Nghe An strives to attract investment of 100 trillion VND, period 2015-2020

Comrade Le Ngoc Hoa - Vice Chairman of the Provincial People's Committee chaired the workshop. Attending the workshop were Mr. Dau Anh Tuan - Head of the Legal Department of VCCI - Director of the PCI Vietnam project; Mr. Phan Duc Hieu - Deputy Director of the Central Institute for Economic Management - CIEM; representatives of the Department of Planning and Investment, the Center for Investment Promotion and Support, VCCI Nghe An, experts, departments, branches, localities and representatives of enterprises.

From 2016 to present, Nghe An has attracted 370 investment projects.

Perspective of Cau Cau mixed-use tourism, service and resort area.

In the period 2016 - 2018 (up to June 2018), the whole province attracted 370 projects with a total investment capital of over 54.7 trillion VND.

The structure of investment attraction sectors has shifted positively. Nghe An has attracted many projects from large investors and domestic and foreign economic groups such as: WHA Hemaraj 1 Industrial Park Investment Project - Nghe An; Song Lam Cement Factory Phase 2; MDF Wood Fiberboard Factory; Massan Nghe An Beer and Beverage Factory; Cau Cau Tourism, Mixed Service and Resort Area; Nui Tien Pure Water and Fruit Juice Factory...

The results of attracting investment have contributed to shifting the province's economic structure in a positive direction, contributing to increasing budget revenue and creating jobs for workers.

Mr. Le Tien Tri - Director of the Provincial Investment Promotion and Support Center reported on the results of attracting investment and improving the investment and business environment in the province in recent times. Photo: Lam Tung

The number and scale of enterprises have grown strongly (ranked 2nd in the North Central region), making an important contribution to the economic and social development of the province. From 2016 to present, there have been 4,302 newly established enterprises with a registered capital of over 23 trillion VND.

Nghe An's Provincial Competitiveness Index (PCI) in the 2016 - 2018 period has improved significantly. In 2017, Nghe An's PCI continued to increase by 4.07 points, ranking 21/63 nationwide, up 4 places from 2016; ranking first among 6 provinces in the North Central region.

Experts, representatives of departments, localities and enterprises participated in speaking at the workshop. Photo: Lam Tung

Need to strongly improve the investment environment

In addition to recognizing the results achieved in the past time, at the workshop, experts, departments, sectors, localities and representatives of enterprises frankly pointed out the shortcomings and limitations in the work of promoting, attracting investment, and improving the investment and business environment of Nghe An such as: some priority areas for attracting investment such as industrial production, processing, manufacturing, industrial industry, high-tech agricultural production, trade, services and large-scale tourism are not many. The number of interested investors and approved investment areas is still small.

Attracting domestic investment accounts for a large proportion but the implementation progress is still slow; has not attracted many large projects that are dynamic and strongly promote the economic development of the province; Attracting to economic zones and industrial parks accounts for a low proportion; The total PCI score is still far behind the top provinces in the country, the improvement trend is not stable; the settlement of administrative procedures on investment in some departments and district-level People's Committees is still limited; the work of resolving difficulties and problems of projects has not yet met the requirements on progress and expectations of investors...

Representatives of Nghe An Business Association discussed some difficulties and obstacles in business operations. Photo: Lam Tung

At the workshop, departments and branches also answered some of the problems of enterprises in administrative procedures, land access, construction planning, brand protection, etc.

Many opinions from experts and delegates have proposed practical solutions to improve the effectiveness of investment attraction and improve the investment and business environment in Nghe An such as: Raising awareness, renewing thinking as well as promoting investment attraction by proactively approaching and mobilizing foreign investors, especially large corporations; Strengthening cooperation with major donors such as: World Bank, Asian Development Bank, JICA, etc.

Coordinate with industrial infrastructure investors to organize domestic and foreign investment promotion events. Simplify and make transparent the process and procedures for accessing land; promote administrative procedure reform...

Mr. Nguyen Huu Mao - Deputy Director of the Department of Planning and Investment answered some concerns of enterprises and proposed solutions to improve the efficiency of investment attraction and improve the investment and business environment. Photo: Lam Tung

From the perspective of VCCI, Mr. Phi Trong Duc - Director of VCCI Nghe An said that some disadvantages for Nghe An at present and in the near future are that the infrastructure of economic zones and industrial parks is complete but not yet synchronized, although the human resources are abundant but the quality of labor is low. To attract investment more effectively, in the coming time, Nghe An needs to continue to improve and strongly improve the investment environment in a more open and equal direction, creating the most favorable conditions for investors; pay more attention to solutions on planning, developing and perfecting the infrastructure system, especially focusing on infrastructure investment in economic zones and industrial parks; strengthen training of highly skilled human resources, meeting the needs of investors...

Mr. Phi Trong Duc - Director of VCCI Nghe An proposed effective solutions to attract investment. Photo: Lam Tung

Discussing business conditions in the current economic revolution, Mr. Phan Duc Hieu - Deputy Director of the Central Institute for Economic Management - CIEM noted that localities and enterprises need to focus on organizing well in implementing legal regulations to reduce time and costs for enterprises; Enterprises need to study and understand legal regulations, hire consultants when necessary, to reduce legal risks. Collect and recommend to the government unreasonable and unnecessary regulations and conditions that provinces and enterprises find in the process of implementing regulations.

Strengthening investment promotion activities to ensure practicality and effectiveness

Vice Chairman of the Provincial People's Committee Le Ngoc Hoa highly appreciated the practical contributions of experts, departments, and enterprises at the workshop. Photo: Lam Tung

Concluding the workshop, comrade Le Ngoc Hoa - Vice Chairman of the Provincial People's Committee emphasized that the bright spot of Nghe An's investment attraction in recent times is attracting investors in industrial park infrastructure and a number of projects from large investors and domestic and foreign economic groups.

To improve the effectiveness of investment attraction and improve the investment environment to achieve the set goals: Nghe An's investment attraction in the period of 2015 - 2020, reaching about 100 trillion VND, of which FDI is about 50 trillion VND; by 2020, the competitiveness index will be in the top 15 nationwide; the province needs to focus on key groups of solutions: Strengthening investment promotion activities to ensure practicality and efficiency, creating favorable conditions for investors to access investment opportunities and implement projects in the area; strengthening promotion and advertising to promote investment attraction; innovating investment promotion; simplifying and making transparent land access procedures; perfecting infrastructure, improving the quality of the workforce; promoting administrative procedure reform; strengthening the connection of government support for enterprises and resolutely directing the resolution of difficulties and removing obstacles for enterprises and investors...

The Vice Chairman assessed and affirmed that the practical contributions of experts, departments, branches and enterprises at the workshop will contribute to supplementing solutions to attract investment and improve the province's investment and business environment; Requesting the Department of Planning and Investment to collect opinions to advise the provincial leaders, propose solutions to improve the efficiency of attracting investment, improve the investment and business environment; and complete the tasks for the province's socio-economic development in the coming time./.

Dinh Nguyet - Lam Tung