A breakthrough in attracting investment.

(Baonghean) - Strengthening investment attraction has always been considered one of the important tasks. In 2015, by streamlining mechanisms, implementing increasingly focused and targeted large-scale projects, and attracting many strong potential investors, Nghe An created a breakthrough in investment attraction, laying the foundation for socio-economic development in the coming time.

As of November 15, 2015, the province had granted licenses to 111 new projects with a total registered investment capital of VND 87,374.52 billion – far exceeding the target set for this year of 100 projects/VND 20,000 billion in registered capital (equivalent to 111% of the number and 408.12% of the registered capital of the 2015 plan). Although the number of newly licensed projects in 2015 was only 76.55% of the number of newly licensed projects compared to the same period in 2014, the registered capital in the first 11 months of 2015 was 192.84% of the registered capital compared to the same period in 2014.

That figure is a testament to the practical effectiveness of the policy to boost investment attraction, with a focus on promoting, mobilizing, and supporting investment in key projects, concentrating on partners with potential and spillover effects, increasing the proportion of projects in the manufacturing and service sectors, projects that create jobs for workers, and projects that contribute to the state budget.

Provincial leaders visit Masan Food Industry Center.

The resurgence of investment attraction in 2015 was marked by many large, groundbreaking, and strategic projects being implemented and constructed in the area, such as: the VSIP Nghe An Industrial, Urban, and Service Complex (total investment in phase 1 approximately US$76.4 million), two Hoa Sen Steel Sheet factories (VND 8,400 billion), the Song Lam Cement Plant with a capacity of 4.5 million tons/year (VND 16,500 billion), and the Quynh Lap I Thermal Power Plant with a capacity of 1,200 MW (VND 45,000 billion)...

Among these, the most prominent is the VSIP multi-sector industrial complex project, combining industrial, urban, and service zones, covering approximately 750 hectares, within the Southeast Economic Zone (SEZ) master plan. With its large scale, innovative and diverse business areas, VSIP Nghe An is expected to be a highlight and a new driving force for the Southeast Economic Zone in particular and the province's socio-economic development in general.

Regarding the mobilization of ODA and NGO funding, in the first 10 months of 2015 alone, foreign non-governmental organizations and Vietnamese organizations and individuals abroad funded 20 NGO programs, projects, and non-project activities in Nghe An province with a total committed funding of USD 1,181,358 (equivalent to VND 24.81 billion).

A prominent feature that laid the foundation for a breakthrough in attracting investment is that Nghe An has become an attractive and promising destination for many well-known investors such as Becamex Group, Vietnam Coal and Mineral Corporation, Massan, Vingroup, Vinamilk, TH, Hoa Sen Group, The Vissai Group, Royal Foods, Cargill, FPT, BSE, etc.

Strawberries are processed at Royal Foods Factory.

After two years of implementing Resolution 26 of the Politburo, Nghe An has found a new, more effective and practical direction in the investment promotion process. This includes prioritizing the improvement of the investment environment, creating a transparent and favorable legal framework, and focusing on land clearance and the construction of technical infrastructure for industrial zones. The province is also ready to engage in dialogue and support investors to ensure the most efficient use of capital. Thanks to this respectful attitude, Nghe An has gained the satisfaction and trust of investors, giving them a positive view of the province's business environment and encouraging them to actively promote investment from other partners.

At the "Meeting with Nghe An Province and the Diplomatic Corps" program held in May, with the participation of delegates and guests from 34 foreign representative offices, international organizations, and businesses, Mr. Le Phuoc Vu - Chairman of the Board of Directors of Hoa Sen Group - expressed optimism regarding Nghe An's rapidly improving investment environment. He emphasized: "As a large corporation with nationwide operations and reaching international levels, the Hoa Sen Nghe An Steel Sheet Factory Project in Nam Cam Industrial Park not only marks 10 years of cooperation between Ho Chi Minh City and Nghe An but also guarantees the province's proactive spirit and its policy of rolling out the red carpet to attract investment."

Located in the heart of the North Central region, with 16,500 km2 of natural land and a population of over 3.1 million people, Nghe An possesses all the potential and advantages to further boost investment promotion. Regarding the orientations for promoting investment in the coming year, Mr. Bui Thanh An - Deputy Director of the Department of Planning and Investment - affirmed: “To effectively promote investment, in the coming time, the province and relevant departments and agencies need to continue to strongly improve the investment environment to attract domestic and foreign investment, considering this as both a task and a top priority solution. We must strengthen and promote Nghe An so that investors can clearly see its rich potential and its development trajectory towards industrialization and modernization.”

Manufactured at Hoa Sen Steel Factory in Nam Cam Industrial Park. Photo: Hoang Vinh

At the same time, focus should be placed on developing several industries with high scientific and technological content and high added value, developing supporting industries, clean industries, energy-saving industries, and environmentally friendly industries. In addition, it is necessary to focus on attracting investors with strategic plans, market expansion orientations, and commitments to long-term investment in Nghe An, utilizing the province's competitive advantages or creating many jobs in the long term. Continue to target traditional investors such as Japan and South Korea; expand to potential partners such as Singapore, Thailand, Taiwan, Europe, and the United States. However, each partner must be linked to a specific sector to attract investment in order to create focus and high efficiency.”

As 2015 draws to a close, the positive results achieved in investment promotion over the past period will serve as an important foundation, promising new prospects for attracting investment to Nghe An in the coming years, becoming a driving force to help the homeland of President Ho Chi Minh rise in the era of integration. When major projects are completed, Nghe An promises to have a new face of development, becoming an industrial province, a center for finance, trade, tourism, education and training, science and technology, healthcare, culture, sports, and high-tech industries in the North Central region, as outlined in Resolution 26 of the Politburo.

Phuong Thao