Ba Ria – Vung Tau shows excellent performance in improving investment environment

Addressing a recent dialogue between local officials and representatives of the businesses, Phi Dinh Luc, Director of External Relations of Hyosung Vina Chemicals Co., Ltd in Cai Mep Industrial Park said that the event offers a good chance for businesses to mention their difficulties and problems, and for provincial authorities to introduce timely solutions.

A traffic infrastructure system in Xuyen Moc district of Ba Ria-Vung Tau province. (Photo: VNA)

Pham Van Triem, Chairman of the provincial association of small- and medium-sized enterprises, said the locality has recorded economic improvements in 2024 after a difficult time due to the COVID-19 pandemic.

There are many good signs for the locality such as the approval of the Master Plan of Ba Ria-Vung Tau province for the 2021-2030 period, with a vision toward 2050, which sets a goal to develop Ba Ria - Vung Tau into a national marine economic hub.

According to Triem, the locality ranked 6th in the top 10 provinces and cities with the best PCI score in 2023, and 8th in the Provincial Green Index (PGI). Provincial authorities have just issued an adjusted land price list to suit the actual situation, helping balance taxes and fees for people, approach market prices, and increase investment attraction in the real estate market.

He attributed the results to joint efforts of local authorities, the business community, and investors operating in the province, adding that these make it easier for enterprises to increase their investment in production and business activities, thus promoting the locality’s economic development.

Speaking at the event, Nguyen Van Tho, Chairman of the provincial People's Committee, said improving the business and investment environment is considered one of the key tasks of the locality, noting that sustainable development of businesses is a foundation to promote the locality’s socio-economic development.

According to Tho, so far this year, the provincial departments and sectors have cut the time for handling administrative procedures; implemented a mechanism to connect investment and business procedures; and strengthened public inspection work to rectify the handling of administrative procedures of each department, sectors, and localities. They have also concertedly implemented solutions to improve the investment and business environment and enhance the competitiveness index at the provincial and national levels.

In 2023, through dialogue with businesses, provincial authorities received and processed 35 petitions from businesses and investors related to land, the environment, minerals, tax and land rent, administrative reform, policy guidelines, and administrative procedures. Of these, 31 petitions were responded to in documents.

A special task group (Group 997) was established in 2023 which has received and handled more than 60 petitions so far.

In the first nine months of 2024, Ba Ria – Vung Tau authorities granted new registration certificates to 1,386 enterprises with a total registered capital of about 14.87 trillion VND (over 604.2 million USD), up over 1% year-on-year in both the number of enterprises and value of investment. Domestic investment attraction in the period reached 168% of the set plan and increased by 3.5 times over the same period last year.

Meanwhile, it attracted 48 foreign-invested projects worth 1.9 billion USD. Ba Ria – Vung Tau is now home to 489 projects invested by foreign businesses with a total registered capital of 33.4 billion USD; and 697 domestic ones worth 400 trillion VND.

The development of the business community and entrepreneurs reflects the consensus between provincial authorities and businesses in implementing integration and sustainable development goals of the locality, Tho said.