Danang Hi-Tech Park
Dinh Vu

Local Economy

Last updated: Tuesday, May 22, 2018


Constantly Boosting Appeal for Investment Environment

Posted: Saturday, April 15, 2017

In recent years, Quang Ngai province has boldly explored and changed their way of thinking and acting to create a better investment and business environment, and this effort has brought in very encouraging results. Director of Quang Ngai Department of Planning and Investment Ngo Van Trong said that, in the new stage, Quang Ngai province has rapidly self-improved, addressed obstacles against investors, and issued new policies on investment preference and support to shape a more enticing investment and business climate to investors. Hoang Lam reports.
Could you please portray the picture of investment attraction in Quang Ngai province, especially FDI attraction?
The province had 372 domestic and foreign investment projects by the end of 2016, including 41 FDI projects with a total registered capital of more than US$1 billion. Notably among them, the VSIP Quang Ngai Industrial - Urban and Service Complex housed 14 domestic and foreign investors with nearly US$200 million of registered investment capital. Operational tenants in VSIP have employed about 2,500 local workers and contributed significantly to the industrialisation and modernisation process in Quang Ngai province.
So far, many countries in the region and in the world have invested in projects in Quang Ngai province. South Korea and Singapore are the two biggest investors, followed by Japan. In 2016 alone, Quang Ngai province attracted eight FDI projects with a total registered capital of US$72 million. They mainly came from South Korea, the United Kingdom, Hong Kong, the United States and China, and registered to invest in agricultural product export, fabric and garment accessory production and power cable production.
Could you please introduce Quang Ngai province’s administrative reforms and practical investment supports for the sake of enterprises, thereby increasing the magnet of the investment environment to investors?
Knowing that public administration reform will result in more effective investment attraction, Quang Ngai province has made every effort to step up public administration reform, simplify procedures, improve investment environment and provide favourable conditions for investors to approach and explore investment opportunities in the province, as well as develop production and business operations. Specifically, the Department of Planning and Investment has directed the Quang Ngai Investment Promotion Centre to actively support investors to seek investment opportunities; receive and direct them to complete necessary procedures; and meet with them on project appraisals. This work is done so quickly that investors always feel the most satisfied.
The "one-door" division of the Department of Planning and Investment has a "consultation desk" where investors can seek procedural guidance and business support. At present, the time required for carrying out enterprises establishment registration has been reduced from three days to two days after the date of receipt of all required documents, and the department targets to shorten the time to 1.5 days in the coming time. The time needed to process records and submit project investment intention decision was also reduced from 28 days to 17 days. In addition, the Department of Planning and Investment has coordinated with the Dung Quat Economic Zone and Industrial Zones Authority to sign regulations on coordination of processing business registration procedures for FDI investors in Dung Quat Economic Zone.
Particularly in 2016, Quang Ngai province issued Decision 36/2016/QD-UBND dated July 29, 2016 on investment preference, attraction and support policies in the province, including regulations on support for technical infrastructure construction investment, land compensation and clearance, centralised wastewater treatment facility construction and a great deal of outstanding support for rural agriculture.
Together with public administration reform, how has Quang Ngai province dealt with business support and development? What are specific support mechanisms and incentive policies offered to enterprises and investors when they invest in localities?
At present, business support and development is of great concern of Quang Ngai province as it has always tried its best to provide the most favourable conditions for enterprises to operate with the highest efficiency. Accordingly, the province has supported them to access credit as well as business development-related information, and directed local credit institutions to finance them to do business. The province has also organised regular meetings and programmes with them such as Business Dialogue and Entrepreneur Coffee to resolve their procedures, difficulties and obstacles. Quang Ngai province effectively carried out entrepreneur training plans in the 2016-2020 period, with emphasis placed on start-up classes, incubation classes and specialised classes. In addition to establishing the Start-up Incubator and "Start-up Assistance Fund financed by the State, enterprises and entrepreneurs, Quang Ngai province has also encouraged the formation of business support models and advisories on investment, taxation, land and market policies.
In addition to general investment incentives stipulated by the Government of Vietnam, Quang Ngai also issued Decision 36/2016/QD-UBND dated July 29, 2016 on project investment preference and support policies as well as investment mobilisation support in the province. This decision aims to provide timely support for enterprises and investors when they invest in Quang Ngai province. In the upcoming time, the province will promulgate specific mechanisms and policies on smart agriculture application.
Could you please tell how Vietnam’s extensive integration into the world economy has, and will, brought positive impacts on investment attraction into the province?
Vietnam’s extensive integration into the world economy is bringing great opportunities for Vietnam in general and Quang Ngai province in particular, especially in investment attraction. The integration has enabled Quang Ngai to access external markets quickly to promote its image, potential, advantages and preferential policies, thus facilitating domestic and foreign investors and enterprises to explore the province’s investment and business climate. In turn, Quang Ngai province will also easily connect, contact and meet partners to promote and call for investment in the province.
Actually, the international economic integration has created a very lively atmosphere of investment attraction in the province. Optimistically, many big domestic and foreign companies have deep interests in Quang Ngai province such as Vingroup, Saigontourist, Central Group (Thailand) and Kimin Power Group (UK). Especially, in the beginning of this year, the province granted an investment license to Hoa Phat Dung Quat Iron and Steel Complex Project invested by Hoa Phat Group, with a total investment capital of VND60,000 billion.
What fields have Quang Ngai province given priority for investment attraction in 2017? What solutions has the province taken to deliver those targets?
The Resolution of the 19th Provincial Party Congress defined that, in the 2016-2020 period, the province will focus on attracting projects engaged in high-tech industry and clean industry; increase the localisation rate in industrial production; prioritise the development of agricultural processing industries, supporting industries, petrochemical industry and labour-intensive industries. At the same time, the province will pay attention to attracting investment for infrastructure, urban areas, large-scale deepwater seaports, oil refining industry, petrochemical industry and heavy industries well-fitted local potential and advantages. The province will also place priority on projects invested by transnational corporations using advanced technologies, particularly from Japan, Korea, the EU and the US.
To achieve investment attraction objectives, the province will intensify investment promotion; enlist every active support from central authorities and branches; strengthen cooperation with other central provinces to boost investment promotion; build up an enabling, acting integrity-aware government in line with the policy of the Government of Vietnam; enhance the operating quality of the administrative apparatus and public servants to better serve investors and enterprises; continue reviewing, amending and supplementing mechanisms and policies to make the local investment and business climate more attractive to investors and enterprises; increase dialogues and meetings with them to learn about their issues to have more effective solutions. In addition, the province will thoroughly implement solutions on the improvement of provincial competitiveness index (PCI) and stimulate innovation and creative business start-up.

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