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Investment

Last updated: Monday, March 25, 2019

 

Coupling Investment Promotion with Business Climate Improvement

Posted: Thursday, February 21, 2019


In recent years, Nghe An province has worked hard to improve the business environment, renovate and diversify promotion activities, attract investors and obtain significant achievements. Vietnam Business Forum has an interview with Mr. Le Tien Tri, Director of the Nghe An Investment Promotion and Support Center, on this content.

Could you brief us on the investment promotion results of Nghe An province in 2018?
In 2018, Nghe An province paid special attention to foreign affairs and investment promotion. In addition to spending investment on infrastructure and creating an open and friendly investment environment, investment promotion activities were regularly renewed for better outcomes for every investor and every project.

In the spirit of “Actively seeking investors instead of waiting them to come to the province,” Nghe An stepped up many foreign relations and investment promotion activities like organizing the 10th Meeting with Investors Conference in 2018, a local investment promotion forum where local authorities shared development visions, delivered messages and listened to investors, and supported them to tackle their hardships. At the meeting, the province granted investment certificates to 9 projects and signed 16 memorandums of understanding on investment cooperation with a total registered value of VND13,152 billion. The province has actively contacted investors and coordinated with infrastructure developers and operators (such as VSIP Nghe An) to organize investment promotion events.

In 2018, Nghe An also actively caught a new investment wave from other countries and territories, especially from Japan and South Korea. Typically, the province co-organized the Conference on “Investment environment in Nghe An, northern central coastal province of Vietnam” in Tokyo (Japan), attended by more than 130 Japanese companies. Through this meeting, Nghe An had the opportunity to approach many Japanese businesses to introduce the investment and business environment and invite them to invest in the province, and answered questions raised by Japanese firms interested in doing business in the province. Also in 2018, Nghe An welcomed and worked with 23 business and investor delegations seeking to study the local investment environment (six domestic and 17 foreign delegations, with nine returning to have second working meetings on investment consideration).

In particular, the province attached increasing importance to solving hardships faced by investors, speeding up the progress of licensed projects and supporting investors to complete investment documents and procedures, reviewing slowly-processed documents to press on local departments and agencies. Nghe An also promoted administrative procedure reform in association with enhancing publicity and transparency of information for businesses. Many administrative procedures had been brought to the single-window portal to reduce time and costs for businesses.

By effectively carrying out many investment promotion activities, the province granted investment licenses to 114 new projects worth VND9,119 billion (nearly US$400 million), allowed eight projects to add VND1,279 billion (US$46 million), raising the total investment value in 2018 to VND10,398.17 billion.



What fields and industries is Nghe An province attracting investors into?
In recent years, the Nghe An Provincial People’s Committee has directed the development of promotion programs to support local and regional socioeconomic development planning. The province ensured harmonious interests of all stakeholders in investment promotion activities, enhanced the investment attraction effect and the investment environment quality, selectively investment projects with focus placed on powerful investors and large-scale projects. On that basis, Nghe An began to select potential areas for development investment, especially manufacturing, high-tech, electronics, engineering, automobile, and consumer goods manufacturing in Dong Nam Economic Zone. Besides, smart, high-tech organic agricultural production is encouraged for development in the western region of Nghe An province. Funded by the central budget in recent years, Nghe An province has allocated investment resources for its relatively synchronous infrastructure system consisting of road, railway, seaports and Vinh International Airport. Currently, the province is persuading investors to develop logistics to support such industrial parks as WHA and VSIP to attract more tenants.

In the coming time, the province will raise the quality of investment promotion activities; conduct regular reviews to revoke sluggish projects; proactively approach donors to seek funds for large-scale projects. While focusing on dealing with difficulties and obstacles and speeding up the progress of licensed projects, the province will attract investors to invest in key projects that have strong impacts on local development to 2020 and beyond; draw investment capital into economic and industrial zones, cooperation investment projects and logistics development projects. Besides, the province will cooperate with industrial infrastructure developers and operators to organize domestic and foreign investment promotion, streamline land access processes and procedures, and quicken administrative procedure reform.

Nghe An province has also made great efforts to improve its investment and business environment in recent years. Would you tell us about this issue?
Improving the business and investment environment is a particular concern of Nghe An province, which is seen as one of the province’s leading political tasks in recent years. In 2012, the Provincial People’s Committee issued Decision 2595/QD-UBND approving the Provincial Competitiveness Index (PCI) improvement project. Since then, fostering administrative reforms, improving the business environment and enhancing competitiveness have been regular tasks.

In order to execute Resolution 19/NQ-CP on specific tasks and solutions for better business environment and higher national competitiveness, since 2014, the Provincial People’s Committee has issued plans and directed strong action programs to enforce this resolution. Especially, carrying out the Government's Resolution 35/NQ-CP dated May 16, 2016 on business support and development to 2020, the Provincial People’s Committee issued Decision 3171/QD-UBND dated July 1, 2016 on the action program to this effect and centrally directed relevant bodies to implement the project “Focusing on effective investment attraction into Nghe An province to 2020 and solutions for better investment environment and higher provincial competitiveness index.” In addition to coordinating with the Vietnam Chamber of Commerce and Industry (VCCI) to organize seminars on better business environment and higher provincial competitiveness index (PCI) to assess reasons and introduce specific solutions, the provincial government launched and directed close and consistent enforcement of nine solutions for better investment environment.

To date, with the involvement of the entire political system, Nghe An province has strongly perfected its investment and business environment to draw investors, developed some industries of high scientific and technological content and high added value, developed supporting industries, environment-friendly, energy-saving industries. The Provincial People’s Committee has periodically hosted business meetings to listen to opinions from enterprises and seek solutions to their existing difficulties, thus helping heighten high business consensus. This is considered a new breakthrough in how provincial authorities support businesses. Every month, the committee opens a meeting with relevant departments, branches and localities to grasp actual problems and adopt solutions to difficulties and problems faced by important and influential investment projects, particularly relating to land clearance. The Chairman of the Provincial People’s Committee has also delegated the responsibility to vice chairpersons to monitor, urge and directly apply solutions to difficulties and problems faced by each specific project.

To date, the investment and business environment has been further improved to better support investors. Nghe An province’s PCI has increased continuously in recent years: ranked 46th in 2013 and 21st nationwide 2017 and ranked first among six North Central provinces, the highest position ever. Business development also produced good results. The province had 1,683 new companies as of November 15, 2018, up 5.25% year on year. Business startup growth is 14-15% a year.

Thank you very much!








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