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Local Economy

Last updated: Monday, March 25, 2019

 

Motivating Kien Giang Economy to New Highs

Posted: Tuesday, March 12, 2019


The Kien Giang Provincial People's Committee held the New Year Business Meeting 2019 in a cozy and friendly atmosphere. The meeting was aimed to share successful practices, solve emerging difficulties, and honor and praise typical local enterprises, entrepreneurs and investors with outstanding performances in 2018.

Speaking at the meeting, Mr. Huynh Xuan Vu, Deputy Director of the Kien Giang Department of Planning and Investment, reported on detailed business development in the province. In 2018, Kien Giang had 1,650 new companies with VND37,308 billion (US$1.6 billion) of investment capital, up 14% in enterprises and 2.1 times in value. On average, a new company had VND23 billion of investment capital, a 1.9 times higher than in 2017, ranked second in the Mekong Delta in new corporate entities and registered capital). The province had 8,076 companies with a combined registered capital of VND80,760 billion (US$3.5 billion) as of December 31, 2018. In 2018, local businesses paid over VND3,962 billion to the State coffers and employed over 94,750 workers.

In the year, Kien Giang licensed 28 investment projects with VND13,166.06 billion (US$580 million) of investment capital, bringing total projects to 749 projects with VND527,314 billion (US$23 billion). In order to create an enabling environment for businesses and investors, the provincial government effectively enforced the Law on Enterprises, the Law on Investment and the Law on SME Support and assigned tasks to relevant departments and agencies to consistently and effectively implement support policies. Investment, trade and tourism promotion activities were professionally deployed, focusing on important contents and bringing practical effects to businesses and investors.

Mr. Pham Vu Hong, Chairman of the Kien Giang Provincial People’s Committee, praised great contributions of businesses, entrepreneurs and investors to local socioeconomic development in the past year. Economic growth was as high as 7.51%, ranked fourth among 13 Mekong Delta provinces and cities. Per capita GDP reached US$2,094. Export value amounted to US$640 million, 123.08% higher than the plan. Budget revenue totaled VND9,950 billion, 6.78% higher than in 2017. Not only directly helping local economic growth, generating jobs and improving incomes for workers, businesses and entrepreneurs are also eager to take the lead in charity, poverty reduction and social security.

Hoping that businesses, entrepreneurs and investors will boldly propose and advise Kien Giang to further improve socioeconomic development and attract investment capital, he also expressed his confidence that the entrepreneur and business community will continue to promote their leading roles in the cause of industrialization, modernization and international economic integration in 2019 and beyond. “To assist entrepreneurs and businesses to play the leading role, the provincial government is committed to be more active and fiercer to support the entrepreneur and business community to access preferential capital and land, upgrade technology and expand consumer markets. The province actively promotes reforms, particularly administrative procedures, and improve the investment and business environment to facilitate them to expand effective investment and business operations, unlock all potential and elevate Kien Giang economy to a new plane in the Key Mekong Delta Economic Zone,” Hong added.

At the meeting, the Kien Giang Provincial People’s Committee handed certificates of merit to 118 companies and 32 individuals with outstanding business successes, export performances and tax obligation fulfilment in 2018.

My Chau








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