(VOVworld) – Located in the coastline of the Red River Delta, the northern province of Thai Binh, 110 km from Hanoi, is greatly influenced by the economic development triangle involving Hanoi, Hai Phong, and Quang Ninh. With improved infrastructure, Thai Binh is attracting many domestic and foreign investors thanks to its preferential policies. VOV’s Vinh Phong reports….
The ground-breaking ceremony of Thai Binh 2 Thermo-Power Plant invested by PVN (Photo: cafef.vn)

Thai Binh has a coastline of 54 km and 5 estuaries with up to 7,000 ha of water surface suitable for aquaculture. The province has a coal basin with a reserve of 210 billion tons, which has been planned for exploration in 2015, opening the possibility for industrial development. To this end, construction of a number of key transport routes has begun. They include a coastal highway, acting as an economic corridor in the southern Red River Delta, the Hai Phong International Gateway Seaport, the biggest container port in Vietnam, and an express railway and highway linking Nam Dinh, Thai Binh, and Hai Phong. These projects will help Thai Binh boost economic exchange and investment attraction, according to Tran Xuan Thanh, Director of the provincial Department of Planning and Investment: “Thai Binh specializes in agricultural production and has many offshore gas fields. The province has been cooperating with the Vietnam National Oil and Gas Group to transport gas to the mainland for industrial development. Thai Binh has attracted more than 600 investment projects worth more than 3 billion USD. However, it hasn’t lured many major investors which is mainly attributable to its less well-equipped infrastructure.”

Thai Binh has an abundant labor force with 1 million people of working age. The province has worked with relevant ministries, sectors, and economic institutions to hold training courses to prepare necessary human resources for businesses investing in the province. Fredesman Turro Gonzalez, Cuban Ambassador to Vietnam, commented on the province’s investment environment: “Thai Binh has the advantages to attract foreign investors including a qualified workforce and a long coastline. Cuba is paying attention to Thai Binh as it is one of Vietnam’s main rice producers and its rice output is high.”


Thai Binh, one of Vietnam's main rice producers
Photo: vietnamtourism.org.vn

The government has approved a master-plan for the province’s socio-economic development until 2020. Under the plan, the province will build a coastal economic zone and develop 15 industrial parks and 40 industrial clusters. In addition, several key industrial projects such as Thai Binh Electricity Center, and onshore gas pipelines will be completed, offering advantages for investment increase. Tran Xuan Thanh, Director of the provincial Department of Planning and Investment, said “Thai Binh will strictly follow the government’s guidelines and policies on investment attraction. We have also offered our own incentives on investment in training, land clearance, and infrastructure building. Under this mechanism, Thai Binh will implement the 'one-stop shop’ policy allowing the provincial Department of Planning and Investment to be in charge of administrative procedures. Investors only have to contact the department to receive preferential investment licenses in order to put their projects into operation.”

Thai Binh has increased activities to promote investment both at home and abroad. It’s also exerting efforts to lure more investment to create a breakthrough to boost economic growth.

Vinh Phong