With its strategic location, Ba Ria - Vung Tau province aims to become a marine economic center, developing sustainably in both industry and services.
Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn said that since its early days, with its strategic location, Ba Ria - Vung Tau province has aimed to become a center of marine economy, developing sustainably in both industry and services. Up to now, the province has developed evenly and sustainably, with a large proportion of industry and services.
According to the Department of Planning and Investment, Ba Ria - Vung Tau has an outstanding economic growth rate and public investment disbursement compared to Ho Chi Minh City and neighboring provinces. Specifically, in the first 9 months of 2024, Vung Tau's GRDP (gross regional product) reached 11.5%, higher than Ho Chi Minh City (6.9%), Binh Phuoc (7.8%), Dong Nai (7.7%), Binh Duong (7.1%)...
Meanwhile, by the end of September 2024, the disbursement rate of public investment capital in Ba Ria - Vung Tau reached 50%, higher than the national average (47%) and higher than Binh Duong (43%), Dong Nai (38%), Ho Chi Minh City (20%)... The total newly registered FDI capital in the province in the first 8 months of 2024 reached 36.5 million USD. In terms of tourism, in the first 9 months of 2024, Ba Ria - Vung Tau welcomed 13.5 million visitors, with revenue reaching 14.1 trillion VND (up 9% compared to 2019).
Due to the clear differentiation of economic zones and real estate markets, Ba Ria - Vung Tau is divided into 3 main areas. That is the industrial concentrated area (Phu My, Ba Ria, Chau Duc) with prominent real estate types such as industrial parks, private houses, land...
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Residential and commercial center with main real estate types including private houses, apartments, land... and coastal resorts (Vung Tau, Long Dien, Dat Do, Xuyen Moc) where many condotel and resort real estate products are concentrated.
The province's 2021-2030 planning orientation sets out many new goals for sustainable development, including: GRDP (excluding oil and gas) reaching 8.1% - 8.6%; GRDP per capita/year reaching 497 million USD, the proportion of digital economy accounting for 35% - 37% and the proportion of marine economy (excluding oil and gas) reaching 60%.
According to the plan, the areas will be oriented according to their own strengths, including the Tourism and Urban Coastal Functional Area; the Industrial and Port Functional Area; and the Agricultural and Ecological Balance Functional Area. With many advantages in terms of location and economy, in the third quarter of 2019, Ba Ria - Vung Tau witnessed some localities such as Phu My, Long Dien... in the top of real estate price growth compared to the previous quarter.
As for the real estate market, the interest level in all segments in September 2024 is also on the path to recovery compared to January 2024. In particular, the condotel type has a strong increase of 64%. Other types increased slightly, land increased by 16%, apartments increased by 13%, private houses increased by 6% and only the villa type decreased slightly by 3%.
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Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn said: Only 96km from Ho Chi Minh City, Ba Ria - Vung Tau is always one of the top tourist choices in the region. Therefore, the resort real estate segment here, especially Vung Tau city and Xuyen Moc district, is always of interest.
The factors that investors consider most important when choosing resort real estate are the profitability from rental, legal transparency, accompanying utilities and construction design materials. In addition, the factors that need to be promoted to boost the real estate market in Ba Ria - Vung Tau are promotion, tourism development, strengthening support policies and improving infrastructure.
However, according to some experts, although Ba Ria - Vung Tau has the advantage of distance and attracts a large number of tourists, entertainment activities and the number of attractions are still quite limited. The province's total tourism revenue in 2023 reached 14.7 trillion VND, lower than other provinces due to the lack of prominent large-scale amusement parks and amusement parks.
In addition, Xuyen Moc district is currently focusing on a number of large-scale projects with many entertainment facilities but they are quite far from the center, posing a problem to meet the expectations of tourists.
Although the level of interest in Ba Ria - Vung Tau resorts has recovered, in the future, the local tourism and resort market will face many challenges in meeting consumer expectations.
“When the above factors are resolved, the real estate industry in Ba Ria - Vung Tau in general and tourism and resort real estate in particular will develop, commensurate with the advantages of prime location and potential sea tourism. The expected operation of Long Thanh International Airport (Dong Nai) in 2026 is also expected to make traveling to Ba Ria - Vung Tau more convenient, creating more conditions for the province to attract more domestic and foreign tourists,” said Mr. Tuan.
According to data from Batdongsan.com.vn, the selling prices of all types in Ba Ria - Vung Tau in September 2024 compared to January 2024, land prices increased by 36%, condotels increased by 15%, villas and apartments both increased by 6% and private houses decreased by 6%.
In particular, Ba Ria - Vung Tau apartments and condotels have seen a positive recovery in both interest and selling prices this year. Specifically, the interest in apartments in October 2024 compared to January 2024 increased by 13%. This rate in condotels in the same period was up to 64%. Prices of the above two types are gradually recovering and are expected to grow in the future with projects with many amenities.
Overall, with the current challenges and advantages, the real estate market in Ba Ria - Vung Tau is expected to continue to maintain its level of interest and improve in the future. Legal support policies and the speed of infrastructure completion will be a major driving force in the long term. These factors will promote Ba Ria - Vung Tau province to become the center of the southern maritime economy.
Source: https://thoibaonganhang.vn/ba-ria-vung-tau-nhie-u-co-hoi-tro-thanh-trung-tam-kinh-te-bien-khu-vuc-phia-nam-156973.html
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