Kien Giang upgrades tactics for more efficient capital use

Despite the challenging economic environment, provincial authorities in Kien Giang province have made efforts to remove obstacles for investors and businesses in a timely manner. This, coupled with investment promotion and business support activities, has transformed Kien Giang’s investment attraction into a bright spot in 2024.

Reform across infrastructure, the digital realm, and more will create major spillover effects for the locality, Photo: Truong Thach Vu

According to Kien Giang People’s Committee, 11 new projects were granted investment registration certificates in the first three quarters, with registered capital of $227 million, up $200 million on-year. Almost 100 ongoing projects have had their capital adjusted.

In total, the province has granted approval to 745 valid projects, with a total capital of over $24.8 billion. Among them, 361 have been put into operation.

In terms of foreign direct investment attraction, Kien Giang gave the green light to two ventures costing a total of $18.2 million: a seafood production and processing initiative by New Tech Surimi Co., Ltd. and a facility for farming, breeding, processing, trading, and exporting fish, seaweed, and other aquatic products by Australis Vietnam Seafood Co., Ltd.

Up to now, Kien Giang is home to 56 foreign-invested projects by investors from 19 countries and territories. The projects are in tourism, agriculture, processing industry, manufacturing, oil and gas transportation, trade, and services, with a total capital of $2.8 billion. Among them, 44 projects have already been put into operation, with a total realised capital of $812.5 million.

Besides positive results in investment attraction, the province also saw improvement in its business environment. In the first nine months of 2024, Kien Giang boasted nearly 1,100 newly established enterprises with a total registered capital of more than $339.7 million. Kien Giang ranks third in the Mekong Delta region in both the number of newly established enterprises. Up to now, the province is home to 12,445 enterprises in operation, with a registered capital of $8.4 billion.

In the first nine months of 2024, the province continued to achieve positive results in socioeconomic development, with 6.76 per cent growth in regional GDP, total retail sales of goods reaching nearly $4.7 billion, and exports reaching $686 million.

Several economic indicators also recorded strong growth in the first nine months. Kien Giang’s industrial production value saw an on-year increase of 12.9 per cent. The number of tourist arrivals climbed 15.5 per cent, of which international tourists were up 57 per cent on-year.

Mobilising resources

According to the Department of Planning and Investment of Kien Giang province, efforts are being made to lure investment and expedite the disbursement of capital. To facilitate the goal, the province’s special working group will step up operations to streamline investment procedures, provide information, and remove obstacles for businesses and investors.

At the same time, the province is also accelerating procedures for selecting investors to implement projects.

In particular, Kien Giang is focused on the synchronous and effective implementation of provincial planning for the rest of the decade. The plan outlines the orientation of forming four sub-regions (the Long Xuyen quadrangle, Western Hau River, U Minh Thuong, and the island region), three economic corridors (the West Coast economic corridor, the North-South economic corridor, and the Giang Thanh-Ha Tien border corridor), and three dynamic cities (Rach Gia, Phu Quoc, and Ha Tien). This is coupled with promoting administrative reform in line with digital transformation.

The province also calls for projects with modern, environmentally friendly technology, ensuring green growth and sustainable development goals. It also seeks to develop Phu Quoc Economic Zone and Ha Tien Border Gate Economic Zone into multi-sector, multi-field, and dynamic economic zones connecting with regional and international development.

According to the provincial planning for 2030 and beyond, to achieve an average regional GDP growth target of 7 per cent annually during this decade, Kien Giang province requires a total social development investment capital of approximately $28.12 billion.

Among that, capital demand for the 2021-2025 period is $10.4 billion. The state sector funds account for almost one-quarter of the total capital, or $2.54 billion. Non-state sector funds are 74.3 per cent, or $7.73 billion.

In the 2026-2030 period, capital demand is $17.7 billion; state sector funds make up for 23 per cent of the total ($4 billion); and non-state sector funds are 76 per cent ($13.5 billion).

Boosting value and efficiency

Kien Giang is seeking to channel all of its resources to implement the provincial planning. Among them, the province will make efficient use of public investment capital, which is a premise to draw in all social resources. This will create a breakthrough in investment attraction to develop synchronous and modern infrastructure, ensuring overall connectivity, its leaders said.

The province is also transforming the development model of industries, fields, and localities towards increasing value and efficiency.

Priority is given to infrastructure projects that create major spillover effects. The province’s key transport infrastructure will be prioritised to improve regional and intra-regional connectivity associated with economic development corridors and dynamic urban areas. This is coupled with the development of infrastructure for healthcare, education, culture, sports, and social security.

Meanwhile, urban technical infrastructure in cities and main development triangles have been identified in the provincial planning to engage investment capital sources and ensure a reasonable and effective investment structure.

Priority sectors for investment attraction include agriculture, fisheries, deep-processing and high-tech manufacturing factory clusters, industrial and economic zone infrastructure, and land reclamation and artificial islands. Other top areas of focus revolve around trade and services, water and waste treatment, energy, and tourism, based on the province’s potentials and strengths.

In particular, Kien Giang province will roll out the red carpets for large economic groups with strong financial potential and prestige in the business community.

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