Reordering Investment Attraction

 

Kien Giang is blessed with a lot of natural endowments, particularly marine resources, sea, islands minerals, plains, forests and mountains for economic development. Besides comparative natural advantages, Kien Giang is one of four provinces in the Mekong Delta key economic zone and lies on the southern coastal corridor with Ha Tien International Border Gate which plays a core role in doing trade with Cambodia and Thailand. The province also has Phu Quoc International Airport and many deepwater seaports - important gateways for the Mekong Delta to bolster trade with other countries in the region and in the world.

 

However, to utilise these advantage for rapid and sustainable development, the province needs to create competitive advantages from its natural resources and geographical location where the business community and investors play a very important, decisive role in enhancing competitiveness, turning local potentials and advantages into high-valued goods and services with high value and creating distinctions for Kien Giang.

 

In 2013, economic slowdown in both Vietnam and the world dragged on operations of many businesses. The Provincial Party Committee and the Provincial People's Committee directed all branches and organisations at all levels to carry out solutions to support enterprises to deal with difficulties, assist the market and handle bad debts in accordance with the Resolution No. 02/NQ-CP of the Government. Besides, the province mobilised all resources and resolved problems against businesses and investors in a bid to accelerate the investment progress of key projects, particularly infrastructure items like roads and bridges on the ring road passing Rach Gia City; Cau Lon Bridge and Cau Be Bridge along the southern coastal corridor; An Hoa Bridge; and Kinh Khanh Bridge. The province also upgraded irrigation systems and power grids (completing and putting into use the underground electric cable lines from Ha Tien City to Phu Quoc Island in early 2014; installing power lines from Hon Dat District to Hon Tre Island, Kien Hai District, scheduled for investment in 2014).

 

In 2014, the province will continue to invest, repair and upgrade important roads like National Road 61, National Road 80, Provincial Road 964, roads and bridges in Giang Thanh Border Gate. Kien Giang will also enlist State capital and foreign capital for infrastructure construction, rural development and poverty alleviation and call investment capital for industrial zones and economic zones as well as services to make positive impacts on economic development.

 

So far, Kien Giang province has attracted nearly 600 projects, which registered to invest VND237,775 billion and rent 28,192 ha of land, mainly engaged in aquaculture, seafood processing, agriculture, mining and mineral processing, infrastructure development, tourism and real estate. These projects have helped the province to restructure its economy effectively and sustainably. In 2013, it licensed 63 projects with a total registered capital of VND21,480 billion and a registered land area of ​​3,497 ha and approved in principle 29 projects which needed 1,193 ha area. Phu Quoc Island alone licensed 20 projects capitalised at VND18,338 billion, which registered to use 606 ha of land. The island district also approved in principle seven projects which register to hire 438 ha of land.

 

The province has actively reformed administrative procedures, created open, transparent, fair and conducive investment - business environment for enterprises and investors by adopting the single-window mechanism for investment field. Enterprises and investors need go to only the Department of Planning and Investment, the Phu Quoc Investment Development Management Board, and Kien Giang Economic Zones Management Board to deal with their investment procedures. With eradication of unnecessary procedures, simplification of procedures and centralised handling of investment procedures, investors can reduce the waiting time and expenses for their paperwork with authorities. In addition, the province has also stepped up infrastructure construction in border gate economic zones, tourist sites, industrial zones, commercial centres, seaports, river ports and roads.

 

While abolishing unviable plans and projects, the province has also reviewed good plans and investment to attract investors. Kien Giang has also kept track of project progress and revoked slow-moving and inactive projects to give the opportunity for better investors. In 2013, the Kien Giang Provincial People's Committee established the Interdisciplinary Inspection Team to examine non-State investment projects, including FDI projects. The examination aimed to timely discover difficulties and queries of enterprises to seek effective solutions, urge laggard or commitment-breaking projects, and settle violations. After receiving reports from the inspection team, on March 5, 2014, the Provincial People's Committee approved the rescheduling of investment timeline for 22 investment projects and revoked investment licences of 34 projects.

 

Previously, to rule out investors without enough finance and experience, on December 18, 2012, the Provincial People's Committee issued Decision No. 2618/QD-UBND on measures to ensure the implementation of investment projects in Kien Giang province (except Phu Quoc Island) and on August 5, 2013, issued Decision No. 1923/QD-UBND on investment criteria in Phu Quoc Island, which provided minimum investment amount, financial capacity of investors, project implementation progress, and deposits applicable to projects using land, water surface.

 

Kien Giang province is committed to accelerating administrative procedure reform, supporting and accompanying businesses and investors, and seeing the success of the business community and investors as that of the province.