The investment promotion conference has been held today (Jan.20) in Quy Nhon city, the central province of Binh Dinh. On the occasion, Chairman of Binh Dinh Provincial People’s Committee Nguyen Van Thien talks more about the investment attraction into the province.
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The groundbreaking ceremony of Nhon Hoa industrial zone. Photo N.T
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What do you think about the province’s investment environment and its investment attraction since the new Law on Investment came into effect?
Binh Dinh’s investment environment in 2009 was more improved than the previous year. The province is seventh in the 2009’s provincial competitiveness index (PCI) ranking, compared with the 11th position in 2008.
The business community highly appreciated the province’s improvements in market entry cost reduction, land access, information transparency and access, dynamic and pioneer of provincial leaders.
Despite some difficulties, it also has such advantages as geographical location, seaports, and natural resources.
The 2009 saw more 60 domestic projects across the province, including 9 invested in the Nhon Hoi EZ and 21 in other industrial zones, let alone 4 FDI ones with the registered capital of US$57.12 million. Also, Binh Dinh attracted five large-scaled projects in January this year.
The result fell short of expectations, particularly in the FDI sector; however, it still showed signs of positiveness because Binh Dinh has shortcomings in infrastructure and the global economy has gone down in the past two years.
The Nhon Hoi EZ has attracted series of projects in late 2009, proving that it is ready for investors.
What are the purposes of this year’s investment promotion conference in Binh Dinh?
The conference is aimed at propagating the province’s potential, advantages, incentive policies, and project to attract economic groups, corporations, and businesses who have invested in Vietnam to invest in Binh Dinh.
It is expected to make a breakthrough in boosting the investment in the province, particularly the Nhon Hoi EZ and industrial zones.
What has the province prepared for welcoming investors?
Taking full advantage of sources of capital, Binh Dinh upgraded many facilities, particularly traffic system, water and power supply, telecommunications, health and education.
Also, the Ha Noi – Binh Dinh air direct route plays an important role in attracting investors and tourists to come to the province.
At present, over 300 hectares in Nhon Hoi EZ are ready for projects. Alongside this, the construction of Nhon Hoa, Hoa Hoi industrial zones and other IPs has being completed. The regulations on the land price will be promulgated in the coming time.
The province’s planning still has some shortcomings. What must be done to tackle the issue?
Inadequate planning will cause difficulties in calling for investors. The provincial People’s Committee, therefore, steered relevant bodies to highly focus on the planning, aiming to create the land budget for investment projects.
What is the province going to do to boost the investment attraction?
Binh Dinh People’s Committee will focus on three issues, that is, planning, reasonable land price, and administrative reform.
In the field of administrative reform, the committee signed a memorandum of understanding with the International Financial Corporation (IFC) in early August last year. Accordingly, IFC proposed measures to strengthen inter-body co-ordination and simplify administrative procedures in order to increase investments in land and construction. The new set of regulations is expected to satisfy investors who seek investment opportunities in Binh Dinh and bring benefits to both investors and the province.
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Binh Dinh grants licences to 13 projects worth $702m
The central province of Binh Dinh will grant licences to 13 projects, which include three foreign-invested ventures that are worth a total of VND13 trillion (US$702 million).
The licences will be awarded at an investment promotion conference to take place in the province today.
The conference, "Binh Dinh – an attractive destination for investors", aims to popularise the province by emphasising its abundant potential and specific investment opportunities, according to Binh Dinh’s Investment Promotion Centre director Nguyen Thanh Hai.
"The event is also calling for $7.8 billion worth of investments into 60 prioritised projects in the province," he noted.
Located in a key economic region, Binh Dinh has strongly developed in recent years. The province is home to Viet Nam’s longest cross-sea bridge, the newly upgraded Quy Nhon Port, Nhon Hoi Deep-Water Port and Phu Cat Airport.
However, the potential for foreign direct investment in the province had not lived up to its expectations, Hai acknowledged.
The ineffectiveness of investment promotions, inadequate facilities, the slow clearance of land and complicated administrative procedures were outlined by Hai as the major shortcomings that had led to a lack of interest from foreign investors.
The province has attracted only four foreign invested projects that were worth $57 million. The area has also absorbed more than VND12.5 trillion ($676 million) in domestic investment capital.
"The province has always attached great importance to attracting foreign investors, who have capital, advanced technology and business experience," Hai said.
Binh Dinh plans to take many measures that are hoped to improve its investment environment in order to attract businesses this year.
"The province will speed up administrative reforms, establish competitive land prices and foster promotion activities that will lure investors from Russia, Eastern Europe and Japan," he noted.
The province needed to continue upgrading Quy Nhon Port, improve the Nhon Hoi Deep-Water Port, and increase flights from Binh Dinh to HCM City, said the provincial People’s Committee vice chairman Le Huu Loc.
Hoang Minh Vien, director of Hai Giang Joint Stock Co, stressed the importance of upgrading existing tourism facilities and building new spaces that could host entertainment events and workshops.
The committee signed a memorandum of understanding with the International Financial Corporation (IFC) in early August last year. Accordingly, IFC proposed measures to strengthen inter-body co-ordination and simplify administrative procedures in order to increase investments in land and construction.
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