 |
|
Vietnam’s longest cross-sea bridge in Binh Dinh. Photo VOV |
The ineffectiveness in investment promotion, inadequate facilities, slow land clearance, and inconvenient administrative procedure are some shortcomings in luring investors into the central province of Binh Dinh.
Locating in the central key economic region, Binh Dinh has strongly developed in recent years. Many big projects, such as Vietnam’s longest cross-sea bridge, the upgrade of Quy Nhon Port, Nhon Hoi deep-water port, and Phu Cat airport, have been carried out, let alone Nhon Hoi Economic Zone.
However, the province’s potential and advantages haven’t been fully exploited for the investment attraction.
In 2009, about 60 domestic projects worth VND12,600 trillion and 4 FDI ones with the registered capital of over US$57 million were licensed to invest in Binh Dinh.
Binh Dinh has many advantages for the economic development, according to Hoang Minh Vien, director of Hai Giang Joint Stock Company, one of companies granted license to invest in Nhon Hoi EZ.
But the province’s investment promotion is not effective enough to lure more investors. Alongside this, inadequate facilities, slow land clearance, and inconvenient administrative procedure have partly slowed down the province’s development.
It was necessary to have an overall assessment, said Vien. In the field of tourism, for example, the infrastructure must be upgraded and the province must build more facilities for entertainment and workshops.
The result for the investment attraction in Binh Dinh fell short of expectations, particularly in the FDI sector. At present, the province planned to boost the investment promotion to attract foreign investors through incentive policies.
“The Department of Planning and Investment will be assigned to check businesses licensed to invest in the outside of industrial zones and EZ; whilst, the province’s EZs Authority will be responsible for projects invested in industrial zones and Nhon Hoi EZ,” said DPI director Le Van Tam.
In the field of domestic sector, more than 200 projects have been licensed in Binh Dinh since 2007. The province will focus on boosting the investment attraction into EZs and industrial zones, particularly Nhon Hoi EZ in 2010.
The province needed to continue upgrading Quy Nhon Port, calling for investment for the construction of Nhon Hoi deep-water port, and increasing flights from Binh Dinh to HCM City, said the province’s Vice Chairman Le Huu Loc.
Also, Binh Dinh will strengthen the investment promotion and synchronously promulgate policies, let alone further construction of the Nhon Hoi EZ, Loc added.
The world’s economy has showed signs of recovery and Vietnam has seen the economic growth again. These will be favorable conditions for Binh Dinh to continue calling for investment.
However, to effectively attract investment, the province must boost the investment attraction, simplify the administrative procedure, and have clear mechanism.
| 
