Nghe An innovates investment promotion activities to welcome the new wave

Innovation in investment promotion

Collaborateinvestment promotionare implemented in the right direction, content, roadmap and are creative. Through investment promotion activities, we have grasped the trends and investment fields of partners as a basis for adjusting, supplementing and issuing investment policies and conditions suitable to the actual situation.

Nghe An Investment, Trade and Tourism Promotion Center signed a cooperation agreement with Lam Dong. Photo: Nguyen Hai

In 2020, Nghe An directed outstanding investment promotion activities such as:

Coordinate with the Ministry of Foreign Affairs and the Korean Embassy in Vietnam to organize the Conference“Meeting Nghe An - Korea: Integration and Development”. Nghe An is the only locality to organize a separate program on the sidelines of the 2020 Meeting with Korea Conference. This is an important event demonstrating the province's dynamism and professionalism in foreign affairs activities as a premise for investment, trade and tourism promotion activities with Korea.

Organized reception and work with many delegations of domestic and foreign partners and investors coming to learn and research investment in the province, including 6 domestic delegations and 3 foreign delegations: Korea, China, Russia.

Theagencies and departmentsfunction has beentDirectly organized work with a number of foreign investors on investment proposals for large-scale projects that are driving development such as:WHA Industrial Zone Nghe An Joint Stock Company(adjusting WHA Industrial Park Project), Hoang Thinh Dat Joint Stock Company (attracting foreign investment projects), LLCVSIP Nghe An(additional capital for phase 2 of about 81.57 million USD), Goertek VN Company (electronic components manufacturing project), JuTeng International Holdings Ltd Company (electronic components manufacturing factory project for laptops, tablets, smartphones, expected total investment capital of about 500 million USD in Hoang Mai Industrial Park I)... and signed a Memorandum of Understanding on investment and granted an Investment Registration Certificate for projects such as:

Signed an investment memorandum of understanding with investors Everwin USA, LLC and Everwin Precision Hong Kong Company Limited with a total expected investment of 300 million USD in phase I; granted an investment certificate to Goertek VN Company (Electronic components manufacturing project) with a total investment of 100 million USD in phase I.

Some businesses invest in VSIP industrial park. Photo: Nguyen Hai

Strengthening propaganda and promotion of investment environment

The Center for Investment, Trade and Tourism Promotion has completed and issued over 2,000 investment promotion publications, including the publication "Nghe An - Attractive and friendly investment destination", "List of projects attracting investment in Nghe An until 2030"; Clip promoting the image of the country and people of Nghe An province with the title "Nghe An - Attractive Destination" in 4 languages: Vietnamese, English, Korean and Japanese; screening of films honoring typical businesses and entrepreneurs on the occasion of Vietnam Entrepreneurs' Day (October 13)...

Investment promotion activities, policies, investment results, investment promotion activities... have been widely publicized on mass media, contributing to promoting the investment environment in Nghe An as attractive and hospitable to investors. Since the Investment, Trade and Tourism Promotion Center came into operation, on-site investment promotion activities have been promoted in many diverse fields.

Nghe An directed departments, branches and localities to promptly support investors who have been granted investment policy decisions and investment registration certificates to remove difficulties and obstacles to speed up project implementation progress.

Support investors in completing relevant investment documents and procedures, promptly respond in writing and provide guidance during the process of research, survey, preparation of investment proposal documents, documents proposing to adjust and expand investment projects, ensuring that investment procedures are carried out smoothly and quickly according to regulations.

Periodically every month and quarter, review slow-processing files to urge departments, branches and localities.

Post investment activities, provide information and documents related to planning, land, incentive policies, investment support... for investors to learn and research investment.

Currently, the Department of Planning and Investment is coordinating withSoutheast Economic Zone Management Boardand related departments and branches advise the Provincial People's Council to issue a Resolution replacing Resolution No. 26/2016/NQ-HDND dated August 4, 2016 on a number of investment support policies in the province with the goal of building appropriate, feasible and effective investment support policies.

Mr. Le Tien Tri - Director of the Southeast Economic Zone Management Board said, anticipating the investment wave from China, the Board and departments and branches are focusing on the best conditions together with industrial park infrastructure investors to welcome secondary investors to Nghe An.

The infrastructure system in WHA Industrial Zone 1 is ready. Photo: Tran Chau

In 2020 (as of November 30, 2020), the whole province has newly granted (approved investment policy/issued Investment Registration Certificate) to 72 projects with a total registered investment capital of VND 7,707.11 billion (the number of projects decreased by 19.1%, the total registered investment increased by 20.5% over the same period last year). 89 projects were adjusted, of which the total investment capital of 25 projects was adjusted (increased by VND 7,403.13 billion). The total newly granted and increased capital is VND 15,110.24 billion.

Southeast Nghe An Economic Zone. Photo: Document