Phu Yen province’s crucial solution spotlight for 2020

The province has already made gains with impressive infrastructure upgrades to bridges and embankments

In 2019, the total investment capital in the central province hit around VND19.16 trillion ($833 million), of which capital belonging to the state budget reached VND4.8 trillion ($209 million), up 28.9 per cent on-year, and that of non-state enterprises and individuals tallied to VND13.35 trillion ($580.5 million), up 15.1 per cent on-year. Foreign direct investment also hit VND968.5 billion ($42 million), twice as much as last year.

Chairman of Phu Yen People’s Committee Pham Dai Duong said that the key task of 2020 is to plan and protect the environment while adapting to climate change through rapid and sustainable development.

According to Duong, next year Phu Yen will focus on solutions such as preparing the best conditions for the seventh Provincial Party Congress; building provincial socio-economic planning for the period 2021-2030, towards a vision to 2050; and creating modern and effective state management with sufficient capacity to serve the socio-economic development of the entire province.

Successes in recent years have pointed the province in the right direction. A number of constructions, such as Ho Son Lake and surrounding infrastructure, have been completed and operated. Also, embankments to protect against landslides on the left bank of the Ba River are combining with urban infrastructure, connecting the new Da Rang Bridge to the old one. Phase 1 of the Da Nong estuary works has also been repaired and upgraded, as has the road connecting Phu Yen with Gia Lai.

Public investment capital in 2019 stood at VND4 trillion ($174 million), and disbursement rate of capital reached 62 per cent of the plan. Estimated disbursement rate for the year is 95 per cent of the assigned capital plan, of which local budget capital reaches 95 per cent, and central budget capital hit 93.7 per cent of the plan.

In addition, the province is furthering investment promotion by organising meetings with investors in the province; visiting and working with large economic groups; and calling for investment from provincial delegations working in the likes of France, Hungary, South Korea, Japan, and India.

Currently, the province is continuing to review the list of projects calling for investment in accordance with localities and throughout the country. Meanwhile, it is attempting to keep businesses and investors informed by issuing a list of projects calling for such funding across the province.

In particular, in the field of renewable energy, there were 11 investors registered to survey and pour money into five solar power projects and six wind power projects this year alone. Phu Yen People’s Committee allowed five investors to prepare proposals in the local electricity development plan. Up to now, Phu Yen boasts 37 investment research projects and five completed ventures now in use.