Investment Attraction - A Bright Picture

With favorable natural conditions and consistent solutions for investment attraction, Kien Giang has risen to become an ideal destination for investors and an economic pillar in the Mekong Delta key economic region. The interview with Mr. Giang Thanh Khoa, Director of Kien Giang Department of Planning and Investment, offers a clearer picture of Kien Giang investment attraction.

Could you please introduce investment attraction and business development results in the province in the first six months of 2022?

Currently, Kien Giang is the third largest recipient of investment capital in the Mekong Delta, only after Long An province and Can Tho City. Notable investors in Kien Giang province include Vingroup, Sungroup, Bimgroup, Ceogroup, Phu Cuong Group and CIC Group. The province has focused on calling for investment funds for four key areas: agriculture, industry, service and marine economy; and carried out a coordinated project on sustainable development of Ca Mau Peninsula subregion in order to unlock potential advantages of agricultural production, industry, services and marine economy. Up to now, many large-scale projects have been put into operation (like Vinpearl Land, Vinpearl Safari, An Thoi - Hon Thom Cable Car, Phu Quoc Casino, JW Marriott Phu Quoc, Emerald Bay, sea-encroached urban development center in Rach Gia City and Vincom Trade Center) to increase the added value, accelerate economic restructuring, create jobs for workers, and raise budget revenue for the province.

As a result, in the first six months of this year, the province granted three new licenses to investors seeking to invest VND1,320.463 billion (US$53 million) and hire 13.799 ha; awarded 36 revised investment certificates and endorsed 24 investors to invest VND137.49 billion (US$6 million) to buy shares and contribute investment fund.

To date, Kien Giang has attracted 778 projects with a total registered investment capital of VND578,590.76 billion (US$25 billion), which sought to lease 31,759.308 ha of land. Of the sum, 356 projects with VND109,214.75 billion (US$4.75 billion) have been put into operation, hiring 13,602.59 ha of land. Currently, the province is home to 55 valid FDI projects invested by investors from 19 countries and territories with a combined investment value of US$2.7 billion, of which US$790.72 million was disbursed (accounting for 29% of total registered investment capital). Also in the year to date, the province had 897 newly established enterprises with a total registered capital of VND11,525.4 billion (US$501 million), bringing total enterprises to 11,421 in the province with a combined registered capital of VND187,039.8 billion (US$8.1 billion). After a Covid-19 hiatus, businesses have gradually restored and developed their production and business activities.

Localities across the country, including Kien Giang province, are stepping up investment promotion and attraction to catch post-COVID-19 investment flows. Would you mind telling more about the investment, trade and tourism promotion approach of the province in 2022?

Kien Giang province has further boosted investment promotion, connected partners to coordinate exchange and provide information about investment projects; increased dialogues with the business community in order to attract investment and develop trade and tourism. The province has focused on reforming administrative procedures, removing difficulties and obstacles in production and business activities, and creating an open, public, transparent and attractive investment environment to mobilize maximum resources for development investment.

The province has communicated and introduced an improved investment environment, policies, potentials and opportunities in mass media; participated in conferences, seminars, fairs, forums and workshops; hosted meetings with domestic and international agencies, organizations and businesses. It has prioritized Technology 4.0 application in investment, trade and tourism promotion on technology platforms to transmit information to investors and businesses in a timely, effective, economical and professional manner, thus leaving a good impression on domestic and foreign enterprises and investors.

The locality has strengthened relationships with foreign trade and investment organizations, foreign consulates general, foreign diplomatic missions in Vietnam and Vietnamese trade and investment agencies in foreign countries; established relations with the overseas community to boost investment promotion, with emphasis on hi-tech applied agriculture, organic agriculture and agro-processing; food production; consumer goods; mechanical engineering; supporting industries; infrastructure investment and operation in industrial zones, urban areas and tourist sites; waste and wastewater treatment; and renewable energy.

In addition, the province has actively coordinated with other provinces and cities across the country to organize general trade promotion activities to introduce and promote Vietnamese products in domestic and international markets; linked with other provinces and cities to form tours and tourist routes in the Mekong Delta key economic region; built tourism brands, developed tourism in association with protection of natural resources, landscape and environment; conducted market research and assessed local tourism potential to select distribution channels and apply appropriate forms of product, service and destination promotion; and effectively implemented tourism promotion in traditional and potential markets.

A business deal signed at the Thailand-Kien Giang Business Connection Forum in 2022

As you have said, Kien Giang is giving priority to attracting large corporations and potential investors, focusing on four key areas: agriculture, industry, service and marine economy. What are the specific investment attraction criteria and orientations for each field?

In agriculture, Kien Giang advocates drawing agricultural development projects seeking to develop large-scale, high-quality commercial production, apply high-tech, green, clean and organic products towards combination of agricultural and rural tourism cooperation; applying scientific and technological achievements to aquaculture; and developing one commune one product (OCOP) organic products for sustainable tourism development.

In industry, Kien Giang further attracts projects of high technology, new technology, clean technology, digital technology, manufacturing, assembling and supporting industries, environmentally friendly agricultural production; infrastructure investment projects in industrial parks; and energy development projects.

Regarding services, the province recommends projects to develop modern trade and service centers and high-quality amusement park complexes; call for investment in service industries such as tourism, telecommunications, information technology and logistics. At the same time, Kien Giang fosters investment to boost border trade in Ha Tien International Border Gate and Giang Thanh National Border Gate, combined with commercial development in Phu Quoc City and urban centers in Kien Luong district and Rach Gia City. It invests in professional transportation, warehousing and packaging services for road, sea and air transportation.

Particularly in marine economy, the province focuses on calling for investment capital for aquaculture; develops marine tourism and services and key seaports in Rach Gia, Phu Quoc, Kien Luong, Ha Tien and Kien Hai.

To further improve the effect of investment attraction, what key solutions will the province focus on?

To improve the business investment environment in a way that is open and attractive to woo more and more investors to the province, Kien Giang has adopted many flexible and suitable mechanisms and policies for investors. In the coming time, the province will further perfect mechanisms and policies, enhance the quality and effect of foreign investment cooperation, including technology and environmental criteria, in order to bring businesses into the global supply chain when Vietnam joins new-generation free trade agreements (such as CPTPP and EVFTA) to facilitate strengths and capacity of large local corporations.

Furthermore, the province continues to inform, promote and introduce investment environment, policies, potentials and opportunities; trains and builds the capacity of investment promotion; actively supports businesses and investors; boosts investment cooperation by actively approaching, understanding and supporting partners and large corporations with high technology that lead or operate value chains; and actively creates clean facilities, infrastructure and human resources to meet investors’ requirements. At the same time, priority is given to solving difficulties and obstacles for investors who are doing business and investment through business dialogues where authorities and investors can exchange their information; linking investment promotion with trade promotion and tourism promotion; and publicizing transparent social and economic information systems, laws, policies and plans, especially publicizing land funds.

Thank you very much!

By Cong Luan

Source: Vietnam Business Forum