Nghe An sets out vision for development

09:00 | 27/02/2019
A major investor conference in the central province of Nghe An last week set out its plans to transform the location into an appealing destination for investors.
nghe an sets out vision for development
PM Nguyen Xuan Phuc joined the inauguration ceremony of DKC Petro’s terminal complex in Nghe An

At the meeting with the investor community at the beginning of the 2019 lunar year last weekend, top leaders of Nghe An province granted investment certificates to 13 projects and agreements on investment co-operation to 18 projects valued nearly VND22 trillion ($957 million) in total registered capital.

Additionally, four minutes on planning financing were inked at the occasion.

Notably, the VND4.649 trillion ($202 million) project of Singaporean textile clothing firm Royal Pagoda Private Limited got its investment certificate to invest in VSIP Nghe An Industrial Park (IP). This is the largest foreign investment project at the IP until present, and also the largest investment project among the projects receiving investment certificates or getting approved investment proposals at the investor conference.

Thai Thanh Quy, Chairman of the Nghe An People’s Committee, reiterated local authorities’ strong commitment to continue supporting investors in the province, where the success of businesses is also the success of the province.

The annual conference saw provincial leaders meet with the business community in the province at the beginning of a new lunar year.

Chaired by Prime Minister Nguyen Xuan Phuc, the event attracted around 700 participants including Party and state leaders, heads of central and local authorised agencies, business executives, and media representatives.

It provided a worthy opportunity for Nghe An to present its potential and advantages in the three major fields of green industry, tourism, and high-tech agriculture, plus appealing incentives applied to investors doing business in the province.

Quy said, “Right from the start of 2019, provincial state management agencies have embarked on implementing a revolution in attracting investment. First is creating the master plan, setting pivotal economic development zones, developing infrastructure, and building industrial zones. It will go parallel with accelerating the pace of administrative reforms with the application of a one-stop shop mechanism and preferential policies to attract investors.”

In his words, in the forthcoming time, Nghe An will take drastic measures to ameliorate the local business and investment climate. The measures cover planning, policies and mechanism, investment promotion, and increased support to investors, as well as those to spur development and increasingly perfect the infrastructure system.

According to Le Tien Tri, director of the Nghe An Centre for Investment Promotion and Support, the province posted fairly comprehensive growth last year.

It achieved all 27 targets, with 11 of them surpassing projections. The provincial GDP grew 8.77 per cent, with annual per capita gross regional domestic product reaching VND38 million ($1,650).

During 2014-2018, the integration process and innovation in investment attraction has brought Nghe An practical results. The province has lured 150 projects with the total combined investment value touching VND89.1 trillion ($3.87 billion).

A slew of major domestic and foreign investors have set strong footholds in the province, such as privately-held TH Group and Bac A Bank with 24 projects valued at VND29.9 trillion ($1.3 billion) in total registered capital, private conglomerate Vingroup with three projects valued VND7.3 trillion ($317.4 million), Masan Group with four projects worth VND4.7 trillion ($204.3 million), and FLC Group with four projects valued VND11 trillion ($478.3 million), to name a few.

Notably, Nghe An has succeeded in courting experienced infrastructure investors such as Singapore-backed VSIP and Hemaraj Group from Thailand with total investment value reaching billions of US dollars.

According to Tran Dinh Thien, former director of the Vietnam Institute of Economics, Nghe An has satisfied all conditions to become an attractive venue as it lies in the heart of the north-central region, connects the north and the south, and provides a gateway to the East Sea. Furthermore, it features aboundant natural resources, the 82-kilometre coastline, rich mineral deposits, an abundant workforce, auspicious tourism potential, and much more.

Advocating this mindset, Truong Dinh Tuyen, former Minister of Industry and Trade, and head of Nghe An province’s advisory team, said that provincial leaders have applied an innovative approach to development which fits contemporary development requirements.

Accordingly, Nghe An’s development will be based on high-tech agriculture and tourism development thanks to its plentiful and distinctive potential.

More significantly, 2019 is set to be a transitional year for the province to embrace a revolution in administrative procedure reforms with a view to bringing in breakthroughs in investment attraction.

According to the Nghe An Centre for Investment Promotion and Support, the province will prioritise investment into clean and green agriculture employing intensive farming to improve product quality, as well as pharmaceutical products, coffee, rubber, and tea.

Besides, priority will also be placed on projects for meat processing and animal feed production; investment into high-tech industries; the supporting industry and mechanical manufacturing; and the production of new materials.

By Anh Duc

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