Creating strong attraction of FDI capital flow into Nghe An

Unity from awareness to action and standing side by side, accompanying and creating the most favorable conditions for investors is the "compass" for the province to continue to accelerate and create a breakthrough in attracting FDI in the coming time.

Attractive and safe investment destination

Over the past 2 years, Nghe An has been an attractive, safe and effective investment destination for investors, especially FDI investors. This is demonstrated by the fact that in 2022, for the first time, Nghe An entered the top 10 localities attracting the largest FDI investment in the country, with the total newly granted and adjusted capital as of November 30, 2022 being 939.45 million USD.

Up to now, Nghe An has attracted 112 FDI projects from 14 countries and territories, with a total registered capital of over 2.4 billion USD. Many famous investment enterprises in the world in the field of electronic equipment manufacturing and high-tech applications have trusted Nghe An as their "nest", such as: Goertek from China, investing 500 million USD; Ju Teng from Taiwan, investing 200 million USD; Everwin from Hong Kong, investing 200 million USD and Luxshare ICT from China, investing 140 million USD.

Leaders of Nghe An province, Ju Teng Group and delegates performed the groundbreaking ceremony for the project. Photo: Thanh Duy

The clearest proof of investors' confidence is the speech of Mr. Trinh Lap Duc - Chairman of Ju Teng International Group at the groundbreaking ceremony of the Ju Teng Electronic Product and Auto Parts Factory Construction Investment Project in Nghe An, held in September 2022. This is a project with a total investment of 200 million USD in phase I, using about 120 hectares of land and creating jobs for 6,000 - 9,000 workers.

Mr. Trinh Lap Duc expressed his deep impression of Nghe An when he said that in 2019, after surveying 10 industrial parks across the country, the group decided to invest in Hoang Mai Industrial Park I. "The enthusiastic, sincere and thoughtful reception of the provincial leaders; the attention, support, help and timely resolution of difficulties of the sectors and localities; as well as the potential and advantages of the province are the reasons we decided to invest in Nghe An", Mr. Trinh Lap Duc emphasized.

It can be said that foreign direct investment in Nghe An is increasing rapidly, the scale of projects is getting bigger and bigger and continues to expand. This not only proves that the potential, strengths and investment opportunities in Nghe An have strong appeal, have great influence in attracting investment, but also affirms the increasing trust of foreign investors in the investment environment, in the efforts and companionship of the Nghe An provincial government. And that trust has turned into practical values ​​when FDI enterprises are contributing about 30-35% of the export turnover value of Nghe An, contributing to the economic restructuring, promoting growth, increasing the budget revenue for the province, and creating jobs for thousands of workers.

Production line at an FDI enterprise in Nam Cam Industrial Park. Photo: Document

The leaders of Nghe An province are aware that the efforts and commitments to improve the province's investment environment are only truly valuable when they bring efficiency to investors; the success of investors is the result of the success of Nghe An province. Therefore, in recent times, Nghe An has continuously made efforts to innovate and substantially reform the safe and attractive investment environment to promote the implementation of large projects, continue to attract projects in the supply chain to form a positive investment and business environment, and cooperate for mutual development between Nghe An province and investors.

Committed to accompanying in a practical and effective manner

The recent achievements in attracting FDI have truly come from the efforts and attempts with many drastic, synchronous and effective solutions of Nghe An. In addition to building mechanisms and policies to attract investment, in 2022, the province's investment promotion activities will continue to be innovated and focused.

Factories in operation in VSIP Nghe An Industrial Park. Photo: Tran Chau

Nghe An has proactively approached and connected with major investors, leading supply chains to promptly attract new investment capital flows. Focusing on attracting investment for industrial development in both breadth and depth; promoting the attraction of infrastructure investors and secondary investors into industrial parks. It is worth noting that despite the strong focus on attracting investment, Nghe An is still steadfast on the path of sustainable development, not rushing to attract investment at all costs, with a policy of focusing on processing, manufacturing, supporting industries, and renewable energy.

In 2022, the People's Committee of Nghe An province approved and directed the implementation of the Project to improve the investment and business environment, enhance the efficiency of investment attraction in Nghe An province, period 2021-2025. Many solutions have been issued to improve efficiency, overcome shortcomings and limitations in administrative reform. The Provincial People's Committee has directed branches and localities to actively accompany, promptly grasp, support and remove obstacles in investment procedures, especially for 3 strategic infrastructure construction and business investors: VSIP, WHA, Hoang Thinh Dat. Continue to direct all levels and branches to promote administrative reform, especially administrative procedure reform, shorten the time to carry out investment procedures, build awareness, responsibility and public service ethics for the team of cadres and civil servants when handling procedures for businesses with the motto: "Fast - correct - effective", in the spirit of "support - listening - understanding - friendly - enthusiastic".

Provincial leaders and the Provincial Business Association performed the ceremony to announce the Nghe An Province Business Support Application. Photo: Thanh Duy

Based on the analysis and assessment of advantages and difficulties and preparation of conditions to continue to welcome the investment wave, in the coming time, Nghe An will focus on key tasks that the province calls "5 readiness" (ready land; ready essential infrastructure; ready human resources; ready to innovate, reform administrative procedures, improve the investment and business environment and ready to support investors). At many forums, on behalf of the provincial leaders, Chairman of the Provincial People's Committee Nguyen Duc Trung affirmed that Nghe An is committed to continuing to stand side by side, accompany and create the most favorable conditions in terms of policies and investment and business environment for investors; always highly determined and taking substantial actions to make Nghe An an investment location: "Convenient, safe and trustworthy for investors, including foreign investors".