Thanh Hoa Province Increasing Investment Attraction

1:39:36 PM | 22/12/2011

In 2006-2010, Thanh Hoa province recorded brilliant achievements in socio-economic development, especially in attracting many quality investments. This is the foundation for the development in the next period of 2011-20115. On this topic, Vietnam Business Forum discussed with Mr Hoang Van Hung, Deputy Head of Thanh Hoa Department of Planning and Investment. Tran Tung reports.
How did Thanh Hoa attract investments in 2006 - 2010?
In 2006-2010, Thanh Hoa mobilized capital for development worth over VND83,000 billion, three times that of the previous five years. Budget contributions to investment capital decreased while credit and FDI sources increased.
ODA was mobilized successfully. By 2010, Thanh Hoa had 22 ODA programmes and projects with total investment capital of over VND5,000 billion. ODA projects focus on infrastructure, waste water treatment and dike systems.
In 2006-2010, Thanh Hoa granted licences to 142 local investment projects with over VND70,000 billion, and 29 FDI projects with over US$8 billion. Thanh Hoa ranks 8th in FDI attraction in Vietnam. A number of FDI projects are operating and expanding successfully, such as the Vietnam-Taiwan sugar refinery (fermentation production line) and Nghi Son Cement Plant (second production line), demonstrating the efficiency of FDI projects in the province. All projects under operation are contributing to the economic growth and restructuring of the province, generating more jobs and improving local living conditions.
How did you improve the investment environment to attain those achievements?
While applying the policies and preferential treatment of the central government, Thanh Hoa ensured investors the highest benefits and the lowest obligations, while continuing to review and improve mechanisms to encourage investors and business activities. Thanh Hoa will have specific policies and mechanisms to encourage investors in important projects that promote economic restructuring and socio-economic development.
Thanh Hoa authorities at all levels are committed to improving investment formalities, especially for direct investments. In recent years, Thanh Hoa has asked concerned authorities to accelerate administrative reform, regarding it as the primary task to attract investment.
Presently, almost all offices in the province have applied information technology in administrative reform. A number of units have appliedISO 9001:2008 in State management.
In addition, Thanh Hoa has fully mobilized resources for technical infrastructure and socio-economic development with high priority for communication and transport to facilitate and attract investments in the province.          
With a large, working-age population, Thanh Hoa has concentrated resources, teachers and facilities for schools, training centres and universities in the province to ensure human resources meet the demand of the society, businesses and investors.
Investment promotion has been increased to attract big economic groups from Japan, South Korea, Middle East and ASEAN.
In particular, on June 27, 2011, Thanh Hoa Party Commission issued Resolution 02/TU on increasing Party leadership in improving the investment and business environment in the province in 2011-2015.
What will the province do to improve the transparency and dynamism of the investment and business environment in coming years?
First of all, to ensure high quality socio-economic development to 2020, we will study and choose foreign consultants to review and improve the master plan and submit it to the People’s Committee for approval. The Department of Planning and Investment will also coordinate with related authorities to re-organize the process of evaluating and approving planning for the province.
We will study and develop together with related authorities the policy encouraging important projects and developing businesses of famous brands in Vietnam and in the region. And in conjunction with Department of Industry and Trade, Emulation Commission and VCCI Branch of the province, we will set criteria to honour exemplary businesses that make important contributions to the socio-economic development of the province.
The Department will increase efficiency in capital mobilization (especially ODA and NGO) for economic and human resources development and administrative reform. To improve investment promotion, the Department and related authorities are upgrading Investment Promotion Programmes and the List calling for investments in 2011-2015.