Tay Ninh: Opportunities Awaiting Investors, Businesses

10:59:22 PM | 16/6/2015

Situated between the major economic and commercial centres of Ho Chi Minh City and Phnom Penh (Cambodia) and serving as an intersection of national and international transport systems and trade routes of major economic zones, Tay Ninh has become an attractive investment destination. Vietnam Business Forum Magazine has an interview with Mr Huynh Van Quang, Deputy Chairman of Tay Ninh Provincial People's Committee, on some of the province's remarkable achievements in socioeconomic development. Quoc Hung reports.
2015 is the last year Tay Ninh province implements the Resolution of the 9th Party Congress (2010-2015 term). How do you assess this term's socioeconomic development results?
In the past five years, in spite of numerous difficulties and challenges, the province still achieved important socioeconomic development results. Economic growth was steady. Although the economy was hard hit by the economic crisis, it gained gradually recovery. 13 out of 23 indicators achieved or exceeded objectives. GDP growth was 10.5 per cent. That economic growth, given outside factors, is reasonably high.
The economic structure has shifted positively. The province managed to gain ground in cultural and social progress, social security, poverty rate, material life, and civic life of people.
What has helped Tay Ninh gain positive results in socioeconomic development?
One of main causes for rapid socioeconomic development of Tay Ninh province is positive changes in the business environment. The province has actively assisted businesses and investors to deal with difficulties in business to boost its economic development in the 2013-2020 period. Reform in investment administrative procedures, tax payment procedures, electricity access, and export - import procedures was accelerated to reduce the time required, and simplify the process, of handling paperwork.
To help businesses deal with production and business difficulties, develop markets and resolve bad debts, the province has focused on implementing a number of measures such as inventory reduction, marketing and investment support, product price reduction to boost sales, credit lending supervision and control, bad debt settlement, and credit for the real estate market. The province has also quickened the restructuring of State-owned enterprises (SOEs) in the 2011-2015 period.
In addition, the province has assisted businesses to expand and diversify markets; boost domestic trade promotion and cross-border trade; and invest, expand and form industrial zones like Phuoc Dong and Thanh Thanh Cong. Specially, Tay Ninh province has witnessed a substantial growth of foreign direct investment (FDI) in both investment value and projects.
Tay Ninh has set the target of becoming an industrial province by 2020. This is a difficult goal for the time being. What is your opinion about the difficulties and challenges in realising this goal?
Objectively, global and regional developments, particularly sovereignty disputes among countries in the East Sea, are complicated and unpredictable. World economies are showing signs of recovery at the back of crisis, but the revival is still hard and uncertain. Climate change, natural disasters and epidemics are still complicated and the downside of economic restructuring policies will certainly impact local economic development. The province’s economy has small scale, low competitiveness, and insufficient investment resources for essential infrastructure development. Economic sectors grow slowly and their operations are still difficult.
Subjectively, the province has not been able to address limitations and weaknesses in all areas. Its economic potential and strengths have not exploited properly and effectively. The low quality of human resources fails to meet social development requirements. People’s livelihoods remain hard. The income gap between the rich and the poor, and between urban and rural areas, is slow to diminish.
So, what steps has the province taken to accomplish this goal?
To successfully achieve this goal, Tay Ninh province must make a great effort and introduce comprehensive solutions. In its economic restructuring scheme, the province chose agricultural and public investment restructuring to speed up development, and focused on developing tourism into an important economic sector. The province has given priority to developing advanced environment-friendly and energy-saving industries. At the same time, the province has effectively tapped its potential and advantages, and mobilised and utilised investment resources for socioeconomic development.
In addition, the province must upgrade socioeconomic infrastructure, create powerful changes in human resources and administrative reform for local comprehensive economic development, and set a firm foundation for local industrial development.
Do you have any message to foreign and domestic businesses and investors?
Tay Ninh desires to build effective, beneficial comprehensive relations among domestic and international businesses and investors in the province. We invite and provide the best conditions we have for companies from all over the world to do business in Tay Ninh. We also wish to create conditions for Tay Ninh's products to reach more countries around the world.
Many opportunities are awaiting investors and enterprises. In Tay Ninh, they will be granted the highest privileges and interests and the lowest obligations.