Quang Binh illustrates how to promote effective investment

The province’s famous caves are just the cherry on top of its vast tourism potential Photo: Tran Tuan Viet

At last week’s Hanoi conference on the Quang Binh master plan, Kim Tae Hoon, member of the Steering Committee of the Korea Chamber of Business in Vietnam, discussed the province’s various strengths in terms of developing investor opportunities.

“For example, energy plays a major and vital role in local economic development, which will be the key industry for the acceleration of the local economy in the future. Energies, including wind power, hydroelectricity, and solar power projects are becoming a critical part of Vietnam’s fast-growing economy,” he said.

Takeo Nakajima, chief representative of the Japan External Trade Organisation in Hanoi, said that Quang Binh was an appropriate area to develop renewable energy projects, such as wind power and solar power.

“The fields of tourism and sustainable development, manufacturing and logistics are also promising within the province,” Nakajima said.

The provincial master plan for the next decade focuses on four economic development pillars, two growth-driving centres, three urban centres, and three economic corridors.

“This is a formula to create a breakthrough for Quang Binh’s economy,” said Vu Dai Thang, Secretary of Quang Binh Party Committee.

Specifically, the four pillars of Quang Binh’s economic development are tourism and services, industry, high-tech agriculture, and the marine economy. The two growth-driving centres of the province are Phong Nha-Ke Bang National Park and Hon La Economic Zone.

The three urban centres include Dong Hoi and its surrounding areas, the northern urban area of Ba Don and to the south, the urban area of Kien Giang. The last important factor in Quang Binh’s formula is the three economic corridors: the coastal delta economic corridor; the east-west economic corridor connecting Cha Lo international border gate with Ba Don town, Hon La Seaport, and the midlands; and the mountainous economic corridor that connects with Ho Chi Minh Highway and the North-South Expressway.

Phan Duc Hieu, a standing member of the National Assembly Economic Committee, said, “Before making decisions, investors always want to know what the provincial government plans to do, and which sectors and areas will be promoted. The early planning has clearly shown the development strategy and direction of Quang Binh. Therefore, they will know what they should do in the next 5-10 years.”

Economist Tran Dinh Thien said, “We should find a way to turn the vast arid sandy lands, sunshine, and wind into a valuable resource for developing renewable energies, as well as building golf courses and unique tourism areas. We should turn the land of limestone mountains into the land of first-class caves, just as Quang Ninh has promoted Halong Bay, and Ninh Thuan has taken advantage of its sand, sun, and wind.”

At last week’s conference, Quang Binh People’s Committee awarded investment agreements to 32 projects with valued at $5 billion.

Specifically, three of the deals involve infrastructure projects worth $506 million; 17 are in real estate, reporting $1.41 billion in total capital; and five in sports and tourism are worth $144.34 million.

In addition, provincial leaders also granted cooperation agreements for six projects in industry, mining, and energy valued at $2.79 billion, and one in agriculture worth $17.4 million.

For domestic ventures, Quang Binh will give priority to investments from large corporations, especially those in the top 500 largest enterprises in Vietnam from the manufacturing, processing, tourism, and logistics industries.

Regarding the criteria to select investors, Quang Binh prioritises attracting foreign investors with globally known brands, large financial capacities, and stable and long-term investment policies and will refuse labour-intensive, non-technological projects that may disrupt the region’s labour supply.

To accelerate the implementation of various projects, Quang Binh has made a series of key commitments to accompany businesses throughout the province.

“We are committed to doing our best to create an equal, favourable, substantive, efficient and quick investment environment, to turn our potential and advantages into concrete and practical results,” said Thang.