Nghe An: Foreign investment attraction is low

During the past half term, Nghe An has promoted investment attraction, attracting many projects from large investors and domestic and foreign economic groups to invest in Nghe An.

Notable projects include: WHA Hemaraj 1 Industrial Park Investment Project - Nghe An by WHA Hemaraj Land And Development (SG) PTE.LTD, Thailand (1 billion USD); Song Lam Cement Factory Phase 2 in Bai Son Commune, Do Luong District (9,449 billion VND); MDF Fiberboard Wood Factory in Anh Son District by MDF Wood Nghe An Joint Stock Company (1,754 billion VND); Masan Nghe An Beer and Beverage Factory in Nam Cam Industrial Park of Masan Group Joint Stock Company (1,661 billion VND); Nui Tien Pure Water and Fruit Juice Factory in Nghia Dan District by Nui Tien Pure Water Company Limited (1,176 billion VND)...

Produced at Mavin Austfeed Company. Photo: Tran Chau

Nghe An has accelerated the progress of implementing a number of key projects and works and completed and put them into operation: The road connecting National Highway 7- N5 - D4 to Nghi Thiet; Song Lam Cement Factory, Nghi Thiet Cement Grinding Station, The Vissai - Nghi Thiet Port of Vissai Group; Vinpearl - Cua Hoi Hotel, Entertainment and Resort Villa Complex of Vingroup Group; Hoa Sen Dong Hoi Steel Sheet Factory of Hoa Sen Group; MDF Wood Factory of TH Group,...

Perspective of Nui Tien Pure Water and Fruit Juice Factory. Photo: Document

However, attracting foreign direct investment (FDI) is very low, only 5.6% in quantity and 13.3% in registered capital; there are not many large projects that are dynamic and strongly promote the economic development of the province. Besides, the assessment also shows that: Attracting investment in economic zones and industrial parks accounts for a low proportion, only 17.3% in quantity and 24.27% in registered capital.

Nghe An province is currently looking for solutions to overcome this weakness.