Like other cities and provinces in the region and in the country, Bac Lieu province has also been affected by economic downturn, evidenced by more difficult investment attraction. However, with many effective policies and solutions plus the ceaseless effort of the entire political system, the province's investment environment is increasingly improved and more and more domestic and foreign investors are coming to Bac Lieu to seek investment opportunities. The province attracted only six projects with a total registered capital of nearly VND345 billion in the 2005 - 2009 period, but it managed to draw 70 projects with over VND20 trillion in the 2010 - 2014 phase. Vietnam Business Forum has an interview with Mr Luu Hoang Ly, Director of the Department of Planning and Investment of Bac Lieu, on typical investment attraction results in the province. Hoang Ngoc reports.
How do you assess the quality and impact of investment projects on social and economic development of Bac Lieu province?
Bac Lieu province has managed to attract many big projects with strong ripple effects on local social and economic development, including the wind power plant project (10 turbines have gone into operation and are connected to the national power grid, and 52 turbines are under construction and expected to be completed in late 2016, bringing the facility’s capacity to 99.2 MW), an aquatic hatchery and aquaculture project invested by Vietnam Australia Joint Stock Company and a food processing factory invested by Vinh Loc Company.
In early months of 2015, the province continued to see positive signs in investment attraction, as many big investors arrived in Bac Lieu province to explore investment opportunities like a group of South Korean investors (keen on a wind power project with a capacity of 400 MW in Dong Hai district) and Tata Power Group of India (interested in a thermal power project). Many projects were embarked on in the early months of 2015, including Xeo Vet Bridge (the first build - operate - transfer (BOT) project in the province), Nha Be garment plant, a US$5 million garment and textile project invested by PINETREE Company of South Korea (expected to employ 2,000 local workers) and an eel processing plant for export.
Could you please tell us some solutions that Bac Lieu province has taken to achieve these outstanding results?
The above results come from the firm and close leadership of the Provincial Party Committee, the Provincial People's Council, and the Provincial People's Committee plus the effort of the entire political system and the high consensus of the province. Besides, the province has carried out consistent solutions like improving socioeconomic infrastructure construction and speeding up the progress of key projects in support of investment attraction. The province continued to reform administrative procedures and develop human resources, with a strong focus on building a contingent of qualified civil servants; established and supplemented socioeconomic development plans, sector development plans, product development plans and construction plans; carried out appropriate policies and mechanisms to maximally mobilise and effectively utilise resources; consolidated and improved the quality of investment promotion activities; and changed thinking and perception of investment and business climate.
Without doubt, the above solutions have been effectively carried out and the investment environment has been continuously improved. Especially, with many guidelines and policies deployed for a better investment climate, Bac Lieu province is rated as a potential investment destination where investment opportunities are abundant, and investment policies and procedures are investor-friendly.
Do you have any remarks on the PCI Index rating of Bac Lieu province in recent years?
Like other provinces and cities in the country, Bac Lieu has implemented radical measures to improve the provincial competitiveness index (PCI). Subsequently, its PCI has been raised in recent years. In 2008, its PCI ranked 62nd out of 64 provinces, 30th in 2010 and seventh in 2012. Although the province failed to maintain its high ranking in 2013 (ranked 14th) and 2014 (ranked 22nd), it was still in the high-ranking group. This shows that the province’s solutions are right and effective.
What activities will Bac Lieu province take to further develop its investment and business environment?
In addition to abovementioned solutions, the province will continue to carry out practical activities like reviewing and improving investment incentives, encouragement and support based on State regulations and local conditions; and organising meetings between provincial leaders and enterprises and investors every six months. The province will uphold its message “What is easy, it is for businesses; what is hard, that is for State agencies” to seek ways to create breakthroughs in public administration reform, particularly in stages investors express concern about.
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