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Local Economy

Last updated: Monday, June 26, 2017

 

Attracting FDI into Industrial Zones: Important Resources to Promote Economic Growth

Posted: Thursday, June 08, 2017

One of the prominent achievements of Thai Nguyen in recent years is the attraction of foreign investment capital, helping to make breakthrough in industrial development and increase export value. Success is due to the efforts of both the political system and the local agencies, particularly the remarkable results and contributions of the Thai Nguyen Industrial Zones Authority.

2016 continued to be a successful year for attracting investors to Thai Nguyen industrial zones. The wave of foreign investment after the spillover of the Samsung Project increased the number of FDI enterprises in Thai Nguyen province. During the year, Thai Nguyen attracted about 30 projects, 22 of which were FDI projects with total capital of nearly US$130 million, and 8 domestic projects with the capital of nearly VND1,000 billion. Up to now, industrial zones in the province have attracted 164 projects. This was an important economic component for Thai Nguyen to successfully achieve its socio-economic targets in 2016.

FDI projects in Thai Nguyen have made strong impacts on the provincial economy; many of them are large-scale projects with high production capacity, especially a group of electronic products, telecommunications and post-mining mineral processing products, creating a high volume of products with high value and economic leverage, forming a breakthrough for industrial production and socio-economic development in Thai Nguyen province.

Thai Nguyen province has made spectacular progress and has become a "bright spot" for attracting foreign direct investment (FDI). At the end of 2012, Thai Nguyen was ranked at 44 out of 63 provinces and cities in terms of FDI attraction; the province has now become among most attractive investment destinations. In 2011-2016, the province attracted hundreds of investment projects, more than 60 projects of which are foreign invested with a total capital of over US$7 billion, ranked 10 out of 63 provinces and cities. Samsung Electronics Factory in Thai Nguyen is highlighted among the projects with large-scale FDI capital. One of the main reasons for the success is that the province has planned and built large industrial zones, prepared to receive FDI as well as preferential policies, and encouraged businesses to enter the industrial zones.

Attracting FDI in industrial zones has always been considered and identified as an important resource to promote economic growth, contributing to successfully implementing the objectives set by the 18th Provincial Party Congress as follows: "Thai Nguyen province is to become a modern industrial province by 2020." In the coming time, the province will promote the attraction of large-scale FDI projects, modern and advanced technology, source technology, technology as a driving force, socio-economic spillovers inside and outside the projected area.

DA

 








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