Plans coming together for Binh Thuan

Could you shed some light on the investment potential of Binh Thuan?

Phan Nguyen Hoang Tan, deputy director of the department

I believe the best way to assess Binh Thuan’s potential is to place ourselves in the shoes of the investors

They calculate the possibility of success, in which major factors are the province’s potential as a market and the incentives on offer.

All in all, I believe this is a golden time for businesses to ramp up investments and business activities in Binh Thuan.

The province relies on two major conditions to create a breakthrough in attracting investors with major projects. First, a slew of key infrastructure projects is in the pipeline. While Vinh Tan International Port has recently been inaugurated, Dau Giay-Phan Thiet and Phan Thiet-Nha Trang highways are being put up for auction.

The two highway projects are slated to be inaugurated next year and put into operation in 2023. Phan Thiet and Long Thanh international airports will also become a driving force to attract investment.

Second, there is an apparent trend of investors moving capital from major cities to provinces, especially to localities with large room for developments – like Binh Thuan. Foreign capital flows into Vietnam are also set to ­increase thanks to Vietnam’s rapid integration into the global economy.

Binh Thuan has yet to fully exploit its potential for investment. However, the local authorities are striving to make good use of their advantages to woo investors. Binh Thuan is situated in a strategic location, adjacent to the southern key economic zone, with diverse resources and large natural areas.

Binh Thuan’s waters are close to the international maritime route. With a coastline of 192 kilometres, Binh Thuan also has high levels of heat ir­radiation and wind hours, which are particularly interesting for renewable energy projects. The province will tap into its advantages to develop the local economy with a focus on clean energy, high-tech agriculture, and manufacturing.

What investment trends do you foresee in Binh Thuan’s hospitality sector?

Rising investment activities with hundreds of projects have transformed the façade of the local tourism industry. As of present, Binh Thuan is home to 384 tourism projects with the total registered capital of VND60 trillion ($2.6 billion), 200 of which are already in operation. The province currently has 560 accommodation establishments with a total of 16,500 rooms. There are three five-star projects, 27 four-star projects, nearly 560 apartments, and 315 beachside villas.

Binh Thuan is also developing a plan on tourism development orientation until 2025 with the support of Novaland Corporation and McKinsey & Company. The plan provides analysis on conditions as well as initiatives to develop the local tourism industry in line with the province’s potential and strategic location.

The plan focuses on building a link between tourism development and beachside urban planning, in addition to combining urban infrastructure with tourism.

The province also promotes Ham Tien and Mui Ne to become favourite destinations for international tourists. Other major projects include Sealink, Marina Mui Ne, Ocean Valley, Phan Thiet Urban Tourism Area, and the Ham Tien-Mui Ne Tourism Service Centre with emphasis on tourism, entertainment, and watersport activities.

Investors are also keen on the coastal areas along the Hoa Thang-Hoa Phu route. Many strategic investors have registered to invest in these areas including TMS Group and FLC Group. These planning projects are expected to create a leading tourism complex in the locality.

What is the province’s ­strategy to attract investments into industrial parks?

Binh Thuan is giving priority to the development of industrial, commercial, and township properties.

The models will not only increase the sustainability and efficiency of industrial parks but also form synchronous areas of technical and social infrastructure in the province.

The province has greenlighted projects by Becamex IDC, VSIP, and other ­investors to study the ­development of their projects in Ham Tan district and La Gi town with proximity to the southern provinces of Ba Ria-Vung Tau and Dong Nai.

The projects are also linked with Son My Industrial Zone to propel industrial activities in the south of the province.

Binh Thuan People’s Committee has set up a steering committee to ­support Becamex IDC to ­conduct investment procedures.

What are the department’s efforts to facilitate investors in Binh Thuan?

The Department of Planning and Investment is assigned to evaluate investment projects under the deciding competence of the chairman of the Binh Thuan People’s Committee. The department is also in charge of managing investment activities, guiding procedures, and investment registration, as well as submitting applications to the provincial People’s Committee for issuing investment license.

The department has made strides to improve the investment climate by reducing administrative procedures. We have implemented a one-door policy to tackle investors’ problems in a timely fashion.

In addition, we fully and consistently carry out the ­administrative reforms in line with the Law on Investment and the Law on Enterprises, as well as the decrees guiding enterprise registration and investment registration, facilitating market access to local and foreign enterprises.

We make sure ­investors receive maximum support to implement investment projects effectively in the province.