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Dinh Vu

Local Economy

Last updated: Wednesday, May 23, 2018


Enhancing Investor Confidence via Promotion and Support Activities

Posted: Tuesday, August 29, 2017

In the past time, effective investment promotion and business support have contributed to increasing the appeal of the investment environment and, more importantly, attracting many investors to Soc Trang province. The following interview with Ms Huynh Thi Ngoc Huong, Director of the Soc Trang Investment Promotion and Business Support Centre, will shed light on this issue. Hoang Lam reports.

Soc Trang province possesses numerous advantages to attract investors. What are those advantages?
Soc Trang lies at the southern part of the mouth of the Hau River, has fertile soil and thick canal network, rests on National Highway 1A running from north to south, National Highway 60, Nam Song Hau Highway and Quan Lo Phung Hiep Highway. The uninterrupted traffic system endows a distinctive feature of the Mekong Delta. In addition, with a 72-km coastline, Soc Trang has favourable conditions to develop marine economy, especially commercial fishing, aquaculture and shipping, and has copious agricultural and aquatic resources for building export processing factories. According to statistics, the province has 68,000 ha of fish farming areas which harvest over 180,000 tonnes a year. This is a great advantage for agricultural and fishery investors.

Apart from the potential for agricultural development, industry and service are also the province’s strengths in investment attraction. Many big projects have been licensed into the province, including Long Phu 1 thermal power plant invested by Vietnam National Oil and Gas Group (PetroVietnam), Lac Hoa wind power plant (first phase) invested by Technology Development Construction Joint Stock Company (TDC), garment and textile projects invested by Tuntex Company, Best Way Company and Youngone Nam Dinh Co., Ltd. They have actively contributed to local Socio-economic development and created jobs for tens of thousands of workers. Besides, many other companies and investors are applying for investment projects in the province, for example Long Phu 2 thermal power plant invested by TATA Power Group (India), a wind power plant invested by Phu Cuong Group, Cong Ly wind power plant invested by Cong Ly - Construction - Trading - Tourism Co., Ltd. Furthermore, trade and tourism are also huge potential of Soc Trang to attract domestic and foreign investors.

In addition to diverse resources for economic development, the Provincial Party Committee and the Provincial People’s Committee have actively focused on improving the business environment to attract more investors. As a result, its provincial competitiveness index (PCI) also went up in the rankings order. Furthermore, it has encouraged and created favourable conditions for domestic and foreign investors to build infrastructure for important traffic routes and prioritised the assurance of electricity, communication and water supply systems for large projects and key economic areas.

Could you please tell us about the focus of investment promotion and business support of Soc Trang province in recent years?
In recent years, Soc Trang province has focused on calling investment capital for economic development to achieve the growth goal as per the Resolution of the 13th Provincial Party Congress and Decision 423/QD-TTg dated April 11, 2012 on approval of the Soc Trang Overall Socio-economic Development Master Plan to 2020.

Accordingly, the province supports investors before, during and after project licensing. It does not excessively focus on incentives but on commitments and supports of authorities and on strong reform of investment procedures. Top provincial leaders are always present at investment promotion events in order to build up the trust of investors, particularly investors in Asian where authorities’ roles in policymaking relating investment are always respected. They are ready and willing to meet and work with investors when necessary and seriously assess plans and projects of investors.

After projects are licensed, responsible agencies will supervise and support investors to tackle difficulties, especially in land clearance and infrastructure services. All stages of investment projects have timely supports of authorities. Since the beginning of this year, Soc Trang has contacted, met, provided information and introduced investment opportunities to 66 investors active in agriculture, tourism, infrastructure, restaurant and hotel. Of the sum, 16 projects with the total registered capital of around VND1,682 billion were approved in principle by the Provincial People’s Committee; and two projects with VND466 billion were granted investment certificates. Moreover, the province has also advised over 100 investors and enterprises on investment procedure support and enterprise registration.

In addition, some investors came to seek investment opportunities in the province in the past. And in early 2017, they were approved to carry out projects like Tran De - Soc Trang Wharf invested by Superdong Fast Ferry Kien Giang Joint Stock Company, ocean shrimp production facilities invested by Vietnam Australia Seafood Joint Stock Company, an industrial garment plant invested by Nha Be Garment Corporation, and Lac Hoa wind power project (first phase) invested by Technology Development Construction Joint Stock Company.

In the coming time, to improve the quality and efficiency of investment promotion and business support, and to professionalise every activity in association with practical benefits of the business community, what will Soc Trang focus on?
The province will continue to maintain and promote achievements in improving the business investment environment by concentrating on implementing the solutions and tasks set in Resolution 35/NQ- CP, Resolution 19-2017/NQ-CP of the Government as well as commitments to creating a business environment that the Provincial People's Committee signed with the Vietnam Chamber of Commerce and Industry (VCCI). At the same time, it will continue to raise PCI Indicators to keep it in the ‘good’ or ‘very good’ governance quality group. To achieve this goal, Soc Trang will speed up administrative reform, create a favourable business and investment environment, diversify the dissemination of information, communication and business dialogue; strengthen business support; and train and improve the management capacity of local enterprises.

To speed up investment promotion and to improve the investment environment of Soc Trang, what development directions has the centre adopted?
In order to attract foreign fund sources (ODA, FDI and NGO) as well as domestic capital, apart from effectively carrying out solutions for a business environment, Soc Trang will step up activities to introduce local potential and investment opportunities to investors and strengthen regional connectivity in investment attraction and promotion. It will build a list of attractive projects to catch the fancy of investors, especially, investment preference policies for agriculture and rural investment in the spirit of Decree 210/2013/ND-CP.

In addition, Soc Trang will mobilise all available resources to carry out site clearance to provide clean land for investment projects, prioritise key traffic projects, electricity infrastructure, water supply infrastructure and human resource training establishments to meet investors’ demands.

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