Quang Tri seeking $4b investment

Workers at Phuong Thao Co Ltd in the central province of Quang Tri produce wooden planks. The province intends to request a total investment of nearly US$4 billion in its 18 projects in key sectors. - VNA/VNS Photo Danh Lam

Speaking at a meeting with 20 investors held here on Wednesday, Nguyen Van Hung, the province's Party secretary, said Quang Tri had many sectors with great potential to attract investment, such as the processing, energy, trade and tourism sectors.

Hung said the province had called for several key large-scale projects with high feasibility, such as the Cua Tung-Cua Viet seaside resort, a golf course in Huong Hoa District and development of the Truong Son tourist area.

The province features a supportive business environment, offering a centralised administrative mechanism. It scored the highest points (39.74) on the Viet Nam Public Administration Performance Index in 2014.

Nguyen Duc Chinh, chairman of the provincial People's Committee, said it would apply the most preferential Government regulations for investors.

In addition, the province will support investors by facilitating land clearance, offering labour training and building supporting infrastructure outside industrial parks (IPs) and economic zones (EZs).

Tran Bac Ha, chairman of the Bank for Investment and Development of Viet Nam (BIDV)'s management board, praised the province's potential.

However, Ha said its Provincial Competitiveness Index for the past five years was low as was the province's income per capita, whereas it had a high rate of poor households.

He pointed out that the province had seen difficulties in transport while neighbouring localities such as Nghe An, Thanh Hoa, Quang Binh and Thua Thien-Hue had the advantages of tourism, a port system and IPs.

He proposed that Quang Tri should focus on solutions for improving the effectiveness of investment, such as by developing the economic corridor connecting the country's East to the South and the West, building the La Lay border gate EZ and developing the Cua Viet-Cua Tung-Con Co Island marine tourism area.

BIDV will consider providing a VND15 trillion ($667 million) loan to the province for socio-economic development during the period of 2016-20. The loan would focus on three sectors with high potential: seafood processing, trade services and the energy industry.

A representative from Binh Ha Company said it had planned to invest in a glass plantation and cattle-raising project in the province, with total capital of VND3.6 trillion ($160 million). However, the company had not yet found a suitable location for the farm.

Vingroup said it had launched its projects in neighbouring localities, such as Thanh Hoa, Ha Tinh, Hue and Da Nang. The group has just begun examining options to invest in commercial centres, hotels and the agricultural sector in the province.