VIR webchat: Phu Yen, an attractive investment destination

Tran Huu The, chairman of Phu Yen People's Committee, at the webchat

On December 26, Phu Yen People’s Committee co-operated with VIR to organise a web chat themed “Phu Yen – an attractive investment destination”.

Speaking at the event, Le Trong Minh, VIR editor-in-chief said that Phu Yen gathers numerous potential and advantages to promote economic growth, which focus on key sectors namely high-tech agriculture and tourism, energy, and urban development. It is also an ideal investment destination for investors.

According to Tran Huu The, chairman of the provincial People’s Committee, Phu Yen has huge potential to boost service and tourism economic development, thanks to its 130km coastline, more than 20 national attractions, and 5km distance between Tuy Hoa City and Phu Cat airport. In addition, with the advantages of the nearby coast-line, Phu Yen also has plenty of favourable conditions to develop high-tech agriculture and aquaculture.

However, the chairman admitted that despite the available advantages, it is also difficult to switch these opportunities into power to promote the province’s socioeconomic growth.

“Along with support from the government, the effort of the province, Phu Yen needs to mobilise private investment, including investment from foreign and domestic enterprises. Attracting private investment is also a hard question,” The said.

To date, along with available support policies regulated in the Law on Investment, the province also issues particular incentives and support policies to encourage investment capital inflows into the province.

Notably, the province makes an effort to complete the essential infrastructure and expand the land fund to call for investment.

The province issued incentive policies on social projects in terms of education – training, vocational training, medicine, culture, and sports.

Besides, Phu Yen is simplifying administrative procedures to save time and expenditures for investors, who are interested in developing projects in the province.

Phu Yen People’s Committee has assigned the province’s economic zones management authority to adjust the master plan on the construction of South Phu Yen Economic Zone by 2040.

The master plan concretises strategic policies for the South Phu Yen EZ in the socioeconomic development orientations of the government for the key economic region of Central and South-Central Vietnam, as well as specify development orientations for the planning of South Phu Yen-North Khanh Hoa.

The province targets to build and develop this EZ into a multi-functional general EZ with a focus on high-tech industries and industries attached to seaports, contributing to creating a socioeconomic breakthrough in the region, linking the provinces of the South-Central Coast and the Central Highlands.