Thai Nguyen setting stage for investment

Nearly 100 South Korean businesses attended a promotion conference about Thai Nguyen in South Korea on October 5 to study investment opportunities in the province. The conference was organised by Thai Nguyen People’s Committee in collaboration with the Vietnamese Embassy in South Korea and other Korean partners.

Thai Nguyen setting stage for investment

At the event, the province introduced to businesses the policies, potential, and advantages of Thai Nguyen. At the same time, it wants to strengthen cooperation and attract investment from South Korea in infrastructure development, industrial production, high technology, smart cities, tourism, and services.

Standing Vice Chairman of the People’s Committee Dang Xuan Truong said, “Thai Nguyen expects to continue to be an attractive locality for large foreign and domestic investors. The province will focus on improving the quality of administrative reform, promoting digital transformation; and resolving the problems of investors to strengthen their trust.”

This conference in South Korea was one of many activities that the province has implemented in recent times to introduce and promote its image and attractive policies to a wide range of parties.

Thai Nguyen aims to focus on building synchronous and modern infrastructure, simultaneously creating an attractive, equitable, and transparent business environment. The province will also promote and innovate work via a list of priority projects calling for investment, helping those with many choices when coming to Thai Nguyen.

Trinh Viet Hung, Chairman of Thai Nguyen People’s Committee said, “After provincial planning for this decade was approved, we immediately started the construction of planned industrial parks (IPs) and dozens of industrial clusters to create more space to welcome new investment inflow in the coming years.”

The province will prioritise allocating capital for infrastructure development, especially technical infrastructure projects, creating new advantages and reducing transaction costs for enterprises.

At present, along with accelerating construction of the fifth ring road of Hanoi at the section of the National Highway No.37 connecting with Bac Giang province and the Thai Nguyen-Bac Giang-Vinh Phuc link road, the province approved the planning of construction zones for both the Phu Binh and Pho Yen industrial, urban, and service parks. The province will complete the next legal procedures to fund these two large-scale IPs.

Director of Thai Nguyen Industrial Parks Management Board Le Kim Phuc, said, “The province is completing draft legal procedures to submit for appraisal and then approval. It is expected that by the end of 2024, we will have new IPs that create a huge industrial real estate space to welcome investors.”

In particular, Thai Nguyen will continue to drastically improve the business environment and enhance provincial competitiveness over the next few years. The province will focus on promoting the building of e-government and digital transformation of its economy and society to improve the quality and efficiency of public services at all levels.

It will also regularly review and simplify administrative procedures, especially those related to businesses and investment fields, to create better conditions to pull in financial backers.

The province will continue to carry out dialogues to listen to the problems and recommendations of individuals and businesses, especially regarding admin procedures in land, funding, and construction, to promptly resolve issues.

Up to now, Thai Nguyen has attracted $10.5 billion in foreign investment capital, and the local export turnover ranks fourth in the country, which in turn has promoted its economic and urban development, created jobs, and increased budget revenues.

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