In 2019, Nghe An attracted 89 projects with more than 10 trillion VND of registered investment.

Song: Tran Chau; Technique: Lam Tung• December 4, 2019 10:09

(Baonghean) - In 2019, despite many economic difficulties, with strong and decisive direction and many "campaigns" to attract investment, Nghe An has newly granted (approved investment policies/issued investment registration certificates) 89 projects with a total investment capital of more than 10 trillion VND.

"Fortune-telling" in attracting investment

At the construction site of Hemaraj Industrial Park in Nam Cam Industrial Park, many motorbikes are leveling the urban area to create infrastructure to attract secondary investors. With an area of 3,200 hectares, the infrastructure investor of WHA Industrial Zone 1 - Nghe An Industrial Park is committed to investing in an industrial park that meets international standards. In VSIP Industrial Park and Urban Area, up to now, it has attracted more than 20 investors to produce and do business, including large projects that promise to create thousands of new jobs for workers.

2019 is the year of "Administrative Reform" of Nghe An, the province focuses on improving the investment environment; implementing solutions to remove difficulties for businesses. At the same time, innovating in investment promotion, linking with trade and tourism promotion as well as foreign affairs, cultural and culinary activities. In particular, clearly identifying key markets and countries; selecting large corporations to introduce the potential and advantages of Nghe An; identifying a number of priority industries and fields to attract investment.

Khu công nghiệp KCN WHA Industrial Zone 1 - Nghệ An đang được san lấp mặt bằng. Ảnh: Trân Châu

WHA Industrial Zone 1 - Nghe An is being leveled. Photo: Tran Chau

The province has successfully organized investment attraction activities such as: Spring 2019 Investors Meeting Conference; Conference "Meeting Japan - North Central Region"; Conference "Nghe An - Japan: Cooperation and Development"; Conference "Connecting Nghe An - Japan Enterprises"; Conference to deploy the contents of Notice No. 55-TB/TW dated April 20, 2019 of the Politburo on the development of Vinh City and Conference on Investment Promotion in Nghe An Province in Ho Chi Minh City.

At these conferences, 15 investment approval decisions and 34 investment cooperation memorandums with a total registered capital of VND 25,736 billion were awarded. Provincial leaders also welcomed and worked with many delegations of domestic and foreign partners and investors who came to learn and research investment in Nghe An province.

With great efforts, in 2019, the whole province newly granted (approved investment policy/issued Investment Registration Certificate) to 89 projects with a total registered investment capital of 10,134.43 billion VND (1.15 times higher than the total registered investment capital compared to the same period in 2018). Adjusted the total investment of 9 projects with an increased adjusted capital of 679.29 billion VND. The total newly granted and increased capital is 10,813.72 billion VND. Of which, investment outside the Economic Zone and Industrial Parks: Newly granted for 67 projects/2,801.52 billion VND; Newly granted FDI investment for 10 projects/296.65 million USD. The dominant sector is still the industry and construction sector with 37.08% in number of projects and 81.86% in total investment capital.

Graphics: Lam Tung

The results are not as expected.

Although there have been many efforts in investment promotion activities in 2019, the effectiveness of investment attraction has not been commensurate with the province's potential and has not met the requirements. The results of investment attraction in Nghe An province in 2019 have not met expectations.

Some large projects are stuck in procedures so they cannot meet the set progress (such as projects of investors: FLC, Song Lam Cement, T&T, Hoang Thinh Dat,...). Many investment cooperation agreements signed at the Investment Promotion Conference at the beginning of the year are not implemented (Cooperation agreements with Vietinbank, Misubishi,...). Investment attraction in key industrial parks such as VSIP, WHA Industrial Zone 1 - Nghe An, Hoang Mai, Dong Hoi has not met expectations.

Manufacturing products at enterprises in the Southeast Economic Zone. Photo: Lam Tung

In addition, the number of investment projects in economic zones and industrial parks is still low (24.72%); attracting foreign direct investment projects is still limited. The number of FDI projects accounts for a low proportion (11.24%). Most of the investment projects that have been approved for investment in 2019 are completing investment procedures according to regulations to be allocated land/leased land and granted construction permits to start construction. However, most of the projects are still behind schedule compared to registration.

In 2020, the province plans to strive to attract investment in about 100 projects with registered capital of 15,000 - 20,000 billion VND, of which FDI capital is about 3,000 - 5,000 billion VND.

Packaging of TH milk products. Photo: Lam Tung

Through the discussion, Mr. Le Tien Tri - Director of the Provincial Investment Promotion and Support Center said: Nghe An will synchronously implement many groups of solutions, including continuing to successfully organize conferences such as: "Meeting with investors in Spring Canh Ty 2020" and thematic investment promotion conferences. Promote cooperation with industrial park infrastructure investors in the area in promotion activities, promoting investment cooperation opportunities in industrial parks. Focus on removing difficulties and obstacles, speeding up the progress of licensed projects, especially key investment projects...