The application of innovative approaches in attracting investment to the Mekong delta province of Soc Trang has brought in noticeable improvements, helping it achieve growth in the project number s and quality, and laying the groundwork to push up local economic transformation and enrich the provincial budget.
|June’s major promotion and startup event has led to a wave of further interest from business groups looking to invest |
Soc Trang has recorded enviable achievements in investment promotion activities in 2018, of which most the notable achievement related to its successful hosting of the investment promotion and business startup launching event in June.
The conference helped effectively promote the province’s abundant potential and advantages to the wider business community, as well as to domestic and foreign investors.
From there, a slew of business groups have come to the province searching for investment opportunities across the board. Recently the local authorities have met, provided information for, and supported investment procedures for investors involved in 160 projects, 12 projects more than the corresponding period last year.
Of those, 34 have either received investment certificates or earned approved proposals with the total registered capital value of about VND5.2 trillion ($226 million), a 27 per cent jump on-year.
Many of these projects are now in the development pipeline. Several have already been put into operation including a plant producing apparel, handbags, footwear and aromas from Broadpeak Soc Trang Ltd, Nha Be garment plant of Nha Be Soc Trang Garment JSC, and a seafood hatchery from Thang Long Ltd.
Two other schemes, a major post-larvae hatchery by Viet Uc JSC and a packaging production plant from Duy Nhat Trading and Manufacturing Ltd, are slated to begin operations imminently.
Several other projects are about to complete the legal setup stage to begin construction, such as the Lac Hoa wind farm from Vinh Chau-TDC Renewable Energy JSC, BRE Singapore Ltd.’s wind farm No 3, and the Gieng Tien religious site from Gieng Tien Thao Linh Co., Ltd.
Simultaneously, the province will soon complete procedures to select investors to ventures calling for investment into market and trade centre development, such as Soc Trang city wholesale market project, a high-end hotel and restaurant scheme, and a project on Tran De and Song Hau Industrial Zone, particularly the building of the Tran De Deepwater Port.
Besides strengthening funding promotion, Soc Trang has paid heed to business facilitation activities such as regularly hosting dialogues with investors, as well as meetings and workshops to support businesses and praise their achievements.
The number of companies doing business in Soc Trang is still relatively modest and mainly of small and medium size. The province’s efforts to help them solve problems they face during project implementation in a timely manner have enabled them to secure stable growth in business and production activities.
In 2019, Soc Trang will continue luring investment to projects on the approved wish-list for the period 2017-2020, focusing on top priority plans and attracting potential business partners with vision matching the provincial socioeconomic development planning. The province is also set to come up with measures to further improve the local investment climate, raise the provincial competitiveness index ranking, and effectively implement the Resolution of the Soc Trang People’s Council on investment support policies. From there, the province can appeal to more financiers with greater contributions towards its development path.