As of the end of 2024, Ba Ria-Vung Tau had attracted 57 new investment projects with a total capital of 2 billion USD, double that of last year. The new projects were carefully selected to be consistent with development goals and not harm the environment.

Nguyen Cong Vinh, Vice Chairman of the provincial People’s Committee, said that Ba Ria-Vung Tau’s aim is to develop an advanced, environmentally friendly industry that will reach net zero carbon emissions by 2050 as directed by the Government.

“As a national marine economic center with a very good ecosystem and many advantages, Ba Ria-Vung Tau is a good choice for investors,” Vinh noted.

This year the Republic of Korea’s industrial chaebol Hyosung invested 400 million USD in a hydro-treated vegetable oil (HVO) project for manufacturing aviation fuel in Ba Ria-Vung Tau. Hyosung now has three local projects worth 1.66 billion USD.

The new project conducts hydro-processing of refined biomaterials such as used cooking oil, fish oil, palm oil, and animal fat in order to manufacture HVO, a renewable diesel fuel that can reduce carbon emissions by 73-84%.

This is one of 57 new selective investment projects Ba Ria-Vung Tau province has implemented this year that are environmentally friendly and promote the development of high-tech industry, green industry, clean energy, and renewable energy.

Other projects include a smart terminal factory built by Chinese display maker BOE Technology Group and an electronic circuit board project by Taiwan (China)’s Tripod Group at Sonadezi Industrial Park.

Le Ngoc Linh, Director of the provincial Department of Planning and Investment, said an important change in Ba Ria-Vung Tau’s industrial park planning is being more selective in investment attraction.

Industries that pollute the environment – like metallurgy, chemicals, and fabric dyeing – have not been licensed, said Linh, adding that the new focus is on high-tech industries that consume less energy and are environmentally friendly.

“In attracting investments, we look for large-scale projects that involve modern technology, are environmentally friendly, and are not labor-intensive. The provincial government helps businesses maximize their economic efficiency,” Linh noted.

By shifting the focus in FDI attraction from quantity to quality, Ba Ria-Vung Tau is approaching its goal of green, sustainable growth. Strong determination on the part of provincial leaders, departments, sectors, and localities has created a green industrial ecosystem with strong spillover effects.

Long Son Petrochemicals and LNG Thi Vai Terminal are good examples. Phu My 3 Specialized Industrial Park has met all the criteria of an ecological urban area, a green industrial park, and a circular economy.

“Greenifying” investment capital flows in Ba Ria-Vung Tau has been made possible by a consensus of the enterprises.

According to Nguyen Thi Thao Nhi, CEO of Thanh Binh Phu My Company, “Environmental sustainability has been set as a task to harmonize all the interests of businesses operating in Ba Ria-Vung Tau province. We consider it the right direction and always follow that criterion.”

Ba Ria-Vung Tau province will maintain strict environmental standards and efficient use of land funds in industrial parks. Safe high-tech industries and renewable energy will continue to be prioritized in the province's development strategy, said Vice Chairman Vinh.

He added, “The province's direction is to continue to focus on sustainable development. So we’ll choose environmentally friendly projects that use advanced technologies and are not labor-intensive. Ba Ria-Vung Tau is developing sustainably by protecting the environment.”

In 2024 Ba Ria-Vung Tau is one of leading localities in Vietnam in attracting FDI from investors with a lot of capital and modern technology. Billion-dollar projects have connected the province with economic groups like Australia’s Austal Group, Japan’s Marubeni Group, and Korea’s Hyosung Group, CJ Group, and Samsung Group.

By attracting investment selectively Ba Ria-Vung Tau will soon be a major economic driver and marine economy center, and will meet the criteria of a centrally-run city by 2030.