Many outstanding advantages
Ba Ria - Vung Tau has long affirmed its position as one of the localities with the leading economic potential in the country. With a strategic location on the East Sea coast, near important international shipping routes, the province is not only prominent in the field of seaports but also a center of industrial production, export and foreign direct investment (FDI).
According to the report of the Provincial People's Committee, in 2023, Ba Ria - Vung Tau attracted more than 3.5 billion USD of FDI capital, ranking among the leading localities in the country. In particular, FDI projects focus on the fields of processing and manufacturing industries, renewable energy and seaports, contributing to improving growth quality and creating high added value.
In addition, Ba Ria - Vung Tau is the economic center of the Southeast region, playing a leading role in regional connectivity. The province's transportation system is gradually being completed with important projects such as Bien Hoa - Vung Tau Expressway, Ring Road 4, and Long Thanh International Airport less than 40 km away. The synchronization of infrastructure has created favorable conditions for the province to develop rapidly.
Cai Mep - Thi Vai Port.
The port and service economy of Ba Ria - Vung Tau is one of the key factors for the establishment of a free trade zone. Cai Mep - Thi Vai port cluster is considered one of the 21 port clusters with the largest exploitation capacity in the world, with the ability to receive ships of 200,000 DWT.
In 2023, the total cargo turnover through the port reached more than 130 million tons, an increase of 10% over the previous year, of which export turnover accounted for a large proportion.
In addition, the service sector also has great potential. With an average income per capita of 8,078 USD/year in 2023, double the national average, local people have high consumption capacity, creating momentum for the development of trade, tourism, and financial services. According to the plan, by 2030, the proportion of the service sector will account for more than 50% of the province's economic structure, focusing on tourism, finance, seaports and logistics.
Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) commented that the policy of forming a free trade zone associated with a seaport in Cai Mep Ha area is a correct and strategic decision. According to him, this is an important opportunity for Ba Ria - Vung Tau as well as the provinces in the Southeast region to develop breakthroughs, continuing to affirm the role of the country's economic locomotive in the period up to 2030 and vision to 2045.
According to Mr. Hai, the free trade zone associated with the seaport will not only orient the development of the Cai Mep - Thi Vai port cluster but also bring many direct benefits such as attracting foreign investment, creating more jobs, promoting export growth and increasing foreign currency revenue.
Perspective of Cai Mep Ha Logistics Center project.
In addition, he also pointed out the indirect effects that the free trade zone can bring such as improving labor skills and attracting high-quality human resources, promoting the upgrading of modern science and technology, diversifying the economy and developing high-tech industries, increasing the value of Ba Ria - Vung Tau in the global value chain.
Mr. Hai said that the implementation of the free trade zone associated with Cai Mep - Thi Vai seaport will create a great momentum, not only for Ba Ria - Vung Tau province but also contribute to turning the Southeast region into an economic - commercial center of regional and international stature.
Opportunities from the establishment of free trade zones
Economic experts say that the establishment of a free trade zone in Ba Ria - Vung Tau will create a strong lever, making the province a bright spot in international integration. A free trade zone will help the province make the most of its geographical advantages and existing infrastructure, while attracting new sources of investment capital, especially from multinational corporations.
Free trade zones are not only places to attract investment but also spaces to test innovative economic policies. Tax incentives, simplified customs procedures and liberal mechanisms in trade and investment will create special appeal.
According to a report from the Ministry of Planning and Investment, free trade zones around the world often have GDP growth rates 2-3 times higher than surrounding areas, while creating thousands of high-quality jobs.
In addition, the free trade zone in Ba Ria - Vung Tau can become an international logistics center, connecting with major economic centers in the region such as Ho Chi Minh City, Dong Nai and Binh Duong. This will not only help improve the efficiency of the supply chain but also increase the competitiveness of export enterprises.
In preparation for the establishment of the free trade zone, Ba Ria - Vung Tau has continuously improved its investment and business environment. Administrative procedures have been simplified, and a system of preferential policies has been built to suit the needs of businesses. In 2023, the province's rate of timely settlement of administrative records will reach 98%, creating great confidence for investors.
The establishment of a free trade zone in Ba Ria - Vung Tau will create a strong leverage, making the province a bright spot in international integration.
At the same time, the province also focuses on developing high-quality human resources. A series of training programs and cooperation with universities and research institutes at home and abroad have been implemented to meet the human resource needs of modern industries and high-end services.
The establishment of a free trade zone in Ba Ria - Vung Tau not only benefits the province but also creates a resonance for the Southern key economic region. As one of the growth poles of the country, this area will have more motivation for sustainable development, increasing national competitiveness.
In the future, Ba Ria - Vung Tau will continue to exploit its existing advantages to the fullest, while promoting international cooperation, improving service quality, and developing key economic sectors. The free trade zone is not only a symbol of strong transformation but also a testament to the province's long-term vision and determination to develop a sustainable economy.
With strategic steps and a solid foundation, Ba Ria - Vung Tau is getting closer to its goal of becoming the leading economic, commercial, and logistics center in the region, contributing to shaping the future development of the entire Southeast region and the whole country.
Source: https://vtcnews.vn/ba-ria-vung-tau-don-co-hoi-lon-tu-khu-thuong-mai-tu-do-ar910038.html
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