The Central Economic Commission works with the Standing Committee of Nghe An Provincial Party Committee on foreign investment cooperation.

Comrade Thai Thanh Quy - Member of the Party Central Committee, Permanent Deputy Head of the Central Economic Commission and Comrade Nguyen Duc Trung - Secretary of the Provincial Party Committee, Chairman of the People's Committee of Nghe An province co-chaired the meeting.

Attending the meeting, on behalf of Nghe An province, there were comrade Bui Thanh An - Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee; and leaders of relevant departments, branches and sectors.

Nghe An attracts nearly 4.9 billion USD in FDI capital

Presenting the report summarizing 5 years of implementing Resolution No. 50 of the Politburo, Vice Chairman of the Provincial People's Committee Bui Thanh An stated that from 2019 to present, Nghe An province has attracted 147 foreign investment projects with a total registered capital of nearly 4.9 billion USD, of which nearly 100 projects have come into operation.

In the first 10 months of 2024 alone, the province attracted 750 million USD. By 2028, Nghe An strives to attract more than 10 billion USD in FDI capital.

In the past 3 years, Nghe An has emerged as one of the 3 poles attracting FDI in the country. In 2 years alone (2022, 2023), the FDI capital that Nghe An attracted was larger than the capital of 13 provinces and cities in the North Central and Central Coast regions combined.

FDI projects come from investors in 14 countries and territories. The most investors are from Korea, China, Hong Kong, Thailand, Japan, and Taiwan.

Up to now, Nghe An has attracted 108 projects in the industrial sector, including 31 technology production projects in the fields of electronic components, auto parts, optical components, photovoltaics, high-performance battery production...

Regarding land use efficiency, the average is about 41,936 billion VND/ha; employing about 225 workers/ha. In the Southeast economic zone and industrial zones, the average investment rate is about 205 billion VND/ha; employing about 299 workers/ha.

From 2019 to 2024, on average each year, FDI projects will contribute about 230-240 billion VND to the provincial budget, accounting for about 2%.

In the period of 2019-2024, the export and import turnover of FDI enterprises in the province has grown significantly over the years. The proportion of export and import of FDI enterprises in the total export and import turnover of goods of the province is also increasingly dominant.

In 2024, the number of employees working in foreign-invested enterprises will be 49,000, an increase of 78.18% compared to 2019, mainly female workers and workers in rural areas. The average salary in 2019 will be 6.1 million VND/person/month, and in 2023 it will be 6.4 million VND/person/month.

The number of employees participating in Social Insurance at FDI enterprises as of the end of June 2024 was 42,718, an increase of 74.57% compared to the end of 2019.

At the meeting, Vice Chairman of the Provincial People's Committee Bui Thanh An also pointed out the province's limitations and difficulties in foreign investment cooperation in general and in implementing Resolution No. 50 of the Politburo in particular.

At the meeting, the members of the delegation highly appreciated the results of FDI attraction of Nghe An province in the past 5 years, showing the number of projects; project quality; project scale; land use efficiency, labor use. In particular, the solutions proposed and focused on implementation by the province have brought about positive results.

The delegation also discussed the difficulties and obstacles raised by Nghe An province; at the same time, shared valuable lessons in leadership, direction and implementation of provinces and cities across the country.

Leaders of Nghe An Provincial People's Committee and departments, branches and sectors discussed and clarified issues that the working delegation was interested in, related to licensing the establishment of industrial parks; labor resources; energy supply; technology transfer; the role of infrastructure investors; investment promotion...

Concentrate all resources to expand and promote FDI attraction

Speaking at the meeting, Comrade Nguyen Duc Trung - Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee said that the Politburo's issuance of Resolution No. 50-NQ/TW was timely and extremely meaningful in perfecting institutions and policies, improving the quality and effectiveness of foreign investment cooperation.

Sharing more about the FDI results of Nghe An province, the Provincial Party Secretary and Chairman of the Provincial People's Committee said that before 2019, the province's foreign investment attraction was very modest, it could be said that it was the lowland of the country.

