Investment Attraction into Bays

Khanh Hoa’s natural conditions and resources enable the province to develop the economy comprehensively. The province is unique for its 3 nationally and internationally famed bays of Nha Trang, Van Phong and Cam Ranh, with many spectacular landscapes. The bays all have ideal depths to develop large sea harbours and abundant fishery, which favours comprehensive sea economic development.

 

Besides, Khanh Hoa has advantages in workforce with the population of over 1.17 million, 60.4 percent at working age. There are 2 universities, 2 universities’ branches, 5 colleges and vocational school and 4 national research institutes. Vocational training systems and labourers are considered numerous and skilled enough to meet enterprises’ development demand. There are also adequate provincial support services with telecommunication and telephone networks reaching all communes, high-speed internet, electricity and water supply networks fulfilling social and economic development demand; and the banking and insurance system being completed to fill investors’ needs.

 

Mr Vo Tan Thai, Director of Department of Investment said that, with such advantages and flexible observation of governmental policies, the province has made investment in the right direction, and mobilized many capital sources to invest into infrastructure and social-economic development. In 2010, there were 8 FDI projects issued Investment Certificates in Khanh Hoa province, with total registered capital of US$41,775,632.

 

In 2010, there were 3 projects registering investment capital up to US$ 7,000,000; thus, in 2010, the province attracted US$ 48.76 million. Since the issue of the Law on Foreign Investment, Khanh Hoa province has had 76 foreign-funded projects receiving valid Investment License/Investment Certificate. The registered investment capital of 76 projects was US $811.5 million. In general, foreign-funded enterprises’ operation in Khanh Hoa province saw strong growth against 2009 in terms of turnover and export. In particular, in 2010, FDI businesses’ turnover was US $412.2 million, 123.3 percent of the 2009 figure, and export turnover was US$378.1 million, 130.5 percent of the 2009 figure.

 

Recently, Khanh Hoa People’s Committee has approved the Provincial Plan for Investment Promotion in 2012. Accordingly, Khanh Hoa will concentrate on attracting investment in fields of harbour, non-tariff zone infrastructure; projects in North Cam Ranh, South Cam Ranh, Ninh Thuy (Ninh Hoa), Suoi Dau (Cam Lam) Industrial Zones; provincial industrial parks and boosting development of industry, harbour, business, tourism and services.

 

In the coming time, Khanh Hoa will foster investment attraction in bays. At present, Khanh Hoa is implementing programmes to call investment in 3 bays: Nha Trang, Van Phong and Cam Ranh, which are regarded as 3 provincial key economic areas for the coming time.

 

To increase investment attraction, Khanh Hoa has made special offers such as: 7 years tax exemption for investment projects in Van Ninh, Dien Khanh, Cam Lam districts, Ninh Hoa town, Cam Ranh city; 11 years tax exemption for investment projects in Khanh Vinh, Khanh Son districts, Truong Sa island district and provincial islands; those in Lists of fields entitled to special investment incentives; invested projects in lists of fields entitled to special investment incentives in Van Ninh, Dien khanh, Cam Lam districts, Ninh Hoa town, Cam Ranh city; 15 years tax exemption for investment projects in Khanh Vinh, Khanh Sơn districts, Truong Sa island district and provincial islands. These create preferential conditions for enterprises to invest and develop in this high potential South Central area.