Quang Binh enticing serious investors

Quang Binh enticing serious investors

Earlier this year, Quang Binh People’s Committee issued Action Plan No.37/KH-UBND presenting tasks and solutions for socio-economic development and budget ­estimates in 2019, and implementing the action plan on ­governmental Resolution No.02/NQ-CP issued in January on tasks and major solutions to improve the local business environment and enhance national competitiveness with a vision towards 2021.

For the reform of administrative procedures, on the basis of the plan, Quang Binh People’s Committee assigned specific tasks to departments, agencies, and localities to ensure effective implementation.

Departments and agencies are being required to deploy IT application at the Public Administrative Centre in a modern and synchronous manner to smooth the settlement of administrative procedures, allowing receiving dossiers by post, conducting online public administrative transactions, enabling approval of digital signatures, and providing expanded access to channels.

In addition, the committee has also directed departments, agencies, and localities to facilitate reform through shortening the time for administrative processing, regularly providing update information and data on planning, the latest mechanisms and policies to businesses and investors, and guiding on how to approach investment incentives in an effective manner.

Meanwhile, it has organised meetings with businesses and investors quarterly, thereby directly receiving, responding to, and assigning specific tasks to relevant departments, helping to tackle difficulties businesses and investors in the province have been facing.

Furthermore, the province has ordered departments and localities to review and update documents, databases, and enact publications such as films and documents introducing potential investment opportunities in Quang Binh. It also asked for updates to the list of priority projects calling for investment in English and Japanese in order to serve investment promotion events.

In regards to promotion activities, Quang Binh continues to implement external activities synchronously and effectively, simultaneously actively participating in a number of big investment promotion events by ministries and central agencies to connect and introduce advantages and investment opportunities in the province to non-locals.

According to Tran Cong Thuat, Chairman of Quang Binh People’s Committee, with the goal of penning a focused investment promotion plan aligned with local socio-economic development orientation, in 2020 the province will continue to review, update, and build up a new list of projects calling for investment for 2021 to 2025.

Along with that, practicality, feasibility, and suitability are essential factors needed to embed in the province’s investment attraction approach in the forthcoming period. It is also important to take advantage of support from ministries and central agencies in attracting investment; building co-operative relationships with foreign diplomatic missions, international organisations, and major economic organisations in Vietnam; and assisting enterprises in the province in seeking investment opportunities abroad.

According to Quang Binh People’s Committee, as of October 15, the province granted investment certificates to 49 ventures registered at VND3 trillion ($130.4 million). In addition, scores of domestic and foreign investors are conducting business study in the province.

T&T Group is looking at funding Dinh Muoi Urban Area and Bac Ly Ecological Urban Area at total value of VND30.3 trillion ($1.32 billion), and the United States-based Southeast Asia Capital Group intends to invest in the Hon La general port complex with an estimated investment sum of around $250 million. Meanwhile, Vingroup plans a venture in a 33-hectare smart urban area in Dong Hoi city. DIC Group is also conducting research on a resort hotel and golf course initiative in Quang Ninh district, with a scale of 280ha.