attracted more 162 investment projects, raising the total number of investment projects in IPs up to 222 projects with exchanged total investment capital of US$14 billion.

 

Out of 30 planned industrial clusters, 6 clusters were invested in infrastructure. Before 1986 when the first ton of oil had been extracted from Bach Ho oilfield, Ba Ria-Vung Tau affirmed its position in the country's economy. Ba Ria-Vung Tau was ranked top among the provinces in terms of GDP and big payment of state budget from oil revenues.

 

Thanks to oil and gas, the province formed the biggest gas-electricityfertilizer center with its annual electricity production yield accounting for nearly 40% of total electricity of the country, ensuring national energy and security. Production yield of fertilizer in the province has provided more than 30% of fertilizer demand for agricultural sector and becomes a powerful source to ensure food security. Ship-building center, steel manufacturing center, oil and gas industry service center, etc. ranked as the large industrial centers in the country were also established in Ba Ria-Vung Tau. In particular, Cai Mep -Thi Vai area was planned to develop into the major port and the commercial gateway, as well as the driving force of economic development for the southern key economic sector. 37 large-scale ports planned for development and it is expected that cargo volume through the region will reach 50 million tons/year in 2020. It is also necessary to mention to the first specialized ports with the largest scale such as Phu My general port with capacity of above 3 million tons/year, SP-PSA container port with capability of receiving vessels 116,000 DWT and the throughput cargo volume reaching 2.2 million TEUs/year; Tan Cang Cai Mep with capability of receiving vessels of 110,000 DWT and the volume of one million TEUs/year. In June 2009, receiving two mother ships at two ports opened a great prospect for export-import activities of the entire region. By this way, the industrial ratio of Ba Ria-Vung Tau accounts for over 63% of GDP (if including oil and gas, it accounts for more than 70%). (to be continued)



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