Hung Yen Province for Investment Efficiency

Hung Yen Province for Investment Efficiency

Hung Yen is at the centre of both the Red River Delta and Northern key economic region, with an area of 923 sq. kilometres and population of 1.1 million people. The province is next to Hanoi with land, water and rail routes connecting to Noi Bai airport, Haiphong and Quang Ninh seaports. With advantages in location and resources, the province is calling for investment. Chairman Nguyen Dinh Phach of Hung Yen People's Committee had a discussion with VIB Forum reporter Kim Phuong on investment opportunities:

What are the advantages of Hung Yen in attracting foreign investors?

Hung Yen is rich in human resources. It has a workforce of 526,000 people 25 per cent of whom have been trained. The province has completed primary education in 2001 and will attain secondary education in 2010. Hung Yen focuses on the planning to combine the socio-economic development of the province with the key economic regions, especially communication lines, industrial zones and urban areas.

Could you outline the achievements recorded in the recent past?

In implementation of the Party resolutions of industrialisation and modernisation, the province has increased the economic growth rates to 11.05 per cent in 2001, 12.2 per cent in 2002, 12.6 per cent in 2003, 12.8 per cent in 2004 and is expected to reach 12.9 per cent in 2005. The economic structure, investment and human resources are changing in favour of service and industry with highly competitive products and increasing trade value. The restructuring of agriculture and rural development have created ten thousand jobs a year, improving living conditions and reducing by half the number of poor households. Those achievements have encouraged investment and 350 projects have been licensed with registered capital of over US$1 billion including 49 foreign invested projects.

What is your orientation in human resources development?

The service sector requires a large workforce with special training. With cultivated land increasingly used for the development of industry and services, the training of farmers for new jobs is most important for the province. Hung Yen has combined vocational training with encouragement in investment. Investment projects must contribute to the training of former farmers. On the other hand, the province is expanding and diversifying industries and crafts, promoting interaction between industry and agriculture, increasing socio-economic development and improving social welfare.

Could you introduce some of the province’s policies and a list of investment projects?

On the basis of the socio-economic development over the past 4 years, the province will attract more investment from all economic sectors, local and foreign,  to increase economic growth rates and living conditions of the people. The province will improve the planning of industries and industrial zones especially those South of Yen Lenh bridge. Administrative reform will be accelerated with “one-stop shop”, working and managerial skills upgraded, and land clearance and infrastructure development improved.

In addition to the preferential treatment of the central government, the province has combined the application of investment law with local conditions, facilitating the investment of all economic sectors. Hung Yen welcomes all investors and accords high priority to business efficiency.