The Bien Hoa – Vung Tau expressway project is under construction with a plan to open to traffic in 2025
According to data from the Department of Planning and Investment of BRVT province, attracting foreign investment capital in 2023 has increased clearly with 21 new projects and 29 projects with increased investment capital. Total capital attracted was more than 1.4 billion USD, reaching 153% of the plan, an increase of 91.67% compared to 2022. Of which, with new investment capital reaching 893.1 million USD, additional capital was 508,000 USD. 3 million USD.
By the end of 2023, the whole province will have 458 foreign investment projects with a total registered capital of over 31.53 billion USD. Many leading and world-famous corporations are operating factories and projects in BRVT such as multi-industry giants Hyosung of Korea, Samsung, Heineken Beer Group, Siam Cement Group (SCG – a large textile company). Thailand invested 5.1 billion USD in Long Son petrochemical project), leading European shipbuilding industry company VARD (of Norway), Austal Group from Australia…
VARD Vung Tau shipyard of VARD group from Norway. Photo: VARD
Regarding domestic investment, the province attracted 28 new projects and adjusted to increase capital for 15 existing projects during the year. Total domestic investment capital for the whole year reached 28,695 billion VND, up to 142.28% of the plan. The whole province has 710 domestic investment projects with a total registered capital of 384,983 billion VND.
Based on positive results in 2023, BRVT aims to attract 2.9 billion USD of investment capital this year.
According to the Department of Planning and Investment, the province has been synchronously implementing a series of solutions to achieve efficiency in attracting investment in the coming time.
On February 16, 2024, Prime Minister Pham Minh Chinh chaired the 9th meeting of the State Steering Committee for important national and key works and projects in the transportation industry.
The conference was held in person and online connecting the Government bridgehead with 46 localities across the country with important national works and projects. At the BRVT bridge point, Mr. Nguyen Cong Vinh, Vice Chairman of the Provincial People’s Committee attended.
At BRVT recently, the component project of 3 Bien Hoa – Vung Tau expressway phase 1 through the province was implemented on schedule. Up to now, the liberation progress has reached nearly 99%, all three joint venture contractors are simultaneously implementing construction on the entire route, the cumulative project construction value has reached 12%. The project implementation progress exceeds 2% of the plan and is guaranteed to be completed before September 30, 2025, expected 3 months early according to the plan assigned in Resolution 90/NQ-CP of the Government.
Prime Minister Pham Minh Chinh (middle) inspects the Bien Hoa – Vung Tau expressway construction site on February 13, 2024. Photo: Ba Ria – Vung Tau newspaper
In addition, the province has been focusing on developing the transportation system, with many key routes such as DT994 and Phuoc An bridge for inter-regional connection.
At the same time, BRVT focuses on developing a system of logistics centers and international transshipment ports in Cai Mep – Thi Vai; Build and implement a project to develop large-scale industrial – service – urban complexes in Phu My; Set a strategy to strongly develop tourism in the coastal area from Vung Tau to Binh Chau and Con Dao…
Regarding human resource development, the province focuses on improving the rate of skilled labor, focusing on restructuring the industry in depth, creating breakthroughs in productivity, quality, efficiency and competitiveness.
In the vision to 2050, the province will become the national marine economic center in the Southeast (the region with Ho Chi Minh City is the major economic center of the country), the maritime service center of the Southeast region. Asia, a world-class high-quality tourism center, is a major industrial center of the Southeast.
Oriented to 2030, BRVT is basically qualified to become a centrally run city, with a multi-center urban structure, multi-modal infrastructure, firmly maintaining its position in the group of 10 localities with GRDP (value of total local product) and highest total state budget revenue in the country.
BRVT determines to strongly focus on attracting investment capital, focusing on large-scale projects, along with modern technology, with spillover effects, high added value but must be environmentally friendly.
The Bien Hoa – Vung Tau expressway project phase 1 has a total length of 53.7 km through the two provinces of Dong Nai (34.2km) and Ba Ria – Vung Tau province (19.5km). Total investment is 17,837 billion VND.
According to the plan, the project will be basically completed in 2025 and put into operation from 2026. Site clearance work will be carried out by the two provinces of Dong Nai and Ba Ria-Vung Tau.
