Revamping Investment Promotion and Bolstering Business Support

9:15:00 AM | 7/5/2024

In addition to speeding up administrative reform, upgrading the business investment environment, and enhancing competitiveness, Quang Nam province is also making efforts to reform investment promotion and robustly provide business support. Mr. Nguyen Hung, Deputy Director of the Department of Planning and Investment, Quang Nam province, grants an interview on this issue to our reporters.

At the Quang Nam Master Planning Announcement and Investment Promotion Conference in 2024, the province handed 16 investment certificates and research agreements with a total value of more than VND20,000 billion. Can you tell us about these projects?

Of the 16 projects, 12 projects will expand their production and business and four new projects are from the United States, Germany, South Korea, Thailand and Singapore. Among them, there are one seaport infrastructure project, two industrial park infrastructure projects and 13 industrial manufacturing projects. This new driving force will gradually concretize the province’s plans on industrial development, economic zone, industrial park and seaport infrastructure development.

Immediately after the conference, the province grasped information, encouraged and promptly removed difficulties and obstacles for these projects to be implemented soon. As of May 2024, one project was granted a construction license, one project installed machinery and equipment, and one project was handed land. Particularly, two infrastructure investment projects for two large-scale industrial zones, 325ha and 400ha, under the Prime Minister's licensing authority, are being completed necessary documents for being licensed.

How has Quang Nam reformed its investment promotion and attraction in order to carry out the approved Provincial Planning?

In recent years, the province has stepped up investment promotion and attraction at regional economic forums and conferences as well as in major regional economies like Japan, South Korea, Thailand, Germany or with trade associations to become a strong catalyst to lure investors to Quang Nam. However, due to many subjective and objective factors, this work has been quite limited, partly causing GRDP growth to ease to 8.25% in 2023.

Determined to regain economic growth momentum and investment attraction, carrying out the Quang Nam Provincial Planning for the 2021 - 2030 period, with a vision to 2050, is the basis for enticing foreign investment into key projects and fields with outstanding competitive advantages.

Leaders from Quang Nam province undertake a tour of production and business operations in local enterprises

Quang Nam has built 233 relatively complete lists of projects, covering all fields to attract investment. The investment promotion plan has a unified policy: "Create opportunities instead of waiting for investors to come to you." Proactively attract selective investment, taking quality, efficiency, technology and environmental protection as the main evaluation criteria.

The Department of Planning and Investment advised and proposed the Provincial People's Committee to study and select 30 strategic investors in line with the province's investment attraction approach and five international organizations and associations that need to be approached to consult the province to establish working delegations in 2024 - 2025. The department will select 30 domestic firms with prestige and financial capacity from Top 500 largest companies in Vietnam.

With determination and effort to improve the investment and business environment and innovate investment promotion, Quang Nam will achieve desired outcomes in the coming time.

How has the province paid attention to business development?

Currently, 8,500 businesses are operating in the province. Each year, over 1,150 new businesses are established. To support newcomers, the Department of Planning and Investment reduced the time for handling administrative procedures for establishment from three days to one day from October 2022. At the same time, in addition to direct licensing, the department also promoted online licensing, aiming to make sure that 100% of applications are processed correctly and before the deadline.

Hạ tầng khu công nghiệp trên địa bàn tỉnh được đầu tư đồng bộ

To further support and create opportunities for businesses and investors, the Standing Board of the Provincial Party Committee promulgated a Notice of Conclusions on some policies to eradicate obstacles faced by businesses and investors. The Provincial People's Committee announced a working plan and directed relevant agencies and localities to focus on removing difficulties for them, especially in areas relating to investment procedures, land and housing.

On that basis, the department will work with relevant agencies to build a coordination regulation on settlement of administrative procedures for investment projects, with focus on formalities concerning investment licensing, land allocation, construction licensing and fire prevention and fighting. It will also advise the Provincial People's Committee to encourage synchronous infrastructure development of traffic routes, power grid, water supply networks, industrial parks, airports, seaports and social facilities in accordance with the provincial planning. At the same time, it will brace up investment promotion and attraction, with emphasis on large-scale and strategic investors with strong ripple effects.

Thaco factory exemplifies advanced industrial capabilities in Quang Nam province

How are the position and role of enterprises and investors illustrated in the Quang Nam Provincial Planning for the 2021 - 2030 period, with a vision to 2050? Could you please tell us about specific implementation contents in the coming time?

According to the approved planning, Quang Nam province is expected to mobilize a total social investment capital of at least VND630 trillion to carry out proposed tasks, including VND208 trillion in 2021 - 2025 and VND422 trillion in 2026 - 2030. Of the sum, the State budget will account for 20%, the private sector will make up for 65% and the FDI sector will invest 15%.

The coastal route of Quang Nam captivates as a scenic 'coastal highway'

Accounting for 80% of development investment fund, non-State companies and investors show their particularly important position and role in carrying out and achieving the province’s goals, tasks, visions and strategic breakthroughs. The task of alluring investment resources, especially direct investment capital from investors, is extremely important. Furthermore, unlocking internal resources, clearing hardships and facilitating investors to complete their ongoing projects and companies to improve their production and business capacity are being vigorously focused by the entire political system with many flexible and effective solutions.

Thank you so much, sir!

Ngo Khuyen (Vietnam Business Forum)