Local Economy

Last updated: Friday, February 15, 2019


Efforts for Better Investment Environment for Businesses and Investors

Posted: Monday, October 01, 2018

Attracting 121 projects with a total investment capital of VND10,605 billion (US$460 million) in three years (2015 - 2017) is a very impressive result for a province like Dong Thap. As said by Director of the Dong Thap Department of Planning and Investment Truong Hoa Chau, this success stems from the “siding with business” policy, “proactively contacting the business rather than waiting for them” approach, and “providing best conditions for business and handling every hardship” principle adopted by the provincial government in the past years. Cong Luan reports.

Could you please describe the province's appealing investment incentives to attract and retain investors?
In the past years, Dong Thap province’s efforts to attract investment capital have been recognised and appreciated by the business community. This is the result of the continuous effort of the whole political system to create a consensus and synergy of carrying out business support policies. The provincial leadership has always improved governance quality, reformed administration, and built a friendly government to improve the business climate and enhance local competitiveness, thus facilitating investors to invest in local socioeconomic development. Without doubt, Dong Thap is getting closer to the goal of attracting domestic and foreign investors.

In three years from 2015 to 2017, the province had 121 projects registered investment with a total capital of VND10,605 billion (US$460 million), including eight FDI projects with VND2,471 billion. On investment support and incentivisation policies, the province has based on central policies and applied highest regulatory rates of incentives, particularly in socialising cultural, education, health, sports, environmental, rural and agricultural fields. In addition, to better support enterprises and start-ups, the Department of Planning and Investment proposed the Provincial People’s Committee to set up the Business Support and Start-up Centre affiliated to the department. The centre, operational since early 2018, shared a considerable part of the department’s business support and start-up work, thus helping increase corporate entities in the province and spread the province’s investment image.

Dong Thap has organised many start-up promotion activities through seminars and sharing and signed with the Start-up Vietnam Foundation (SVF) to support local business start-ups. To date, the local start-up ecosystem has been established, including Dong Thap Leading Entrepreneur Club, Dong Thap Women Entrepreneurs Association, Cao Lanh Start-up Club, and 152 Start-up Association. Many start-up projects won high prizes at regional and national competitions, especially agricultural start-ups, thus helping promote local entrepreneurship.

Despite good investment attraction achievements, Dong Thap still lacks leading lights, driving companies or large-scale projects capable of generating spillover effects. So, does Dong Thap plan to invite big businesses to the province, and if so, in what ways?
Dong Thap does not have many leading enterprises or big projects that have ripple effects on local development, but things have changed in recent years. Apart from Vinh Hoan Corporation, a leading seafood processor, Dong Thap is home to important FDI projects such as Mavin Austfeed (Australia), Cargill (USA) and Guyomarc'h (France) active in the animal feed and seafood processing industry; Yi Feng Joint Venture Co., Ltd and Yih Shuo Co., Ltd (Taiwan) in the leader and footwear industry; and ONE - ONE South (Japan) in the food processing industry. Recently, Wenzhou Hendy Mechanism and Plastic Co., Ltd invested US$40 million in the plastic industry.

At the Dong Thap Investment Promotion Conference 2017, the province introduced important high-tech agriculture, industrial zone infrastructure, urbanisation and clean energy projects. These projects interested investors who have been committed to conducting early deployment. To date, many corporations have officially made research and investment in urbanisation, high-tech park and clean energy such as Vincom and FLC Group. These are projects are expected to produce ripple effects and contribute significantly to local socioeconomic development.

Not to make “siding with the business” an empty one but a consistent policy of directing socioeconomic development, what will the province specifically do in the coming time?
The “siding with the business” policy is not only spoken in words, but realised into specific tasks of provincial leadership. Care, attention and sharing are what leaders of the Provincial Party Committee and the Provincial People’s Committee have done. This not only creates a friendly image of the public administration but also produces a strong ripple effect on State agencies and public employees to better serve local community and business development needs.

Dong Thap always has to have creative and strong ways for local prosperity and meets increasingly strict requirements from the business community. In that process, the province continues to accelerate the administrative reform process to create the shortest way for enterprises to carry out investment and business procedures; and adjust and improve government - business cooperation for a better investment environment.

Dong Thap province’s message to the business community and investors is “proactively contacting the business rather than waiting for them” and “providing best conditions for business and handling every hardship”. We always see the success of each business is our own. Thus, every difficulty and obstacle of enterprises and investors will be resolved by us in the fastest, most effective manner. All aims for the legitimate interests of businesses and for the development of “Pink Lotus” realm.

Thank you very much!

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