Soc Trang lures over $8.7 billion in committed investment capital

Soc Trang secures over $8.7 billion in committed investment capital

Addressing the Soc Trang Investment Promotion 2022 on Companionship, Cooperation, and Development on April 28, Lam Van Man, Secretary of Soc Trang Party Committee said that the province with its natural characteristics comprises three ecological zones, which provide favourable conditions for crop and livestock diversity.

Soc Trang has successfully taken advantage of its core economic sectors of farming, processing, and exporting. It has also developed national brands for some agricultural and aquatic products.

He added that the government will deploy various inter-regional infrastructure projects to remove bottlenecks in the development of the Mekong Delta. These projects include the North-South Expressway in the east, Chau Doc-Can Tho-Soc Trang expressway, national highways, and Dai Ngai Bridge. Tran De Seaport has also been included in the master plan for Vietnam's seaport system development.

The Politburo has recently issued Resolution No.13-NQ/TW on orientations to promote socio-economic development and ensure security and defence in the Mekong Delta up to 2030. It sets a goal of completing the seaport system as planned, making Tran De Seaport and Soc Trang a gateway for the region.

As a result, Soc Trang will have the opportunity to connect the Mekong Delta and the countries of the Mekong sub-region through the east-west economic corridor and international maritime routes. At the same time, it will take advantage of the Hau River to connect with the marine economic region in order to develop industry, trade, services, tourism, energy, and logistics projects.

Man stated, "The Soc Trang Investment Promotion Conference 2022 aims to introduce the province’s potential, competitive advantages, and its development orientation to attract investment in the coming period. The province will focus on attracting investment in high-tech agriculture, industry, renewable energy, trade, services, tourism, logistics, and the marine economy."

“Soc Trang province will always follow the slogan of Companionship, Cooperation, and Development by being hospitable and promoting partnerships and sustainable development. The province rolls the red carpet for investors to explore opportunities in the locality. The local authorities are committed to accompanying investors during their journey, ensuring that they have the best possible conditions in which to do business,” he added.

Minister of Transport Nguyen Van The is upbeat about the prospects in Soc Trang. He said that "The area will enjoy great opportunities within the next 5-7 years due to the improved infrastructure system in the Mekong Delta region. In particular, Tran De is a unique advantage for Soc Trang, which is expected to surpass other seaports in the region. It is the best site for constructing a deep-water port and is only 60 km away from Can Tho."

Logan Knox, chairman of UPC Renewables Vietnam Corporation said that it is a big renewable energy developers in the world with 75 power plants in the United States and Asia worth over $5 billion. UPC has been looking for investment opportunities in Vietnam since 2018, with Soc Trang being the first location on its list.

Since the first day of investment study, the corporation has received enthusiastic support from the local leaders, who have taken drastic measures to create a favourable investment environment.

“In October 2020, we commenced construction of the Lac Hoa and Hoa Dong wind power plants with a total capacity of 60MW in Vinh Chau. The provincial People's Committee has recently greenlit our 50MW Song Hau wind power project with a total investment capital of over $87 million in Tran De district, which is slated to be developed by the end of this year. The corporation has also carried out research and proposed other projects. UPC's total investment in projects in Soc Trang province is expected to exceed $300 million," Knox added.

Prime Minister Pham Minh Chinh making a keynote speech at the conference

Prime Minister Pham Minh Chinh pointed out 13 issues to building an investment environment with publicity, transparency, equality, safety, efficiency, and sustainability. He highlighted the need to make strategic breakthroughs in infrastructure, human resources, and policies.

The first is to develop synchronous and modern transport infrastructure, focusing on expressways and seaports to serve the rising export volume in the Mekong Delta region. At the same time, the province needs to accelerate administrative procedural reform and digital transformation.

At the same time, it is important to pay attention to the planning work, which must stay one step ahead with breakthrough thinking and a strategic vision. Innovations are vital for creating new development spaces and growth engines, generating new jobs, and developing new people.

The master plan must identify and promote the locality's unique potential, exceptional prospects, and competitive advantages, as well as resolve pain points. It is crucial to create new development opportunities, new scientific and technological attractions, and innovation. The prime minister stressed that investors will analyse these issues and reflect on their vision.

Furthermore, it is important to effectively address national and global issues such as the pandemic and climate change, including saltwater intrusion, sea-level rises, and subsidence in Mekong Delta. These issues must be managed so that investors can feel secure about coming to the province.

PM Chinh stressed the need to avoid announcing investments just to polish the area's image, as this can cost the trust of investors. Meanwhile, bribery for investment projects, land sites, and other environmental violations must be strictly prohibited.

At the conference, Soc Trang province awarded investment policy decisions and registration licenses for four projects and signed 18 MoUs with the total investment capital of $8.7 billion. The four projects have the total registered investment capital of nearly $526 million.