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|Sugarcane investment is just one area relevant to Phu Yen’s economic development|
To overcome the situation, Phu Yen is crafting some key solutions focusing on accelerating administrative reforms, creating a favourable grounds for investors, and ensuring legal safety for projects.
At the recent Phu Yen Investment Promotion Conference, KVSR Subbaiah, general director of India’s KCP Vietnam Industry Co., Ltd., recalled that in 1997, to take part in Vietnam’s “One million tonne sugar programme”, KCP had invested in building a refined sugar factory with a capacity of 2,500 tonnes of sugarcane per day in the central province of Thua Thien-Hue.
Due to a lack of raw materials, the firm had to relocate the project to Son Hoa district in Phu Yen province in 2000. There, KCP was greatly assisted by the leaders of Phu Yen in the process of zoning growing areas, building relationships with local farmers, raising sugar factories’ capacity, and expanding operation.
Since then, KCP has grown sustainably, expanding the capacity of Son Hoa Sugar Plant to 10,000 tonnes of sugarcane per day, as well as having put into operation a 30MW biomass power plant since 2017.
Besides that, KCP also raised the capacity of its Dong Xuan Sugar Factory to 1,000 tonnes of sugarcane per day. The company’s total investment value until has now reached $103 million.
According to Subbaiah, Phu Yen is not only rich in natural resources, with a mild climate, and conducive environment for investment, but the leaders of the province are also willingly accompanying enterprises, creating favourable conditions for investors in production and business activities. This is the essential element any investor expects.
Similarly, privately-held Anam Phat Co., Ltd. has been awarded notice of surveying, researching, and investing in the Anam Phat Resort and Golf Course project in An Ninh Dong commune with total investment of VND2.8 trillion ($121 million) and premium urban area project Vuon Phuong Hoang (Phoenix Garden) in Tuy Hoa city, with total investment value touching VND5 trillion ($215 million).
Bui Quoc Hoan, the company’s director said, “Phu Yen has a lot of potential for tourism development. The province not only owns pristine coastlines and diverse terrains but has also made efforts to invest in transport infrastructure in recent years.”
“These are favourable conditions turning tourism into a key economic sector of the province,” Hoan said.
Fair investment environment
According to Phu Yen Department of Planning and Investment, in recent years the province has made strenuous efforts for investment promotion, mainly focusing on domestic investment in light of the province’s guidelines and policies.
The 2016-2020 period marks a new period in domestic and foreign investment attraction, with efforts gearing towards improving the local business environment through the application of incentive policies.
Domestic and foreign investors have, therefore, rushed into Phu Yen in the quest for co-operation and investment opportunities. So far, the province has attracted more than 38 foreign-invested projects with total registered capital of nearly $1.6 billion.
Phu Yen has been trying its best to effectively support investors, promoting startups, accelerating administrative reforms, especially in the field of investment, and creating a fair, transparent, and stable business and investment environment. Through all this work, the province followed its motto “The prosperity of enterprises is also Phu Yen’s prosperity.”
Along with that, to further attract foreign investment, Phu Yen is focusing on carrying out breakthrough solutions, such as building infrastructure of Phu Yen Southern Economic Zone, and promoting investment into major tourism projects.
Additionally, the province is strengthening human resources training, attracting highly qualified people, building infrastructure, and pushing up investment attraction for Phu Yen High-tech Agriculture Zone, among other factors.