She commended the province for achieving an economic growth rate of 5.75% in 2023 despite huge difficulties in both international and domestic markets.
The province features many industrial parks with a large number of enterprises but sees very few strikes, demonstrating the role of Trade Unions and the balance of interests between enterprises and workers.
The Politburo member expressed her hope that the province will promote the above strength and become a typical province in terms of labour relations. She noted that this is a decisive factor for the province in the attraction of quality investors because they always look for destinations with a good investment environment and a harmony of benefits between businesses and workers.
The province attracted a total investment of 2.5 billion USD in 2023, including 1.4 billion USD in foreign direct investment (FDI), and ranked among the leading 10 FDI localities nationwide. Ba Ria-Vung Tau also reported its total budge revenue at over 89.5 trillion VND, reaching 101% of the target and ranking fourth nationwide.
Moreover, the province saw two new industries in 2023, including the production of equipment for the offshore wind power industry, and establishment of the Hyosung factory by an investor from the Republic of Korea as well as Thailand’s Long Son Refinery & Petrochemical Complex project in the chemical industry.
The province expects to achieve an economic growth of 8.5% and attract a total investment of 2.86 billion USD in 2024.
