Shipping and oil exploration
The city is located in the south of Vietnam, situated at the tip of a small peninsula. It has traditionally been a significant port, particularly during Vietnam's period of French rule. Today, the city's importance as a shipping port has diminished, but it still plays a significant role in Vietnam's offshore oil industry. Vũng Tàu is the only petroleum base of Vietnam where crude oiland natural gas exploitation activities dominate the city's economy and contribute principal income to Vietnam's budget and export volume. Vũng Tàu shipyard's reconstruction is scheduled to be completed in 2008, supplied with up-to-date anchor handling supply vessels ofAker.
Industry
PEB Steel operates several factories in Vung Tau, for constructing steel buildings to be erected around Asia
