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Local Economy

Last updated: Wednesday, July 18, 2018

 

Thai Nguyen Creates Successful Destination for Investors

Posted: Tuesday, June 26, 2018


With favourable geographic location and untapped potential, especially with an increasingly open business environment, Thai Nguyen province is becoming an attractive destination for domestic and foreign investors.

Great potential, wide room for growth
Geographical location: Thai Nguyen is the central province of the Northern Midland and Mountainous Region. Thai Nguyen is 75 km from Hanoi, 50 km from Noi Bai International Airport and 200 km from Haiphong Port. It has a convenient waterway and ground traffic system featured by new National Highway 3 linking Thai Nguyen to Hanoi, National Highway 37 connecting Bac Giang - Thai Nguyen - Tuyen Quang, National Highway 1B connecting Thai Nguyen - Lang Son, Thai Nguyen - Hanoi railway and river-ways (Da Phuc Port) linking to Red River Delta provinces. This helps Thai Nguyen converge resources and exert a strong pull on investors.

- Thai Nguyen has found rich mineral resources in large reserves, with the second largest coal reserve in the country. The province is rich in nonferrous metals such as tin, lead, zinc, tungsten, gold, copper, nickel and mercury. Its construction material resources are greatly potential for production and export of cement and building materials.

- Thai Nguyen has many relics and scenic spots, such as Nui Coc Lake tourist site with 25km2 of water surface with hundreds of large and small islands connected to Tam Dao national park buffer zone; Viet Bac Safe Zone; Thao Sa Vo Nhai Archaeological Relics, Museum of Vietnamese Ethnic Minorities Hang Pagoda, etc.

- Thai Nguyen is the third largest training centre in the country with nine universities, 12 colleges, eight professional secondary schools and 30 vocational training centres, altogether capable of training over 100,000 students a year. At the same time, the province is also a regional medical centre with over 520 medical facilities, including one general hospital, five province-level specialised hospitals and seven district-level general hospitals.

- Dynamic, friendly provincial authorities always accompany the business community. In recent years, the Provincial Competitiveness Index (PCI), the Vietnam Provincial Governance and Public Administration Performance Index (PAPI), the Public Administration Reform Index (PAR INDEX) of Thai Nguyen province have been always ranked high in the country. Active dynamism, administrative reform, business environment improvement and local competitiveness improvement are always top concerns of the all tiers of the Party and government.



Creating an open business environment
For many years, Thai Nguyen province has determined that constantly improving the investment and business environment and engaging the whole political system is particularly important. The fact that the Thai Nguyen Provincial Party Committee issued Directive 19-CT/TU dated April 18, 2012 on "Further strengthening the leadership of the Party in implementing solutions for higher Provincial Competitiveness Index (PCI) has reconfirmed the above resolve. The Resolution of the 19th Provincial Party Committee also approved the scheme for enhancing the investment environment and international integration (PCI and PAPI) This is one of seven major projects of the province in the 2015 -2020 term.

Based on guidelines and resolutions of the Provincial Party Committee, the Provincial People's Committee issued specific programmes and action plans to realise those guidelines and resolutions. First and foremost, authorities at all levels have attempted to accelerate administrative reforms, with a focus placed on reforming administrative procedures in association with establishing e-government and, at the same time, implementing incentive mechanisms and support policies: Supporting enterprises to invest in agriculture and rural areas, encouraging them to develop clean agriculture and hi-tech agriculture. Especially, the province always attaches great importance to upholding the responsibility and accountability of heads of agencies and units in administrative reform, and takes their service performances as a measure of their work.

In addition, the province has focused on speeding up the progress of some key projects: Restoring Nui Coc Lake tourist site, building Cau River flood control system and completing urban infrastructure along the Cau River. While planning the development of industrial zones in favourable locations, the province has also drawn investment capital for infrastructure and utility development. It has stepped up site clearance for new investment projects and supported investors to tackle emerging difficulties. Provincial leaders, departments, and localities are always ready and willing to promptly answer questions and solve interests between people and enterprises in harmony.

With its ongoing reform efforts, the local business and investment environment is increasingly open to investors. This is not only reflected in high scores and rankings of the Provincial Competitiveness Index (PCI) and the Public Administration Reform Index (PAR Index) in recent years but also seen in a greater number of new business startups and better-performing projects and companies. This has given a helping hand to Thai Nguyen province on the course to become a modern industrial province before 2020.

Always creating favourable conditions for investors
On the occasion of the Thai Nguyen Investment Promotion Conference 2018, Mr Vu Hong Bac, Chairman of the Provincial People’s Committee, said: Provincial authorities always want to let domestic and foreign enterprises, investors and organisations know that the province is always willing and ready to cooperate with all investors seeking in the locality.

Thai Nguyen will apply investment incentive and support policy in the principle that investors enjoy highest incentives and carry lowest obligations in the regulatory framework. The province will make good commitments to accompany, cooperate and share with enterprises for common development. We are ready to provide the best conditions for investors seeking to do sustainable business in Thai Nguyen.

PV








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