Last updated: Thursday, March 23, 2017
Boosting Investment Attraction, Socioeconomic DevelopmentPosted: Tuesday, November 01, 2016
Determined to create a favourable, attractive investment climate, Hoa Binh province has achieved positive results in investment attraction. More and more companies have come to explore investment opportunities in the province and most investors are doing effective business and positively contributing to local socioeconomic development.
On the occasion of celebrating the 130th founding anniversary and the 25th re-establishing anniversary of Hoa Binh province and organising the Hoa Binh Investment Promotion Conference 2016, Vietnam Business Forum has an interview with Mr Bui Duc Hinh, Director of the Department of Planning and Investment, on the province’s investment environment and policies. Ngo San reports.
Could you please introduce remarkable investment attraction results of the province in recent years?
Carrying out central policies on investment attraction together with the province’s regulations on investment preference and support, Hoa Binh has achieved notable investment results. The province licensed 39 projects, including a foreign-invested project with US$3 million of investment capital and 38 domestic investment projects worth VND4,587 billion, in the first 10 months of 2016. As of October 20, 2016, Hoa Binh had 428 projects, including 31 FDI projects capitalised at US$470 million (US$275 million disbursed, or 58.5 per cent of total registered value) and 397 domestic investment projects valued at VND42,521 billion (VND12,500 disbursed, or 29.4 per cent of the total registered value). Optimistic business operations gave a boost to local socioeconomic development.
What are Hoa Binh province’s advantages in attracting investment?
Currently, Hoa Binh province has a relatively complete transport infrastructure, especially Hoa Binh - Hoa Lac Highway, which was expected to be completed in late 2016 to shorten the distance from Hoa Binh to Hanoi and major economic centres in the region. Abundant human resources, huge land fund for industrial development, sufficient financial and banking system, and insurance service for enterprises and investors are also other pluses of the province. Hoa Binh is also offering incentives for investors investing tourism projects in National Hoa Binh Lake Tourism Site after it was approved by the Prime Minister on August 1, 2016.
Hoa Binh is the buffer zone between Hanoi and the Northwest. Thus, the province has favourable conditions to cooperate with other localities to expand production capacity and socioeconomic infrastructure, improve economic competitiveness, and enable Hoa Binh to become a dynamic economic hub for the region.
So, what policies have Hoa Binh taken to raise the effect of investment attraction and create an appealing investment environment for investors?
Hoa Binh province has offered best investment policies in the framework provided by the government of Vietnam. The Provincial People’s Committee directs local authorities and branches to organise investment promotion activities, speed up public administration reform, and expand coordination and cooperation in settling administrative procedures. The province has carried out policies to improve the business climate and support investors and enterprises to deal with their emerging problems. The province is building a friendly, dynamic and facilitating government aimed to better serve investors and enterprises.
With respect to investment and support, the province has issued many policies to support vocational training costs for local investment projects. It will provide financial support for technology transfer for local companies. Hoa Binh will also have investment support for infrastructure development in particularly poor regions.
Every year, based on sector development planning and socioeconomic development planning, the province will make a list of projects calling for investment capital, an action to help investors to study and choose investment opportunities more easily. It will focus on accelerating public administration reform and facilitating investors to register for business establishment and operation. At present, the time for business and tax registration has been shortened to only five working days, served by the Department of Planning and Investment.
What fields are being prioritised and incentivised for investment in Hoa Binh province?
Currently, in addition to expanding Hoa Binh Hospital (400-450 beds), which was estimated to cost VND830 billion and expected to kick off in November 2016, Obstetrics and Paediatrics Hospital investment project and Hanoi water supply project, Hoa Binh province is submitting proposals for building a golf course to the Prime Minister for approval. The province has decided the investment scheme for Hoa Binh International Bao Tho Resort in Ky Son district; support investors to complete a bamboo processing plant in Mai Chau district; and ask the Prime Minister for approval of a cement plant in Lac Thuy district invested by Xuan Thien Viet Nam Co., Ltd - a member company of Xuan Thanh Group.
In addition, agricultural, forestry and rural development is a top priority of Hoa Binh province as it supplies inputs for export-oriented agricultural product and food processing industry and helps raise living standards of people. In addition, the province has focused on developing such industries as agricultural and forest product processing industry, hydroelectricity and construction material; investing in infrastructure development, particularly traffic, post and telecom, trade and tourism, power grid and urban water supply to meet rapid economic development demands.
Presently, Hoa Binh province is giving special investment incentives to fields and industries such as supporting industries, high-tech agriculture, tourism development in Song Da River Reservoir, production of refined industrial products and animal feeds using locally sourced materials; apparel production and biofuel production. The province is encouraging investment capital for building, restoring and upgrading socioeconomic infrastructure like traffic systems, water supply and drainage systems, wastewater and municipal waste treatment facilities, electronic assembling, ecotourism and cultural tourism development.
On the occasion of the 130th founding anniversary and the 25th re-establishing anniversary of Hoa Binh, do you have any message to businesses and investors?
We would like to thank all businesses and investors for their investment and interest in investment in Hoa Binh. The Party and governments at all tiers always welcome all investors to do business in the locality. Hoa Binh is determined to apply measures to improve the investment and business climate, change the thinking and actions, provide most favourable conditions for all economic sectors to develop, and carry out Resolution 35 of the Government on business support and development to 2020.