Central province hopes for investment surge

A property resort project in the Lang Co town of Thua in Thien-Hue province. - VNS Photo Cong Thanh

Le Van Thu, director of the investment promotion and support centre of Thua Thien-Hue, said the province will conduct more investment promotion to attract investors in 2017.

In 2015, the province granted only nine Foreign Direct Investment (FDI) projects for a total of $451 million. In all, the province attracted 88 foreign direct investment projects with total investment capital of US$2.1 billion from 2000 to 2016.

Thu said the PSH Group from Spain is eyeing development of a resort in Vinh Thanh with a registered capital of $145 million, while the BRG Group has approached authorities with plans to develop a resort and golf course complex in Vinh Thanh-Vinh Xuan with an investment of VND2 trillion ($88.5 million).

Bitexco also plans to invest VND545 billion ($24.1 million) in the hot-spring resort in My An.

According to the centre, Bitexco Group was granted an investment license for an eco-resort and an urban project in Lap An lagoon with a registered capital of VND3.3 trillion ($146 million).

The My Way Hospitality company also plans to invest in Bach Ma resort with an estimated investment of VND1.5 trillion ($66.4 million).

Thu said the province is seeking investment in high-tech, tourism, logistics, health care and high-tech agriculture, offering competitive labour and land costs.

Several financial incentives have been provided to attract investors, such as tax exemptions for the first four years of operation, a 50-per cent tax reduction for the next nine years, and a 50-per cent tax rate reduction for high-income employees, according to Thu.

He said one of the largest planned tourism projects is a $875-million complex being financed by the Banyan Tree Group of Singapore.

The Hue City area has 128 km of coast and 22,000ha of lagoon for tourism development in connection with UNESCO-recognised world heritage sites in the central region.

The province has developed six industrial zones to attract garment, industry, food processing and mining, projects and create nearly 14,000 jobs.

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