Becoming a Regional Centre of Industry and Service

Despite economic volatility caused by spiralling inflation, rising interest rates, soaring material prices, escalating input costs, and shrinking purchasing power, the industry and trade sector of Ba Ria - Vung Tau province still managed to attain remarkable results.

 

Industrial production value rose 10.96 percent year on year to VND30,780 billion in the first six months of 2011. The growth was lower than the country’s average, primarily because the Government and the Vietnam National Oil and Gas Group (PetroVietnam) revised down oil and gas production. If oil and gas production was excluded, the growth would rise 14.45 percent to VND22,913 billion in the reviewing period.

 

Total retail value climbed 32.5 percent to VND31,482 billion in the first six months of 2011. The market was relatively dynamic and demand and supply were guaranteed. Although commodity prices increased, no undersupply happened. Goods made in Ba Ria - Vung Tau are present in many countries and territories worldwide. Exports reached US$6.6 billion in the first six months, up 85.59 percent over the same period, as crude oil and other commodity prices surged. Excluding crude oil, the value was US$669 million, a relatively high rise from the corresponding period in 2010 because prices of agricultural products, seafood, apparels and footwear leaped.

 

In the last six months of this year, the industry and trade sector will focus on bringing industrial production growth to 11.96 percent (or 15.5 percent, excluding crude oil); exports excluding crude oil will climb 16.43 percent; total retail sales will leap 25.16 percent; and the consumer price index will advance less than 17 percent. To accomplish these goals, the sector will continue implementing drastic solutions to implement the Government’s Resolution 11 which focuses on curbing inflation, stabilising macro economy, and ensuring social welfare.

 

The Resolution of the fifth Provincial Party Congress (2011 - 2015 term) defined that Ba Ria - Vung Tau will be built into a province of developed industry with a powerful marine economy and a developed seaport system, as well as a regional and national centre of industry, service, tourism and seafood. The focus of industry - trade - service sectors is to develop seaports in association with logistics services and industrial development.

 

The province will advocate the development of high tech, energy-efficient and competitive industries. It will form specialised industrial parks to attract high-tech projects, develop the oil and petrochemical refining industry, and manufacture containers, lifting equipment, mechanical products and packages for port operations.

 

Besides, the province plans to develop Go Gang into an urban - service centre, build Long Son oil refinery and petrochemical complex, and dedicate 1,000 ha of land in Lower Cai Mep to develop port logistics for the Cai Mep port system. It will step up investment promotion for industrial development, attract major mechanical manufacturing and industrial supporting industries, and develop industrial complexes to attract industrial projects in support of mechanical, electrical, electronic and chemical production. At the same time, it will strengthen cooperation with universities and vocational schools to train high-level technical workers with foreign language fluency to meet the demand of the business community in the future.

 

As for trade - service sectors, the province advocates promoting competitive potential and advantages, particularly seaport and logistics services, tourism, oil and gas, shipping, maritime and other services to create breakthroughs in the 2011 - 2015 period. It will also develop other services including finance, banking, insurance, legal advice, investment consulting, technology transfer, health and education to increase the proportion of services in the local economic structure. It will enhance the competitiveness and performance of all exporters.