Thai Nguyen ready to leapfrog in funding attraction

Investors are getting a better grip of funding prospects in Thai Nguyen after some successful promotion, Le Toan

The event, organised by the Ministry of Planning and Investment in tandem with the National Innovation Centre and Saigontel, took place under the theme “Investment Strategy in the New Normal”.

Trinh Viet Hung, Vice Secretary of Thai Nguyen Party Committee and Chairman of Thai Nguyen People’s Committee, delivered remarks about the nuts and bolts of the province’s strategy and commitments to investment promotion, which are expected to bring breakthroughs to Thai Nguyen’s investment landscape in the forthcoming time.

With specific incentive policies to support investors – for instance, unique funding for labour training – the province is deemed an appealing destination to investors.

Currently, the province’s leaders are all young, dynamic, and zealous with a high sense of unity in management, helping to constitute an innovative government capable of delivering suitable decisions.

Hung asserted the province’s commitment to the investors at the conference, focusing on ensuring swift settlement of investors’ proposals, providing maximum support to investors with demands, shortening the time of procedures, and supporting businesses in labour provision and training, among others.

Hung also remarked that the province would focus on facilitating infrastructure development of industrial zones (IZs) and clusters; promoting development in the province’s southern part, such as by developing the tourism infrastructure east of the Tam Dao Mountain range; and attracting investment into technology-intensive and eco-friendly projects.

Dang Thanh Tam, chairman of Saigontel, appreciated Thai Nguyen’s charm, confirming that through the conference, investors and businesses would have a good grip of Thai Nguyen’s spirit, orientation, and strategy for investment attraction, all of which lays the bedrock for landing their ventures in the province.

Deemed the first sizable promotion activity post-pandemic, the conference brought together leading investors from localities at home and abroad. It featured leading players from South Korea including SK EcoPlant, Lotte E&C, Hyosung, CJ, Asam Security, and KepCo, among others.

Thai Nguyen is drawing investors’ particular attention with its bountiful potential and advantages in terms of the geographical position close to Hanoi, seamless transport infrastructure system, and highly qualified and abundant human resources.

Thai Nguyen is home to more than 170 foreign direct investment projects registered at more than $10 billion in total and 846 domestic investment projects registered with over $6.3 billion. The province has thus far completed the planning of 12 IZs covering 4,245 hectares, including one IT park.

The province aims to constitute a pro-business and transparent investment climate, pushing up administrative procedure reform inclusively while ensuring consistent implementation of measures for investment promotion towards leading domestic and international groups.

Simultaneously, smaller projects using huge land and doing harm to the environment will face restrictions, creating strong changes to Thai Nguyen’s investment landscape.

In 2021, Thai Nguyen posted regional GDP growth at 6.51 per cent, its gross industrial output surpassed $35 billion, and export value touched $28.85 billion.

In the first six months this year, the province’s economy expanded by an estimated 7.08 per cent, with the export value reaching $17.2 billion, showing a 32.3 per cent jump on-year. Thai Nguyen contributed $414 million to the state coffers, equal to a 29.3 per cent hike on-year.