(VOVworld) Many localities nationwide have geared up to attract more investment since the beginning of the year, meeting with investors and devising new strategies to boost investment and contribute to Vietnam’s economic growth.

The 2012 Investment Promotion Conference scheduled to take place in the Quang Ninh province later this month is an important event. Nearly 500 attendees will hear Quang Ninh’s authorities describe incentive policies for enterprises who invest in 18 key projects in tourism and entertainment services; sea ports, border gates, logistics, and trade. The province has specified incentives for each project and is committed to helping investors with land clearance, administrative procedures, and infrastructure. Nguyen Van Doc, Chairman of Quang Ninh’s People’s Committee said:“We have established an agency to promote investment, support enterprises, and provide provincial leaders with consultations. This agency will help simplify administrative procedures for the investors”.

NA Chairman Nguyen Sinh Hung called for more efficient investment in Nghe An in 2012. Photo: mof.gov.vn

Nghe An province has, over the past 3 years, signed 30 investment agreements with committed capital of nearly 1.8 billion USD. The province is implementing several major projects such as the Cua Lo Deep Water Seaport, the Dong Hoi specialized port, the Kobelco Steel Factory, and the Quynh Lap Thermoelectric power plant. Nghe An also plans to turn the TH Truemilk project into the largest dairy farm in Asia and develop infrastructure at the South Eastern Economic Zone and other industrial parks to attract investors. Chairman of the provincial People’s Committee Ho Duc Phoc said that his province intends to achieve a breakthrough in administrative reform. “This year Nghe An continues to attract both domestic and foreign investors, considering it a key to economic growth. Our focal task is to improve our investment and business environment, making it obstacle-free, convenient, and stable. We have reserved land in the South Eastern Economic Zone and Hoang Mai and Dong Hoi industrial parks for new investors. The province is also working hard to complete infrastructure projects such as sea ports, border gates, airports and roads, develop subsidiary industries, and create zoning to facilitate investment,” said Chairman Phoc.

In the South, Ba Ria-Vung Tau earlier this year certified 4 projects worth more than 1.4 billion USD. The province’s strategy is to focus on logistics services and subsidiary industries capable of meeting domestic demands and exports. To this end, Ho Van Nien, Vice Chairman of the provincial People’s Committee, says Ba Ria-Vung Tau will look at new ways to promote investment which tailor policies to each individual investor.

Deputy Minister of Planning and Investment Nguyen The Phuong says Vietnam is focusing on the quality, not the quantity, of investment projects, so it is important that localities come up with proactive and flexible policies. “We need to start accommodating specific investors by creating an environment which is clear and transparent with efficient administrative procedures,” he said.

Immediate effort by localities to increase investment is of paramount importance because it will create momentum for economic growth, improve Vietnam’s investment environment, and increase the competitiveness of Vietnamese businesses.

Hong Van