Nghe An: Highlights of Investment Attraction in 2016

(Baonghean) - In 2016, Nghe An achieved many positive results in attracting investment projects to the province.

* In 2016, in addition to organizing investment promotion activities, especially the successful Spring Festival meeting with investors, a highlight in Nghe An's investment attraction was the province's successful organization of overseas investment promotion activities in South Korea and Japan. This serves as a foundation for Nghe An to continue attracting investment with solid results.

At the Spring 2016 Investor Meeting, the province awarded Investment Registration Certificates to 10 projects with a total investment value of VND 3,566 billion; signed 5 investment agreements with a total value of VND 61,531 billion; and BIDV signed 5 agreements in principle to finance projects with a total value of VND 13,432 billion. Nghe An province also signed a Memorandum of Understanding on cooperation mechanisms with the Vietnam Chamber of Commerce and Industry.

Also at the conference, the Chairman of the Provincial People's Committee decided to award Certificates of Commendation to 20 organizations and businesses; notably including: VSIP Nghe An Co., Ltd., Hoa Sen Nghe An Steel Sheet Co., Ltd., Song Lam Cement Joint Stock Company, Masan MB Nghe An Co., Ltd., and TH Food Chain Joint Stock Company.

Signing of the cooperation agreement for investment in the WHA Hemaraj industrial and urban area project. Photo: Tien Hung

Nghe An continues to promote investment with partners, especially key and long-term partners such as Hemaraj Group (Thailand), Vingroup, and investors from South Korea and Japan; closely coordinating with central investment promotion agencies and foreign organizations to attract investment to the province.

Issued a plan for implementing Government Resolution No. 19/NQ-CP on improving the business environment and enhancing national competitiveness. Prepared the conditions for organizing an investment promotion conference for Nghe An province in Seoul (South Korea).

* On June 26th, Vingroup officially commenced construction of the Vinpearl Cửa Hội project in Cửa Lò town, Nghệ An province.

Groundbreaking ceremony for the Vinpearl Cua Hoi project.

Vinpearl Cửa Hội is considered Vingroup's first 5-star luxury resort real estate project in the North Central region, marking a significant step forward for tourism in Central Vietnam and promising a perfect investment opportunity.

A JICA delegation from Japan surveys the orange-growing region of Nghe An province. Photo: Chau Lan

* Signed a cooperation agreement with KV Holdings Joint Stock Company (South Korea).

KV Holdings Joint Stock Company is a multi-functional company, including the field of connecting investment between agencies of the Korean Government and large corporations and companies in Korea to promote overseas investment.

Accordingly, KV Holdings Joint Stock Company will support foreign investment attraction activities and related investment promotion programs as proposed by the People's Committee of Nghe An province to encourage interested investors to implement investment and business activities in Nghe An province; the company will assume the role of assisting the People's Committee of Nghe An province in connecting with investors and public relations to implement programs, plans, and organize other necessary investment promotion events to attract investment to Nghe An province, including connecting with government agencies, corporations and other relevant organizations in South Korea (mobilizing and attracting ODA and FDI from South Korea).

The People's Committee of Nghe An province is committed to creating the most favorable conditions for KV Holdings Joint Stock Company in carrying out investment and business activities in Nghe An province based on Vietnamese law.

* Signed an investment agreement for the WHA Hemaraj industrial and urban development project worth $1 billion.

Nghe An province, together with Hemaraj Company and Construction Corporation No. 4 (Cienco 4), has signed an investment agreement for the WHA Hemaraj industrial and urban complex project in the Southeast Economic Zone, covering a total area of ​​approximately 3,200 hectares in Nghi Loc and Dien Chau districts. The total estimated investment is approximately VND 23,000 billion (USD 1 billion). The project will be divided into 7 phases, starting in 2017 and completed in 2038. Phase 1 of the project, covering nearly 500 hectares in Nghi Loc district, will begin in 2017 and be completed in 2021.

*Proceed with the establishment of the Provincial Investment Promotion Center.

This center operates as a public service with revenue generation, directly under the Provincial People's Committee, and is expected to officially begin operations in January 2017 with approximately 20 staff members. The Nghe An Investment Promotion and Support Center (NgheAn IPC) was established to operate in areas related to promoting and attracting domestic and foreign investment; receiving and processing investment procedures; and providing investment consulting and support services.

Steel sheet production at Hoa Sen Steel Sheet Factory in Nghe An. Photo: Chau Lan

*Many large factories were inaugurated and put into operation.

The Hoa Sen Nghe An factory in Dong Hoi Industrial Park, with its NOF galvanizing line and designed capacity of 400,000 tons/year, produced the first commercial steel coils. The Son Ha Nghe An factory has a capacity of 75,000 water tanks/year. Other factories include the Cargill animal feed factory, the Vinatex Hoang Mai garment factory with a capacity of 10.58 million products/year, and the Nghe An wood processing factory (phase I) with a capacity of 12,000 m3 of lumber/year and 130,000 m3 of MDF fiberboard/year... creating new capacity to boost economic growth in the province.

*New and adjusted licenses (including approval of investment policy/issuance of investment certificates) were granted to 120 projects.

This activity involved a total registered investment capital of VND 30,955.4 billion. Of this, investment outside economic zones and industrial parks: 99 new projects were granted licenses with a total registered and increased investment capital of VND 27,646.97 billion. Investment within economic zones and industrial parks: 21 new projects were granted licenses/VND 3,308.43 billion. Domestic investment projects totaled 113 projects with a total registered investment capital of VND 30,385.82 billion. FDI projects: 7 new projects were granted licenses/VND 569.58 billion.

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