Unique Magnetism of Nghe An to Investors

3:29:38 PM | 21/2/2019

The Meeting with Investors Conference, held annually since 2009, has been considered a “unique specialty” of Nghe An province to take care of and attract investors to the province. Remarking on this activity, Deputy Prime Minister Vuong Dinh Hue appreciated the province’s endeavor and initiative in coordinating with central authorities to organize investment promotion activities, highlighted by the annual Meeting with Investors Conference, opening right after the Lunar New Year holiday.

Focused motivations
As a central driving force for socioeconomic development, investment attraction and business support was defined clearly by the Provincial Party Congress in the 2015 - 2020 period. The province targeted to attract many domestic and foreign projects to generate more effective economic momentum. Nghe An has attracted many large-scale domestic and international investors including Vingroup, Massan, The Vissai, FLC, VSIP and Hemaraj.

Effective business operation and investor confidence were important motivations for Nghe An to achieve and exceed socioeconomic development targets in 2018, with the gross regional domestic product (GRDP) reaching 8.77%.

This outcome came from the effort and creativity of Nghe An province in investment promotion activities, with the annual Meeting with Investors Conference seen as a unique specialty of Nghe An province in introducing local potential and advantages to investors. Most recently, at the 10th edition year, the Meeting with Investors Conference 2018, Nghe An granted investment certificates to nine projects and signed 16 memorandums of understanding with a total registered value of VND13,152 billion (US$570 million).

More importantly, as stated by Deputy Prime Minister Vuong Dinh Hue, the meeting is an opportunity for Nghe An authorities to meet, exchange and introduce new investment opportunities to investors; listen to their constructive opinions for a better business and investment environment to make the province an attractive destination for investors. Accordingly, in 2017, the Provincial Competitiveness Index (PCI) of Nghe An province gained 4.07 more points to secure the 21st position out of 63 cities and provinces nationwide and the Vietnam Provincial Governance and Public Administration Performance Index (PAPI) also scored 35.77 points, higher than 2016.

Business satisfaction
Nghe An province’s efforts for a better investment and business environment have not only been illustrated by licensed projects, registered capital and some rankings, but also directly expressed by investor satisfaction.
Mr. David John Whitehead, President of Mavin Group Joint Stock Company, which will invest about US$80 million in four projects in Nghe An, said, after nearly 15 years of operation in Vietnam with business presence in many localities, investing in Nghe An is a perfect choice, since the province not only has a favorable geographical location, synchronous facilities and abundant human resources, but also supports administrative procedures and offers good investment incentives.

He also affirmed that, after more than two years of investment in Nghe An, the province’s willingness to get better and local authorities’ commitments motivated Mavin to make long-term development there. Specifically, when encountering any difficulty in our investment activity, we can easily meet with provincial leaders. Consistent direction from provincial to local authorities smooth our investment path.

Sharing the same view, Mr. Vivat Jiratikarnsakul, representative of Hemaraj Group of Thailand, which invested billions of US dollars in the WHA Hemaraj Industrial Park in Nghe An, said that his company chose Nghe An for its investment location because it has good transport infrastructure, including roads and airways connected to international seaports in countries in ASEAN and in the region.

Mr. Nguyen Minh Phuc, Director of Hoa Sen Nghe An Company, one of big investors in Nghe An with a VND2,300-billion project, said, with the support of relevant bodies and local leaders, the steel sheet factories of Hoa Sen Group were carried out on schedule.

Efforts for better
In addition to positive results, especially in investment promotion and attraction, enterprises also expressed their desires for upcoming improvements to turn Nghe An into a really ideal destination for investors.

Mr. David John Whitehead, President of Mavin Group, said that, in order to foster investment projects, Nghe An province should have policies on infrastructure investment support in areas where infrastructure has not been developed; and upgrade the roles of Nghe An Investment Promotion Center to act as a more effective support for new investors in Nghe An, helping them reduce the time needed to settle administrative procedures. Last but not least, the province also needs to promote the roles of vocational training centers to provide well-trained human resources for businesses.