City. Economy and tourism 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 oil and 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 was scheduled to be completed in 2008, supplied with up-to-date anchor handling supply vessels of Aker. Industry PEB Steel operates several factories in Vũng Tàu. Beaches Vũng Tàu has 4 extensive beaches, including Back Beach (Bãi Sau), Front Beach (Bãi Trước), Strawberry Beach (Bãi Dâu), Pineapple Beach (Bãi Dứa). Resorts and theme parks A big resort project has just been licensed by the Vietnamese government, the Saigon Atlantis. Upon completion, this entertainment project worth US$300 million in capital investment will include resorts, shopping and sailing. The investor of this project is proposing to raise the investment capital to US$4 billion. Two other noteworthy entertainment projects awaiting licensing are Vũng Tàu Aquarium, which will cost US$250 million, and Bàu Trũng, a Disneyland-like entertainment park which will cost US$250 million. The project includes Landmark Tower, an 88-story skyscraper proposed to be built and completed by 2010 in Vũng Tàu by a USA-based company, Good Choice Import – Export Investment Inc, once built will likely be the highest building in Vietnam. The project is under consideration for approval by the local provincial government. Culture Holidays and festivals In Vũng Tàu, one of the most widely celebrated holidays is Lễ hội Cá Ông (Whale Holiday). Festivals in the region include the Kite Festival and World Food Festival Culture Australian tourists come to Vũng Tàu in August to mark the anniversary of the Battle of Long Tân. Religion As in most provinces and cities in Vietnam, Buddhism is the predominant religion. Mahayana Buddhism, the dominant form of the religion in Vietnam, was brought to Bà Rịa-Vũng Tàu by the Vietnamese settlers from the north at the beginning of the 17th century during the expansion of the Nguyễn lords. When they came bringing their original religion they built many Buddhist pagodas, temples and statues in the city. Three Buddhist temples