“Investors Will Have Dual Incentives”

The master plan for Ninh Thuan socioeconomic development till 2020, and vision towards 2030, was produced with the consultancy of Monitor Group (the US) and Arup Group (the UK). According to the plan, Ninh Thuan province’s GDP growth is estimated to reach 16-18 percent a year in the 2011 - 2015 period and 19 - 20 percent 2016-2020 period. The province will be built into a future favourite destination of Vietnam with synchronous infrastructure system, open and transparent investment and business environment, quick response to climate change and natural disasters, fast-growing and sustainable economy, industry- and service-based economic restructuring, good social security, ecological environment protection, good employment, reduced poverty, better material and spiritual life for people, and perfect conditions of national defence and security, political stability and social order and safety.

 

Together with directions of space and territorial development, from now to 2020, Ninh Thuan province will develop along two corridors, six key development zones and three priority areas (Phan Rang - Thap urban centre, northern resort region, and southern industrial region). Ninh Thuan will focus on development of six priority sectors (energy, tourism, agriculture - forestry - fishery, production, and processing), and two supporting sectors (education - training, and real estate construction and business). By 2020, these six sectors will contribute 91 percent of the province’s GDP and account for 85 percent of labour force.

 

To achieve these goals, Ninh Thuan will adopt strategic solutions, particularly capital solutions. The province is estimated to need VND260 trillion (US$13 billion) from now to 2020. The locality will improve the business and investment environment to attract more investors of all economic sectors, attract more FDI and ODA capital, and mobilise all available resources for development investment. Besides, the province will apply socialisation policy to social and cultural fields. By 2020, 20 - 25 percent of investment capital for these fields will come from non-State sectors.

 

Speaking at the press conference, Deputy Director Nguyen Ba Cuong of Foreign Investment Agency (Ministry of Planning and Investment) said: Ninh Thuan province is the first in the country to hire foreign consultants to flesh out socioeconomic development strategies and plans. This is a very innovative, bold but workable idea.

 

To realise the master plan, the Ninh Thuan People’s Committee will organise a conference concerning the announcement of the socioeconomic development master plan for a period till 2020 in Phan Rang - Thap Cham City on December 10, 2011. This conference, called “New planning - new development scenario - New opportunity”, is also incorporated an investment promotion. This event will bring together 500 - 600 Vietnamese and international delegates. Ninh Thuan will present a list of 46 projects in need of investment capital in the province from now to 2015. These projects cover tourism, services, energy, manufacturing, processing industry, clean industry, supporting industry, agriculture, education, healthcare, construction and real estate. Of note, 25 projects are considered “essential” (with very detailed description) and 21 projects are “less essential.” The province will also introduce 27 projects in need of ODA funds from 2011 to 2015. These projects are engaged in transportation, water conservancy, environment, urban upgrading, education and health.

 

Chairman Nguyen Duc Thanh, said: "To make the investment environment more attractive, in addition to existing incentives, the provincial government will invest in infrastructure in order to help investors reduce costs and time when they carry out their projects. Investment incentives in Ninh Thuan are the best in the class. Particularly, all six districts of the province are located in the so-called special investment regime which provides lowest tax rates, land rents and other supports. In addition, if projects are located in the interlinked region and are treated national key projects, investors will enjoy double preference.”