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07-Aug-2021 Intellasia |
Nhandan |
5:02 AM
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Provinces in the South Central Coast region, including Binh Dinh, Phu Yen, Khanh Hoa and Ninh Thuan, have long been classified as facing many difficulties.
In recent years, thanks to appropriate steps to attract investment and exploit the potential of coastal land, many major businesses and groups in the country and abroad have invested in many projects worth thousands of dong, contributing to the development of the region’s economy.
The poor land changes vigorously
Over the past few years, the coastal strip from Binh Dinh to Ninh Thuan has become prosperous with the appearance of modern urban areas, renewable energy projects, high-tech parks, and many eco-tourism areas and luxury resorts that have become well-known. In Ninh Thuan, Hacom Holdings Investment Joint Stock Company has made its first impression by investing over VND2 trillion (over $87 million) in developing the real estate market through many outstanding and impressive projects.
Dong Bac (Northeast) New-style Urban Area K1 received investment from Thanh Dong Ninh Thuan Joint Stock Company, a member of Hacom Holdings, At a scale of over 60 hectares, the project is contributing to changing the urban area’s appearance and is becoming a new symbol of the coastal city, creating a driving force to accelerate the urbanisation process of Ninh Thuan Province towards 2030. In Khanh Hoa Province, visitors who have the opportunity to take the coastal route from Nha Trang to Cam Ranh international airport will witness a series of real estate projects, eco-tourism areas, and high-class resorts.
Previously, Khanh Hoa prioritised the development of tourism projects. However, since mid-2020, the province has shifted its focus to industrial development projects, towards the formation of a gas power centre in Van Phong Bay. Many investors from the US, Japan and the Republic of Korea (ROK) have given great attention to studying and proposing many large-scale industrial development projects with the expected investment capital reaching billions of US dollars.
According to Chair of the Phu Yen Provincial People’s Committee Tran Huu The, in order to support investors to access and quickly deploy investment projects in the locality, in addition to the current general investment incentive mechanism under the Investment Law, the province has recently directed and implemented several measures such as concentrating resources to invest in essential infrastructure; creating a clean land fund to select potential investors; and issuing preferential policies on land use for socialisation projects in the fields of education training, health, culture and environment.
In 2019, the province granted investment certificates to 42 projects worth nearly VND3.6 trillion (around $156.6 million). However, the province approved the policy and granted certificates to 43 projects worth total over VND8.78 trillion (nearly $382 million) and $215,000 in 2020, and a further six projects worth over VND1.954 trillion (over $85 million) in the first six months of this year.
According to a representative from Binh Dinh Provincial Department of Planning and Investment, besides investment and consolidation of infrastructure, the province has synchronously and effectively implemented many investment promotion activities and introduction of the locality’s potentials and strength. From 2016 until September 2020, the province has attracted over 400 projects with total registered capital of over VND128.6 trillion (nearly $5.6 billion). Regarding foreign investment, Binh Dinh has attracted 32 Foreign Direct Investment (FDI) projects worth total over $309.5 million over the past five years.
Thanks to the continuous improvement of infrastructure conditions and the investment environment, the province has lured many projects from major investors. Notably, Becamex VSIP Binh Dinh Industrial, Urban and Service Area by the Becamex IDC Corporation and VSIP Group are expected to be the province’s “steel punch” in the industrial sector in the westernmost part of Nhon Hoi Economic Zone.
Creating an open investment environment
Currently, the South Central provinces are facing unpredictable developments of COVID-19 pandemic. Especially in Khanh Hoa and Phu Yen, the epidemic spread rapidly on a large scale with over 13,000 infections in each locality. In that context, the localities have persisted in their economic growth goals to carry out many flexible measures to attract resources and investment into key projects.
Due to the epidemic’s impact, direct investment promotion activities have not been held; therefore, Binh Dinh Province has applied information technology and digital platforms in investment promotion. Initially, the province organised effective virtual seminars with partners from Japan, the ROK and the US. Since the beginning of the year, the province has attracted 40 investment projects, with total capital of more than VND26.530 trillion (over $1.15 billion). Despite the decrease of 17 in the number of projects from that of the same period last year, the investment capital increased by over VND15.560 trillion (over $678 million).
Member of the Party Central Committee and Secretary of the Binh Dinh Provincial Party Committee Ho Quoc Dung said: “The province’s view is not to attract investment at all costs, but to focus on quality and sustainable development. In addition to continuous improvement of infrastructure, investment environment and goodwill to invite investors, the locality is focused on promoting the spread of large enterprises and projects that are and will continue to be investing in Binh Dinh”.
During the process of implementing and promoting investment attraction, the provinces in the region have held many seminars and exchanges on experiences and regional linkages, drawing conclusions that the investment attraction work has gained many encouraging results but are not yet commensurate with the capacity and interests of the region. Assessing this problem, Pham Dai Duong, member of Party Central Committee and Secretary of Phu Yen Provincial Party Committee frankly acknowledged that in addition to objective reasons such as the province’s geographical location far from major economic centres and the lack of synchronisation in investment infrastructure compared to development needs, one of the “bottlenecks” in investment attraction in the province was the ineffective reform of administrative procedures and investment environment.
The compensation and site clearance for projects continued to face many problems, so it was not attractive for businesses. To overcome this limitation, the Provincial Party Committee and People’s Committee have developed an action plan and directed the acceleration of administrative reforms, creating an open investment environment and mobilise maximum resources for development investment, towards serving for people and enterprises and enhancing socio-economic development.
Many investors, especially enterprises in the real estate sector, have highly appreciated Phu Yen Province’s potential and policies in inviting and attracting investment in recent years. Le Huy Khiem, Project Development manager for central region under TNG Group said: “”The real estate and tourism investment in Phu Yen is just beginning. This is an emerging market, so the province still has a lot of work to do to improve the investment environment. Phu Yen’s current direction is hailed by TNG Group. We think in the future, Phu Yen will be an ideal destination for many investors in many fields.”
Chair of Khanh Hoa Provincial People’s Committee Nguyen Tan Tuan shared that in 2021, the province’s leaders have continued to direct the drastic improvement of the business and investment environment, cut down on many procedural conditions, reform administrative procedures and remove bottlenecks in production and business to create an impetus for the development of businesses.
https://en.nhandan.vn/business/item/10256502-exploiting-potentials-and-focusing-on-investment-attraction.html
Category: Business, Vietnam
Article source: https://www.intellasia.net/exploiting-potentials-and-focusing-on-investment-attraction-943662
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