Quang Ngai Keeps Winning Investors’ Hearts

After two quiet years because of the epidemic, 2022 witnessed good domestic and foreign investment result of Quang Ngai province. The investment and business environment has improved a lot. Provincial leaders always accompany and facilitate enterprises to work effectively and this effort has made Quang Ngai a favorite choice of businesses and investors. Vietnam Business Forum’s reporter has an interview with Ms. Tran Thi My Ai, Director of the Quang Ngai Department of Planning and Investment.

Delegates cut the ribbon to inaugurate the expanded factory of Sumida Quang Ngai Electronics Co., Ltd

Could you please introduce remarkable results of investment promotion and attraction in 2022?

In 2022, the COVID-19 epidemic was basically controlled to enable Quang Ngai to boost investment promotion and invite investors to the province. Accordingly, the Department of Planning and Investment coordinated with Vietnam Airlines to organize an online signing ceremony on cooperation with Quang Ngai province in the 2022 - 2025 period to boost investment on domestic and international routes.

In 2022, the province welcomed and supported about 70 investors and big companies to survey, research and invest in industrial park infrastructure construction, steel fiber production, mechanical engineering, healthcare, environment, urban areas, residential areas, trade and services.

In addition, to foster localized investment promotion by encouraging existing investors to connect and invite strategic partners, Quang Ngai province conducted investment promotion abroad. The province coordinated with the Consulate General of Vietnam and Fukuoka Prefecture (Japan) to attend the Vietnam - Fukuoka Multifaceted Trade Promotion, Investment and Cooperation Program in July 2022 and organized a working visit to Toray Group in Tokyo, which has an investment project in VSIP Industrial Park. The province also supported two local companies to attend a trade fair in Japan.

At the same time, the Department of Planning and Investment assisted investors to complete investment procedures and carry out large projects such as Hoa Phat Dung Quat Iron and Steel Production Complex (output raised from 4 million tons to 6 million tons a year), Hoa Phat Dung Quat 2 Iron and Steel Production Complex, a raw water supply network for Hoa Phat Dung Quat Iron and Steel Production Complex, Hoa Phat Dung Quat bulk cargo - container port, and Hoa Phat Dung Quat steel product manufacturers. Furthermore, the province hosted meetings to guide enterprises to quickly implement procedures for investment preparation, land compensation, site clearance, land lease and construction.

We also regularly worked with foreign promotion agencies in Vietnam like the Japan External Trade Organization (JETRO), the Korea Trade - Investment Promotion Agency (KOTRA) in Da Nang and the European Chamber of Commerce in Vietnam (EuroCham) to tighten relationships and bolster investment promotion to woo Japanese, South Korean and European investors to do business in Quang Ngai.

Consistent, effective and focused investment promotion has helped open up many new opportunities and enabled investors to easily access local potential advantages, thus deciding to make investment in the province. In 2022, Quang Ngai licensed three new FDI projects with a total registered fund of US$74 million and 15 domestic investment projects with VND286 billion. As of the end of 2022, Quang Ngai had 63 valid FDI projects with US$1.88 billion of investment capital and 658 effective domestic projects VND367,003 billion (excluding real estate projects).

One of plus points of Quang Ngai province that is highly appreciated by the business community and investors is that provincial leaders always accompany, support and facilitate businesses and investors to operate effectively. Would you mind telling us more about this effort?

Quang Ngai province always pays attention to assisting businesses to work effectively and legally, expand production scale, create jobs, and make practical contributions to the local economy. Provincial leaders always accompany, listen to and work with businesses to remove difficulties to woo more investment inflows.

To attract and call for investment funds, Quang Ngai always promptly grasps needs and aspirations of businesses and investors, especially support from all tiers of leaders and all branches; investment, production and business procedures; infrastructure system and support services for businesses; investment incentive policies and human resource quality; and open and fair competitive environment among enterprises and economic sectors. Understanding those aspirations, the province will constantly amend, supplement, and carry out guidelines and policies on investment attraction and incentives as well as facilitate businesses and investors to operate most smoothly and effectively.

With the viewpoint of “The success of investors and companies is viewed as the success of the province", Quang Ngai puts a premium on administrative reform, improves the business investment environment, and enhances competitiveness. Particularly in 2022, the province organized two dialogue conferences with local businesses and investors to promptly grasp and remove difficulties and obstacles and help them recover production and business and successfully contribute to socioeconomic development tasks.

In addition, the Department of Planning and Investment has also guided and supported many investors, especially giant ones like Do Thanh Automobile Joint Stock Company, Saigon Eye Hospital Joint Stock Company, KC Enviroservices Co., Ltd. and TTG Investment Joint Stock Company and Flamingo Group Joint Stock Company, to study investment opportunities in Quang Ngai province in various fields such as health, environment, urban areas, residential areas, trade and services. We also advise the province to enhance the investment and business environment and raise the Provincial Competitiveness Index (PCI) in 2022 and to 2025.

In 2022, the Department of Planning and Investment received 81 recommendations from 53 companies around their business difficulties. With the intense direction of the Provincial People's Committee and the effort of all-tier agencies and localities, up to now, 60 out of 81 recommendations have been resolved by competent agencies and localities; 18 recommendations have been coordinated for resolution; and three recommendations have not been solved due to policy problems. The timely resolution of proposals, difficulties and problems has built up sustained business and investor satisfaction in the local healthy, transparent and efficient business and investment environment.

Given its achievements, how will Quang Ngai province focus on investment promotion and attraction in 2023?

To create a driving force for the economy to grow and develop sustainably and fulfill the goals and targets set by the resolution of the 20th Provincial Party Congress, in 2023, Quang Ngai province will further boost selective investment promotion and attraction and lure high-quality investment projects according to the pronounced list for the 2021 - 2025 period. Specifically, priority is given to foreign investment promotion in traditional markets such as Japan, South Korea and Taiwan and in industrially developed countries to meet local needs for modern and sustainable socioeconomic development.

To enhance the outcome of investment attraction, the province is ready to accompany, support and serve businesses and investors in the light of its guiding principle “The success of investors and enterprises is seen as the success of the province.” The province has actively supported and facilitated investors to quickly implement and complete large and pervasive projects and lured projects that make high-added value products and use modern technologies into Dung Quat Economic Zone and industrial parks.

While provide support and removing difficulties and obstacles in the way for existing businesses and investors, in 2023, Quang Ngai will also further strengthen localized investment promotion. In particular, the province will grasp opportunities from big operational projects (like Hoa Phat Dung Quat Iron and Steel Production Complex, projects in VSIP Quang Ngai Industrial Park, and Dung Quat Refinery) to woo more new, high-quality investment projects into the locality, helping bolster local socioeconomic development with a rising share of industry and service.

Thank you very much!

By Cong Luan, Vietnam Business Forum