Ba Ria – Vung Tau seeks to achieve economic growth of 6.7 per cent this year, the People’s Committee of the southern province has announced. — Photo bizlive.vn

Ba Ria – Vung Tau seeks to achieve economic growth of 6.7 per cent this year, the People’s Committee of the southern province has announced.

Its industrial production growth target is 7.7 per cent.

The investment target is over VND42.6 trillion (US$1.87 billion), 5 per cent up from last year.

To achieve the investment target, the province plans to restructure its economy with a focus on services related to the seaport system, supporting industries and tourism.

It also plans to boost the use of technologies in all sectors.

It is currently carrying out many long-term programmes to boost production of high-quality products and supporting industries by 2020.

It is upgrading infrastructure at the Phu My 3 Industrial Zone and Da Bac Industrial Zone besides completing construction of more zones.

Plans are in the works to further develop its port system by 2020.

Nguyen Van Trinh, chairman of the People’s Committee, said the province appreciates the role of investors and companies in helping achieve its economic goals.

In return, the province is focused on helping companies resolve whatever difficulties they face, he said.

Of the VND41 trillion ($1.79 billion) investment last year 83 per cent was by domestic and foreign companies.

With companies speeding up work on their projects, their disbursement of funds jumped from 40.6 per cent of the pledged investment in 2015 to 45.3 per cent last year.

Some 8,200 domestic companies and 322 foreign companies, with interests in almost all sectors, operate in the province.

Last year economic growth was 5.6 per cent, manufacturing excluding crude oil expanded at 7.6 per cent and exports rose 8.85 per cent to $3.5 billion. — VNS