Innovative Investment Attraction

9:28:24 AM | 8/31/2021

With innovative and flexible approaches, the business investment environment of Ninh Binh province has become increasingly open and attractive in the past years. The province has lured many strategic investors to jointly create breakthroughs in economic growth and local budget revenue. To find out more information, Vietnam Business Forum’s reporter has an interview with Ms. Dinh Thi Thuy Ngan, Director of the Ninh Binh Department of Planning and Investment. Ngo San reports.

How do you assess the investment promotion and attraction of Ninh Binh province in the 2016-2020 period?

In recent years, investment promotion and attraction has been a top concern of all tiers of government of Ninh Binh province. In particular, the province is resolved to focus on reforming administrative procedures, improving the business investment environment and building investment mechanisms and policies to support, offer good opportunities and provide the most favorable conditions for businesses and investors. The province also issued a list of priority projects in search of investment funding where priority is given to locally advantageous industries, large-scale projects, and projects powered by environment-friendly advanced technologies.

As a result, in the 2016 - 2020 period, the province issued new investment registration certificates to 242 projects with a total registered capital of VND33,822 billion (36 projects in industrial zones with VND16,635 billion and 206 projects outside industrial zones with VND17,187 billion). The province currently has 84 FDI projects with a total registered investment capital of US$1,525 million (54 projects in industrial zones with US$935 million and 30 projects outside industrial parks with US$590 million). Remarkable projects include automobile assembly factories of Thanh Cong Automobile Company, camera module and electronic components manufacturing factory of Mcnex Vina Co., Ltd, and Ninh Binh CFG float glass factory of Ha Long Industrial Co., Ltd.

Those results have positively enabled the province to achieve socioeconomic development goals and targets in 2016 - 2020: Annual GRDP growth of 8.71%, the economic scale expanding by 1.7 times over 2015; GRDP per capita rising 62.77% to VND66.9 million (US$2,780) over 2015, equaling 92.7% of the national average (US$3,000). Budget revenue increased rapidly in the 2015-2020 period, reaching VND68,382 billion, with VND22,586 billion in 2020 alone, exceeding the plan by 56.3% and ranking No. 13 out of 63 provinces and cities.

Ninh Binh province has competitive potential and strengths to draw investors. Could you please tell us about new works the province adopts to promote and attract investment funds in the coming time to make good use of locally distinctive advantages?

In recent years, the province's investment promotion and attraction has been based on two core characteristics. Firstly, Ninh Binh province fully converges natural, topographic, cultural and human conditions to ensure socioeconomic development. Secondly, Ninh Binh is among leaders of Government-backed administrative reform projects.

Therefore, to have an open investment environment for domestic and foreign investors, the province will focus on attracting environmentally friendly, technologically advanced projects, strategic tourism investors, large taxpaying and influential projects for sustainable development, effective international economic integration and reinforced resilience for socio-economic growth in 2021 - 2025.

In addition, the province will prioritize investment projects from leading technology corporations in production chains and high-tech partners such as Japan, South Korea, the United States, and Europe; and mobilize all resources to invest in tourism infrastructure and tap local potential and distinctive strengths.

2021 is the first year of implementing the 5-year socio-economic development plan 2021-2025. Do you have any comment or commitment to the business community and investors who have been and will continue to accompany Ninh Binh development?

Ninh Binh has actively built an investment attraction approach for the 2021-2025 period, focusing on sectors and fields that match the province’s development orientations in the 2021-2030 period; diversify investment promotion methods; accelerate Technology 4.0 application in investment promotion and management; strengthen investment supports; improve the business investment climate and create a favorable, open and attractive investment environment; and strengthen relations between governments of all tiers with people and businesses.

With the principle that “the government substantially supports, listens to and resolves obstacles in the way against businesses”, the province will focus on some of the following contents in the coming time:

First, studying the “FDI flowing trend and Ninh Binh province’s access and response to the market" in order to make good preparations to meet investors’ needs, and actively receive the redirected FDI inflows in the course of global economic recovery.

Currently, Ninh Binh has provided 100% of public services online and completed integrating 11 online public services on the National Public Service Portal. The province has effectively applied the “government accompanies businesses” policy; settled administrative procedures in the single-window mechanism; promptly listened to and directly solved existing difficulties for enterprises with clear, public, transparent and equal procedures for all economic sectors.

Second, building images and introducing the local investment environment, policies, potential, opportunities and connections, with focus placed on online form, videos and documentaries on newspapers, local and central television stations, ebooks and websites.

Third, supporting and accompanying businesses and investors. The province will hold government - business dialogue conferences every six months to provide better support and facilitate investors to complete investment procedures for their large-scale projects in the fastest manner.

Fourth, the province will build an information system and database for investment promotion: Planning, location and available land fund, technical infrastructure (traffic, airport, seaport, electricity, water, telecommunications, etc.), forms of support and investment incentives; human resources, and the list of projects seeking investment fund in 2021-2025, enabling investors to learn about the province.

In addition, the province will boost cooperation with central agencies, embassies and commerce chambers of countries and territories in Vietnam, such as JETRO, JICA, KCCI, KORCHAM, KOTRA and EuroCham, to entice investors into the province.

Thank you very much!

Source: Vietnam Business Forum