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The operation of BMC’s factory in Cat Nhon industrial park. Photo ND |
Binh Dinh is one of five provinces and city in the central key economic region. Under Decision number 148/2004/QĐ-TTg issued by the Prime Minister on directions for socio-economic development of the central key economic region to 2010 and the Vision to 2020, Binh Dinh will serve as one of the industrial, seaport, trading, tourism, service, and human resource training centers of the south central region and Central Highlands.
Boosting domestic investment attraction
Binh Dinh belongs to the central key economic region, having the most convenient gateway to the sea via the Central Highlands region, Southern Laos, Northeastern Cambodia and Thailand, let alone advantages in natural resources and manpower.
To attract investment and strengthen the province’s socio-economic development, Binh Dinh has build the infrastructure across the province, particularly industrial zones and Nhon Hoi Economic Zones.
In late 2006, the construction of the Quy Nhon – Nhon Hoi road and Thi Nai Bridge were finished, connecting the Nhon Hoi EZ to Quy Nhon city.
Many conferences and workshops have been held in recent years, introducing the province’s potential, investment opportunities, and incentive policies to domestic and foreign investors.
Binh Dinh People’s Committee also carried out other policies, aiming to attract talents, support official and worker training, and boost the administrative reform. These improvements partly help create favorable conditions for investors.
During the past five years, Binh Dinh has always been in the top ten provinces and cities having high provincial competitiveness index.
More 1,527 companies have been set up since the “one-door” mechanism was carried out two years ago. The figure is expected to increase to 4,500 by 2010.
Alongside this, there were 229 projects licensed after the new Law on Investment came into effect in 2007, including 28 in Nhon Hoi EZ and 67 in industrial zones.
Investors’ judgment
Vice Chairman of Saigon Invest Group cum Director of Sai Gon - Nhon Hoi industrial zone joint stock company, Dang Nhut, said Saigon Invest Group has invested in Binh Dinh since 2006. About 500 billion VND was poured into Nhon Hoi EZ to build a titanium slag factory.
Also, some big projects, such as Cat Khanh thermo-electric plant and pulp processing factory, were proposed to be listed in the national development planning.
Xu Xie Feng Pei, general director of Vietnam Hong Yeung one-member Co., Ltd, said the company broke ground on its USD30-million industrial park B in Binh Dinh's Nhon Hoi Economic Zone.
Feng Pei believed that the IP will meet investors’ demands when being in full operation in the coming time. The company also established channels to build the investment promotion in many countries and territories. As a result, more than 40 foreign investors have sought investment opportunities in the IP in the past two years.
Requiring a breakthrough
The number of projects invested in Binh Dinh, particularly large-scaled ones, fell short of expectations.
At present, there still exist some shortcomings in planning, policies, and administrative procedure. Functional bodies were asked to soon overcome the problematic issues, aiming to create the most favorable conditions for investors.
Organizing investment promotion conferences is necessary to offer potential and experienced investors a panorama of Binh Dinh and make a breakthrough in the province’s socio-economic development.
The upcoming conference entitled ”Binh Dinh – An attractive destination for investors” is expected to attract many domestic and foreign investors to join. At least eight projects worth over 8 trillion VND will be granted license on the occasion.
The conference and similar ones taking in Ha Noi and HCM City in the future are believed to make a breakthrough in attracting investment to Binh Dinh.
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