Implement effective solutions to attract foreign investment.

(Baonghean) - Attracting foreign direct investment (FDI) projects plays a crucial role in the economic and social development of the province.Nghe AnComrade Le Ngoc Hoa - Vice Chairman of the Provincial People's Committee - shared information about this field.

Officials from the Southeast Economic Zone introduce the investment potential of Nghe An to foreign investors. Photo: Nguyen Son.

PV:Could you please tell us what results have been achieved in attracting foreign investment to Nghe An province so far?

Comrade Le Ngoc Hoa:Over the years, the Provincial People's Committee has directed the implementation of many solutions to create a favorable environment to attract foreign direct investment (FDI) projects. To date, the province has attracted 75 FDI ​​projects, of which 58 are still active, with a total registered capital of US$1,637.76 million. FDI projects in the province are mainly concentrated in the fields of processing and manufacturing industries, mechanical engineering, electronic component production, and textiles.

Regarding investment attraction, the province is focusing all resources on attracting secondary investors to the VSIP Nghe An Industrial, Urban and Service Zone, and continuing to support the early implementation and completion of projects such as: the Hemaraj Industrial and Urban Zone (Thailand) in the Southeast Economic Zone, Vissai General Port, Cua Lo Deepwater Port, and Dong Hoi Deepwater Port. These are important infrastructure projects that will create momentum for attracting other investment projects to Nghe An province.

PV:Among the countries with businesses investing in Nghe An, South Korea currently has the highest number of projects and registered capital. So, in your opinion, how should Nghe An continue to attract South Korean businesses to invest in the province?

Investment from South Korea in Nghe An accounts for 35.5% of the total FDI projects. Graphic: Tien Vien

Comrade Le Ngoc Hoa:Historically, FDI investment in Nghe An has primarily come from Asian countries such as South Korea, Japan, Singapore, and Thailand, with each partner focusing on a specific sector. South Korea leads in the number of FDI projects (12 out of 35 projects), mainly in the fields of electronic component manufacturing, telecommunications, information technology, and garment manufacturing. Recently, more South Korean businesses have been visiting Nghe An to survey and research investment opportunities, presenting a good chance for the province to attract FDI and contribute to socio-economic development.

The province is implementing a comprehensive set of solutions to attract foreign investment from traditional investment destinations, including South Korea. Currently, the province is collaborating with KV Holdings JSC (a South Korean company) to organize several activities in October to introduce and promote the image of Nghe An to partners and businesses in South Korea in order to attract and encourage investment in Nghe An.

Priority areas for investment promotion include: automobile parts manufacturing and assembly; manufacturing of electronic equipment and components, telecommunications, information technology, medical equipment, pharmaceutical production, and industrial park infrastructure investment… The main focus of investment is the Southeast Economic Zone and industrial parks and clusters within the province. This is one of the key tasks in the province's investment promotion plan for 2016.

PV:Given that event, what do you think will be the results in continuing to attract investment from South Korea to Nghe An?

Comrade Le Ngoc Hoa:At the upcoming event in South Korea, the province will have a working program with the KaeSong Industrial Complex Council of South Korea, the Korea Institute for Industrial Health Development (under the Korean Ministry of Health), the Korea Chamber of Commerce and Industry, and is expected to have over 50 businesses and investors from South Korea in attendance.

Comrade Le Ngoc Hoa presents gifts to representatives of KV Holdings (South Korea).

Through this program, we will introduce and promote the image, potential, and strengths of Nghe An province, its investment incentive policies, and current investment attraction areas, so that investors and businesses in the Kaesong Industrial Park of South Korea can explore investment opportunities in Nghe An province. We hope that these activities will attract more Korean businesses and investors to explore investment opportunities in Nghe An, contributing to achieving the goal of attracting FDI to the province during the 2016-2020 period.

PV:Thank you, comrade!

Nguyen Son(Perform)