Thanh Hoa celebrates almost $15 billion of investment

Thanh Hoa is the first to stage an investment promotion conference since the COVID-19 lockdown

In the afternoon on June 12, Thanh Hoa People's Committee, in collaboration with the Ministry of Planning and Investment (MPI), held an investment promotion conference with the attendance of 750 representatives, including Deputy Prime Minister Truong Hoa Binh and Deputy Minister of Planning and Investment Vu Dai Thang.

Thanh Hoa is the first province of the country to organise such a conference after the COVID-19 pandemic, focusing on major sectors like the industry, urban infrastructure, industrial zones, tourism, agriculture, and health.

Nguyen Dinh Xung, chairman of Thanh Hoa People's Committee affirmed the "two accompaniments" and "three commitments", including: accompanying investors to research and select investment locations; and accompanying them in overcoming administrative procedures. When investors make their decision, the province will make three commitments related to the process of land clearance, development of infrastructure, and supporting them to resolve difficulties.

At the conference, under the witness of Deputy Prime Minister Truong Hoa Binh, 34 projects received investment certificates, in-principle approval, and signed MoUs with the total investment capital of $15 billion. 19 of these projects valued at $2.5 billion received investment certificates and in-principle approval and 15 ones valued at $12.5 billion signed MoUs.

Thanh Hoa is one of the biggest provinces in terms of area and population, in addition to its natural endowments like seas, mountains, delta, midland, and border areas, yielding advantages related to position, infrastructure, land, tourism, and human resources.

Deputy Minister Vu Dai Thang highly appreciated the efforts of Thanh Hoa in the past time, which have already turned its advantages and potential to socio-economic development.

Notably, the 106,000-hectare Nghi Son Economic Zone along with special incentives has become a driving force of the provincial and North-Central regional socio-economic development. This economic zone has already lured over 200 projects with the total investment of $20 billion from domestic and foreign investors. Total foreign direct investment (FDI) into Nghi Son (59 projects and $13.3 billion) captures nearly 50 per cent of the total number of projects and 90 per cent of total investment capital of the province.

"Numerous FDI projects have already been put into operation and have been yielding benefits like the country's second-largest FDI project Nghi Son refinery and petrochemical complex, Nghi Son 1 thermal power plant, which contribute significantly to the provincial budget and improving Thanh Hoa's position to become the eighth-largest economy of the country," MPI deputy minister said.

The provincial competitiveness index of Thanh Hoa has accelerated remarkably to the 24th, improving 31 steps compared to 2006, and seven steps compared to 2016.

At the conference, Deputy Prime Minister Truong Hoa Binh said that the province should continue improving, focusing on reforming administrative procedures, developing e-government, going toward a transparent business climate.

The deputy prime minister also asked investors and businesses to implement the MoU and their investment commitments, and build a long-term business plan in Thanh Hoa. "I hope that more investors would decide to invest into the province to benefit themselves and Thanh Hoa," said Truong Hoa Binh.

Earlier, in 2017, Thanh Hoa in collaboration with the MPI organised an investment promotion conference to award certificates to 31 projects, in-principle approvals, and MoUs with the total investment of around $6.35 billion.

As of date, six projects have been put into operation, 16 ones have been built, and three ones are making detailed planning. So 93.6 per cent of the total capital that was committed at the conference has been disbursed as of date.