Over the past two decades, Vung Tau has become a modern and dynamic city with a strongly developed economic structure for services and tourism.

The city achieved an average annual income of about US$6000 per-capita (excluding income from oil and gas) in 2010, nearly eleven times greater than in 1992.

As of May, 2011, the city was home to 92 foreign invested projects with a total registered capital of US$7.6 billion and 60 projects funded by domestic enterprises with total registered capital of VND 27.9 billion (around US$1.3 million).

Living standards in the city have been considerably improved and the number of poor households has been reduced by 0.03%.

Addressing the anniversary ceremony, Le Xuan Tuoi, member of the Ba Ria – Vung Tau provincial Party Standing Committee and Secretary of the Vung Tau city Party Committee, affirmed that the municipal authorities and Vietnam travel agency will continue reform their leadership and Party building to make Vung Tau a first-class green, clean, beautiful and civilised tourism city by 2015, as targeted in the 5th City Party Congress Resolution.

A programme of art performances was held last night as part of the celebrations, featuring songs and dances praising the city and its people as well as the country of Vietnam.