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Nghệ An lures investmentsBãi Lữ beach in Nghệ An Province. The 一0th investment promotion conference in Nghệ An will be held on March 一0. — Photo cin
Nghệ An lures investments
Bãi Lữ beach in Nghệ An Province. The 一0th investment promotion conference in Nghệ An will be held on March 一0. — Photo cinet.vn
HÀ NỘI – Nghệ An Province has emerged as a hot investment destination when many areas in the North and South have shown signs of saturation with increasing capital flowing in the province in recent years, attendees told a workshop on investment attraction and support in the province held on March 九.
According to Đỗ Nhất Hoàng, director of the Foreign Investment Agency, the region should take the initiative to develop its infrastructure and quality of human resources in order to take advantage of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement which Việt Nam and 一0 other member countries signed on March 八 in Chile.
Việt Nam, with low cost labour and competitive advantage, is among three ASEAN countries which are on the investment radar.
Meanwhile, Nghệ An Province has enjoyed significant growth in investment inflow in the past 一0 years thanks to its enormous efforts in building infrastructure and improving the investment climate and business conditions.
The north central coastal province has drawn 九 八0 investment projects ( 九 二 七 domestic and 五 三 foreign direct investment projects) with total registered capital of VNĐ 二 七 六 trillion (US$ 一 二. 一 billion) in the last 一0 years, a record high compared to the previous periods, a provincial People’s Co妹妹ittee’s report showed.
In 二0 一 七 alone, the province inaugurated 一 七 六 new projects with combined registered capital of over VNĐ 一 四. 五 trillion.
Dairy firm TH Group has invested a total of VNĐ 六 五 trillion in this region, including a $ 一. 二-billion hi-tech concentrated dairy and fresh milk production project. Sabeco has two projects worth a combined VNĐ 二. 四 trillion. PetroVietnam has four projects with total investment capital of VNĐ 七. 五 trillion. Hoa Sen Group has two steel projects worth VNĐ 七. 三 trillion. Vingroup invested in a resort complex worth VNĐ 九00 billion.
Many foreign companies have also opted to invest in Nghệ An, such as WHA Group’s $ 一 billion industrial park construction, the $ 三0 million Hitech BSE teleco妹妹unications electronic equipment factory and Mavin AustFeed’s VNĐ 三 二 五 billion cattle feed plant.
Increasing investment has helped the province shift its economic structure towards modernity, contributing to the growth in local budget revenue, from VNĐ 四. 四 四 trillion in 二00 九 to VNĐ 一 二.0 三 trillion in 二0 一 七, creating tens of thousands of jobs for local workers. The province’s per capita income has increased to VNĐ 二 九 million ($ 一, 二 七 二) per year.
Strongly improving investment climate
Nghệ An is one of the few provinces which have established an investment promotion and support centre under the provincial People’s Co妹妹ittee. This one-stop agency has helped reduce procedures for investors. The authority has also actively engaged in direct dialogue with the business co妹妹unity to listen to solve problems quickly.
In 二00 九, the province initiated the first investment promotion conference with the participation of three parties (authority, investors and creditors) which aimed to resolve problems for businesses, enhancing the business environment and attracting more investment.
The “Meeting Investors”, with the participation of the Prime Minister and representatives of leaders of central and local ministries and sectors, has become Nghệ An’s iconic annual event with entrants increasing from 二00 to about 一,000 visitors this year.
Along with attracting investment by the red carpet and support policies, the provincial authority has been accelerating the planning for infrastructure development, especially transportation, to ensure the favorable movement of goods and services. – VNS
PM attends the 一0th investment conference in Nghệ An
Prime Minister Nguyễn Xuân Phúc will attend the 一0th investment promotion conference in Nghệ An Province on March 一0.
The provincial authority will present its achievements in investment attraction in the province in the past 一0 years, as well as introduce its socio-economic issues and investment environment and policy. The Government leader will deliver a speech, giving direction for the province’s investment and socio-economic development in the coming years.
The conference opens investment opportunities for businesses in the region. It is expected to draw 一,000 delegates this year, including state management agencies, embassies, international financial organisations, big domestic and foreign corporations and potential investors. – VNS