Speeding up Investment Attraction

10:09:20 AM | 28/7/2020

With the determination of the entire political system and the support of the businesses and the people, Bac Lieu province has successfully realized many important decisions pertaining to administrative reform, investment environment and Provincial Competitiveness Index (PCI) to become a leading light in investment attraction in the Mekong Delta in particular and the country as a whole.

Impressive figures

In 2016 - 2017, the province received an average of 40 investment registration applications each year, mainly small scale. In 2018, especially after the National Investment Promotion Conference chaired by Prime Minister Nguyen Xuan Phuc, nearly 200 foreign investors and corporations proposed investments in agriculture, tourism, medicine and energy in the province.

To date, the province has attracted 141 investment projects, including 126 domestic investment projects with a total registered capital of over VND32,500 billion (US$1.4 billion) and 15 foreign direct investment (FDI) projects with a total registered capital of nearly US$4.5 billion.

Only at the Investment Promotion Conference in 2018, the province awarded permits of investment, survey and research for 30 projects with a total registered value of VND110 trillion. Especially, in early 2020, the province approved the in-principle investment of US$4 billion in Bac Lieu LNG thermal power plant, a very impressive figure that illustrates the effort of the province in investment attraction.

Appeal from innovation and diligence

Mr. Tran Thanh Tam, Director of the Bac Lieu Department of Planning and Investment, said, the province built and introduced specific solutions to strengthen the draw for investors:

Clear approach: Based on comparative advantages of local potential and strengths to other regions and the whole country, Bac Lieu defined five pillars to boost socioeconomic development: Agriculture, focusing on high-tech agriculture, shrimp and rice production; renewable energy, including wind power, solar power and gas power; tourism development; high-quality service development, education and healthcare; marine economic development and national sovereignty.

Approach to investors: With such clear investment attraction approach, the provincial leaders actively approach, meet domestic and foreign investors and offer investment projects to capable domestic and foreign investors and corporations.

Attractive investment environment: In order to attract and retain investors when they come to Bac Lieu, the province will apply investment preference and support policies for investors with the motto “Right person, right policy, right formality” and especially introduce highest investment preference and support policies for investors under the regulatory framework. In addition, the province seriously supports businesses when it established the Public Administration Service Center where procedures are received, settled and returned from the province to district and grassroots levels, and set up the Business Support Office where feedback and recommendations from businesses are received and support procedures are delivered to businesses in need. The province also runs the Business Coffee Corner where provincial leaders meet entrepreneurs and investors and listen to their thoughts and aspirations as well as their difficulties and problems in business to seek out best solution. This makes them feel assured and secure when they do business in the province.

The active thinking of local leaders: With the dedication of public servants in charge of investment and business administrative procedures and the sincerity of the people, investors will not be able to forget what they have got when they come to the province: A friendly, open and hospitable Bac Lieu where all want to live and work longer.

By Quoc Hung, Vietnam Business Forum