Hau Giang Offers Golden Investment Opportunities

Last year, many projects were behind schedule and many companies operated ineffectively. This reality was the result to objective factors like economic crisis, tightened monetary policies and high interest rates. However, Hau Giang always provided the most favourable conditions for business expansion, economic restructuring, infrastructure investment, and investment promotion in a bid to attract more investment capital. As regards foreign investment, the province licensed a foreign-invested project worth US$5 million, bringing the total number of FDI projects to 19 with an aggregate registered investment capital of US$694,010,562.

 

With respect to domestic investment, the province granted investment licences to 13 projects with a total registered capital of VND982.46 billion in 2011. Since the Investment Law took effect, it has licensed 417 domestic projects worth over VND55,469 billion. There are many big investment projects like Song Hau power centre, Tay Song Hau residential project, and Lien Viet Bank.

Many projects bring in high economic benefits to the province like Vi Thanh market invested by Vi Thanh Co. Ltd, Lien Viet Bank, and residential and commercial zone. Industrial zones have housed 33 investment projects worth VND42,644.87 billion.

 

The province granted business registration certificates to 292 companies with a total investment capital of VND1,364.27 billion in 2011, totalling 2,085 companies with a combined investment capital of VND17,981 billion, an increase of 4.2 times from the year before the province was split.

 

Hau Giang is a landlocked province in the Mekong Delta region. Vi Thanh City is the capital of Hau Giang province, about 240 km southwest of Ho Chi Minh City. It adjoins Can Tho City on the east, about 60 km along National Road 61 and 40 km along the road linking Vi Thanh City with Can Tho City - the largest city in the Mekong Delta region. It is surrounded by Soc Trang on the south and the Hau River on the east where there is huge potential in freshwater fish, river-way transportation, and sand.

 

With a population of nearly 770,000 people, Hau Giang has a good workforce. The province is managing more than 10,000 civil servants specialising in technique, science, technology and other professions, including 4,000 people holding high school level, 3,000 college graduates, 3,000 university or higher-level graduates.

 

Besides, the province continues completing industrial parks like Song Hau Industrial Park (phase 1, 290 ha), Song Hau Industrial Park (phase 2, 165 ha), Tan Phu Thanh Industrial Park (201.42 ha), Nga Bay Industrial Complex (24.66 ha), Vi Thanh Industrial Complex (62.5 ha) and Phu Huu A Industrial Complex (798 ha).

 

Besides, the province plans to develop residential and commercial areas, tourism, culture and education. It adjusts the list of projects calling for capital from investors in the coming time. Agriculture and fisheries will remain the major strengths of the province in attracting investment.

 

In the future, Hau Giang promotion will focus on six key areas considered the "leverage" to attract more investment capital. The province encourages all economic sectors to invest, apply biotech and multiply high-yield varieties and species to boost productivity, protect the cultivating environment, process and preserve post-harvest products to minimise loss and degradation, and enhance competitiveness on both domestic and international markets. It has planned specialised farming zones for sugar cane, rice, aquaculture, specialty fruits and vegetables for processing and export.

 

Potential backbone industries are food processing, especially seafood, rice and sugarcane processing. This industry has helped step up economic restructuring, urbanisation, labour restructuring and export. Major industrial products are processed frozen seafood, rice, sugar, consumer goods, and tools for agricultural production. The province has completed master and detailed plans for construction of industrial parks and issued highest preference policies to attract investment capital into industrial zones.

 

The trade sector is diversely developed with higher quality to meet local demand. Hau Giang province issued market investment and development incentive policies. It also attaches importance to developing tourism imbued with local identity and encouraging investors and people to build tourist facilities like restaurants, hotels and places of interest.

 

As for socioeconomic infrastructure construction, the province has two trunk roads, namely National Road 1A and National Road 61, two national waterway arteries, namely Xa No canal and Quan Lo - Phung Hiep canal. Vi Thanh - Can Tho route, Quan Lo - Phung Hiep route, Nam Song Hau road, Bon Tong - Mot Ngan route and artery roads that link districts and communes have been built, upgraded and expanded. Electricity and water supply systems are being expanded to step up the process of electrification and provide more electricity and water access for people. Post, telecom and communication systems ensure smooth domestic and international communication.

 

The province is investing to upgrade Vi Thanh City to the third grade urban zone, and Long My and Nga Bay towns to the fourth-grade urban zone, focusing on urban civilisation, modernity and sustainable ecological environment. It will build new provincial administrative centres, commercial centres, residential zones and new urban areas to tap local development potential. It will also step up the process of urbanisation, economic restructuring and labour structure.

 

The banking system is applying various capital mobilisation and lending methods. Credit institutions provide funds for social and economic development programmes and projects. To date, only Vietnamese banks are operating the province, but they ensure enough capital for all economic sectors.