Quang Tri province opens up investment chance

16:47 | 31/10/2019
With its advantageous natural conditions, synchronous infrastructure, clear mechanism, and especially the commitment of local authorities to welcome and facilitate investment, Quang Tri is shaping up to be an attractive destination for domestic and foreign investors.
quang tri province opens up investment chance

Quang Tri's industry has just made a breakthrough by launching nearly 30 key projects with a total investment of about VND100 trillion ($4.35 billion). This is a great effort by the locality to attract investment.

Many large enterprises have been investing, contributing to the growth and attraction of investment capital in the province. In particular, the energy sector attracted about VND10 trillion ($434.78 million) of investment in 2019, the total value of energy projects that have been started and are expected to be completed within 2019 is about VND85 trillion ($3.7 billion), such as: wind power plants Gelex 1, 2, and 3 with the total investment of nearly VND3.66 trillion ($159.13 million), as well as Gio Thanh 1 and 2 solar power plants with the total investment of over VND2.2 trillion ($95.65 million).

In the My Thuy area, Quang Tri 1 Thermal Power Plant with a capacity of 1,320MW has been assigned by the prime minister to investor International Electricity Company of Thailand (EGTi). The project is expected to be launched by the end of 2019, generating the first machine set in 2021.

The 1,200MW Quang Tri 2 Thermal Power Plant is submitted to the prime minister for approval to be added to the national electricity development planand the 340MW Quang Tri Mixed Gas Turbine Plant have been approved by the prime minister to be invested by Gazprom Group.

Especially, the project to build My Thuy port area (Hai An commune, Hai Lang district) will be constructed in Southeast Quang Tri Economic Zone with a total investment of over VND14 trillion ($608.7 million).

There are many factors attracting investors to Quang Tri, but the newfound promotion of the construction of EZs and IPs with the necessary infrastructure as well as the creation of a large land fund were important boosts. Besides, the prime minister's permission to build My Thuy and Cua Viet ports has sent positive signals for investors.

The business and investment environment of the province has been significantly improved. In the first nine months of the year, the province granted investment certificates to 56 projects with a total capital of VND33.58 trillion ($1.46 billion), an increase of 32 projects and more than VND30 trillion ($1.3 billion) compared to the same period in 2018.

It is expected that about 70 investment projects will be licensed this year, with a total registered capital of VND45 trillion ($1.97 billion). The locality has also taken advantage of ODA capital, co-ordinated to mobilise NGO projects to increase resources and promote socio-economic development.

quang tri province opens up investment chance

Meanwhile, the Quang Tri Department of Planning and Investment has co-ordinated with investors to speed up the progress of projects, ensuring disbursement reaching 100 per cent of the public investment capital allocated in 2019. Until the end of August 31, less than 60 per cent of the registered capital has been disbursed and the department requested investors to accelerate the disbursement progress in accordance with regulations.

"This is a golden time for Quang Tri to make a breakthrough. For a long time, the field of renewable energy and clean energy were only researched, but now the solar power plant is fully in operation. In addition, Quang Tri has a large material area, with a sizeable material forest of various kinds of trees that have attracted wood and forest product processing factories," said Ha Sy Dong, Vice Chairman of Quang Tri Provincial People's Committee.

According to Dong, the province will call for investment in areas where it has advantages. Meanwhile, the province will select investors who produce hi-tech goods or those that facilitate the province's general development.

At the recent meeting with the Quang Tri Department of Planning and Investment, Nguyen Van Hung, Secretary of the Quang Tri Provincial Party Committee, said that many domestic and foreign businesses and investors have seen the province's potential, strengths, and aspirations to rise and they are willing to explore investment opportunities, so the Department of Planning and Investment should be a role model for other departments and agencies in improving the business and investment environment in Quang Tri.

In order to perform the assigned tasks, the Quang Tri Provincial Party Committee Secretary emphasised that the planning and investment apparatus needs to uphold responsibility, maximise transparency and accountability. Particularly, the Department of Planning and Investment must take care of building a truly clean and strong Party Committee.

It is expected that with the determination of the political system, by the end of 2019, the socio-economic and defence targets approved by the Provincial Party Committee and People's Council of Quang Tri will have been exceeded.

By Hoai Thanh

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