But from 2019 to now, the province's FDI capital has been extremely positive, exceeding the target of the Resolution of the 19th Provincial Party Congress. However, the contributions from the results of attracting FDI are a process, and cannot be changed immediately.

Discussing further the difficulties, limitations, and lessons learned in the province's FDI attraction work, the Provincial Party Secretary and Chairman of the Provincial People's Committee said that the first issue is that leadership and direction must be focused, focused, and unified from top to bottom, in which the leadership role of the Party Committee is very important with the right mindset and viewpoint to assess the situation, set the right goals, and have specific solutions for implementation and be ready to innovate.

Besides, the important issue is that the province has innovated, including innovating the investment promotion method from a regional approach to a point-based approach, focusing on large investors; especially recognizing that the best investment promotion is through industrial park infrastructure investors; there has been a change in thinking about land approach.

The province has also proactively prepared favorable conditions with the "5 readiness" viewpoint. Notably, in all activities, there has been comprehensive and active participation of provincial leaders, especially former Provincial Party Secretary Thai Thanh Quy.

In the coming time, emphasizing the province's viewpoints on foreign investment cooperation, Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee Nguyen Duc Trung said that the province will continue to focus all resources to expand and promote investment attraction, especially proactively meeting the needs of investors in terms of industrial park infrastructure conditions; strategic infrastructure such as seaports, airports; and energy infrastructure.

In attracting investment, Nghe An province has gradually focused on FDI projects using high technology, environmentally friendly, less labor and land intensive. Gradually encourage domestic enterprises, especially local enterprises, to participate in the production value chain of foreign enterprises, gradually transfer technology, and accelerate the localization rate.

At the meeting, Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee Nguyen Duc Trung discussed and shared more issues that the Central Economic Commission delegation was interested in; at the same time, he recommended changing the approach when appraising investment projects, processing documents and shifting to the perspective of not attracting but cooperating with FDI enterprises.

Concluding the meeting, Comrade Thai Thanh Quy - Deputy Head of the Central Economic Commission assessed that Nghe An province has implemented and thoroughly implemented Resolution No. 50-NQ/TW of the Politburo quite systematically and relatively early. In addition, the province has issued a system of other directive documents to better implement and improve the effectiveness of foreign investment cooperation.

The Deputy Head of the Central Economic Commission said that the province has had great political determination, thereby changing its approach and working methods with highly effective solutions. In particular, the province has identified and implemented well the motto "5 readiness": planning, essential infrastructure, investment premises, human resources, innovation, reform, and accompanying and supporting businesses and investors.

The growth rate of registered capital and deployed capital in the province is large. In particular, large investors have acknowledged the province's approach, attitude and responsibility in creating favorable conditions for investors. On that basis, it can be affirmed that Nghe An province's competitiveness in attracting FDI in the coming time is promising.

Emphasizing that attracting foreign investment is increasingly difficult, when localities are competing with each other, and the requirements for labor standards of investors are increasingly high, in addition to the objective impacts from the world situation, Deputy Head of the Central Economic Commission Thai Thanh Quy said that Nghe An needs to promote the province's competitive advantages, which are the investment and business environment, administrative procedure settlement, and policy response speed.

On the other hand, Nghe An province needs to try to speed up the progress of investment in strategic infrastructure such as deep-water ports, airports, and continue to expand effective industrial zones. The province also needs to have a long-term strategy for quality human resources with the principle of ensuring the harmony of interests of three parties: enterprises, workers and managers.

The Deputy Head of the Central Economic Committee also suggested that Nghe An province pay attention to the localization rate. To do so, domestic enterprises must become stronger to meet the above requirements.

At the meeting, comrade Thai Thanh Quy - Deputy Head of the Central Economic Committee also received and discussed recommendations and proposals from Nghe An province in perfecting institutions and policies, improving the quality and effectiveness of foreign investment cooperation until 2030.