Attractive Destination for Investors

10:56:13 AM | 14/7/2023

With its right investment attraction approaches and willingness to share and side with businesses, Ninh Binh province has invited many strategic investors to do business in the province to create breakthroughs in economic growth and budget revenue increase. In the coming time, the province will focus on selectively drawing investors and giving priority to projects that are land-effective, energy-effective, technologically advanced, environmentally friendly and highly valued, as well as projects that have strong ripple effects and connect global production and supply chains.

Chairman of Ninh Binh Provincial People’s Committee Pham Quang Ngoc paid a working visit to Gia Van industrial cluster 

Attracting strategic investors

According to the Department of Planning and Investment, Ninh Binh province licensed 942 projects with a total investment capital of over VND172 trillion (US$7.5 billion), including 121 projects with over VND64 trillion in industrial parks, 373 projects with over VND22 trillion in industrial complexes and 448 projects with over VND86 trillion outside industrial zones.

The province currently has 93 FDI projects with over US$1.5 billion of investment capital, consisting of 62 projects with US$1.02 billion outside industrial zones and 31 projects with US$602.96 million in industrial zones. Large-scale operational projects include the automobile assembling plant of Thanh Cong Group Joint Stock Company, the camera module and electronic components manufacturing factory of Mcnex Vina Limited, the CFG Ninh Binh float glass factory of Ha Long Industry Company Limited as well as The Vissai, Tam Diep, Huong Duong and Duyen Ha cement production plants. Besides, the province is home to many well-known tourism projects like Trang An Scenic Landscape Complex, Bai Dinh Pagoda, Tam Coc - Bich Dong Complex, Hoa Lu Ancient Capital, and Dich Long - Van Long - Kenh Ga Tourist Complex.

Therefore, these projects actively helped the province achieve socioeconomic development goals and targets and maintain high economic growth momentum. In 2022, the scale of the economy was expanded to VND82 trillion. The economic structure has been positively transformed towards green, advanced technological application and great value generation.

Madam Dinh Thi Thuy Ngan, Director of the Ninh Binh Department of Planning and Investment, said: Not to persuade investors at all costs, in the coming time, the province will target strategic investors for projects that use advanced technology, modern technology, clean technology and environmentally friendly technology, create high value-added products and make great contributions to the local budget; projects that are land-effective and labor-extensive; projects that have strong ripple effects and connect global production and supply chains. At the same time, the province will attract investment capital for key industries and fields.

Ninh Binh will entice investors to invest and build infrastructure in industrial, urban, commercial, service and high-class entertainment areas; invest in projects using advanced environment-friendly technologies and projects that have strong effects and connect global production and supply chains. The province will give priority to technology corporations at the top of production chains and high-tech partners such as Japan, South Korea, the United States and Europe, mobilize all investment resources for tourism infrastructure development, and promote specific local potential and strengths.

In April 2023, a Vietnamese and French delegation conducted a survey visit to Ninh Binh heritage sites 

Going with businesses and investors

Knowing that a transparent and open business investment environment is a core factor to build the trust of businesses and investors, in addition to investment attraction, the Provincial People’s Committee has directed authorities at all levels and branches to quickly remove difficulties against enterprises, especially during the COVID-19 pandemic outbreak.

Accordingly, the province continues to strongly improve the investment environment and the Provincial Competitiveness Index (PCI) in the spirit of "The government accompanies, learns, listens, and substantively removes difficulties for businesses”, the Provincial People’s Committee directed relevant bodies to set up a working group to assess production and business activities of local companies to learn about their advantages and difficulties that need to be removed and propose solutions for stronger economic growth and recovery.

Every month (on the last Thursday), Chairperson and Vice Chairpersons of the Provincial People's Committee attend business dialogues and regularly hold dialogues with FDI firms. The province’s communication on and introduction of local potential advantages, incentives and preferential policies has been increasingly carried out in various and effective forms such as dialogue conferences and business consultations.

In the coming time, the province will continue to strengthen the leadership and direction of the Party and authorities at all levels; accelerate administrative reform and strongly improve the business investment environment; focus on reviewing and simplifying the process and reduce the time to deal with administrative procedures for organizations, enterprises and individuals. Ninh Binh province will also uphold the responsibility of agency leaders, make a strong change in perception, spirit and service attitude of public employees to citizens and companies towards greater friendliness, companionship and sharing.

The province will boost information technology application, build an integrated information data system, fully and promptly update provincial plannings, investment incentive policies and legal documents; speed up online public services and digitize 100% of administrative procedure settlement results.

In addition, Ninh Binh will expedite the planning formulation, approval and implementation and create available land funds for new projects; reform investment promotion activities in both content and method; actively contact, persuade and woo big investment projects, especially in automobile assembling, auto parts manufacturing, electronics and tourism.

Furthermore, the locality will prepare necessary conditions, especially infrastructure, land, and human resources, to seize the opportunity to attract external resources and anticipate the wave of FDI inflows; support and facilitate investment and business activities of enterprises, create trust, and form bridges to bring new investors to the province.

“With the great determination of the whole political system to reform, promote and substantively improve the investment and business environment and accompany investors and businesses, Ninh Binh will confidently create breakthroughs in investment attraction to help foster rapid, strong and sustainable socioeconomic development, thus gradually realize the goal of making Ninh Binh a well-developed province in the Red River Delta region by 2030", said Director Dinh Thi Thuy Ngan.

By Ngo San, Vietnam Business Forum