VIR's web chat: Opportunities for Phu Yen investment promotion

VIR's web chat: Opportunities for Phu Yen investment promotion

Speaking at the event, Nguyen Chi Hien, member of the province Party Standing Committee and deputy chairman of the Phu Yen People’s Committee, said that similar to other central coast provinces, Phu Yen, with its location in the south central coast region, has great potential for economic development.

Specifically, Phu Yen has huge potential to boost service and tourism economic development, thanks to the 130-kilometre (km) 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.

Along with these huge natural advantages, the provincial government believes that Phu Yen will be one of the best investment options for both local and foreign investors.

More importantly, the current mission is to turn the potential and advantages into power for economic development. Over the past few years, the mission has been translated into concrete measure by the provincial government.

Nguyen Chi Hien, member of the Province Party Standing Committee and deputy chairman of the Phu Yen People’s Committee, spoke at the event

In fact, Phu Yen has seen positive initial changes, including better image, improved living standards, stably developing businesses, and especially, increased investment capital pouring into the province. These are clear evidences of Phu Yen’s positive development.

On the other hand, the central province also has certain limitations, including the imbalance between the local potential and real development levels. Additionally, the province has not lured in enough potential investors, and information on its potential and advantages has yet to reach many investors.

To unlock the potential and advantages, the province needs the support of many more investors. To lure in plenty of investors, the provincial authorities need to offer appropriate policies to improve the investment climate and narrow the distance between investors and the locality. Furthermore, Phu Yen needs to enhance the promotion of the province’s investment climate, advantages, and people. This will contribute to helping investors learn more about the province and to improve the province’s competitive capacity.

Vietnam Investment Review’s event titled “Web chat with readers, investors, and firms” partly meets the province’s demand.

The current web chat may be the initial step to connect the mass media, which includes Vietnam Investment Review, and Phu Yen, which is looking for investment. This programme offers new opportunities as well as a new direction for provincial investment promotion in line with the Fourth Industrial Revolution.

Nguyen Thanh Tuan, deputy director of the Department of Industry and Trade of Phu Yen

Phu Yen province has great potential for renewable energy development, including solar and wind power. Thus, the province always encourages investors to invest in this sector with a scale and capacity suitable with the power development planning of the province.

To date, the province approved 17 investors to survey and study 19 wind and solar power projects. Notably, there are seven solar and one wind power project that received the approval of the prime minister to be added to the power development planning by the Ministry of Industry and Trade.

Ngo Dinh Thien, head of the management board of Phu Yen Hi-Tech Applied Agricultural Area

To date, the Phu Yen People’s Committee approved the investment planning of 10 projects to feed cows and pigs.

Besides, the province also creates favourable conditions for investors to survey and study investment opportunities in the hi-tech agricultural sector, including the projects of TH Group, Vinamilk, Dac Loc Seafood Company, and SmartAgri Phu Yen Co., Ltd..

K.V.S.R Subbaiah, general director of KCP Vietnam Industries Limited

During the past years, KCP, a 100 per cent foreign-invested company specialising in manufacturing sugar, complied with the regulations of the state, and co-operated with the Phu Yen People’s Committee and relevant agencies to benefit all parties.

The province supports the company in completing investment procedures, loans, and infrastructure during the process of relocating the project from Thua Thien-Hue to Phu Yen. The province contributed VND697 billion ($30.84 million) to the state budget and VND49.7 billion ($2.13 million) for charity activities as well as agricultural development programmes in the province.

Nguyen Hao Hiep, chairman of the board of directors of First Real JSC

In my opinion, along with issuing attractive policies to lure in investors, the province should select investors who have financial potential in order to ensure construction progresses on schedule. Besides, the province should build strategies to improve the development of the tourism sector because it is considered a major factor to improve the development of other industries.

However, the development of the tourism sector has to go hand-in-hand with environmental protection in order to avoid negatives impacts on other industries like real estate. In addition, the Phu Yen People’s Committee has to seize opportunities from the Fourth Industrial Revolution by applying modern technology to improve economic development. Furthermore, the province also pays attention to social and communication activities to contribute to bringing a better life for locals.

Pham Van Bay, deputy director general of the Phu Yen Department of Culture, Sports, and Tourism

Phu Yen is calling for investment in high-end tourism services (cruise tourism, luxury resorts, golf services, and amusement services), amusement parks, and recreational services, and sea sports in the area around Xuan Dai Bay, Tu Nham Beach, Cu Mong Lagoon, Binh Sa-An Binh Thanh Beach, An Hai Beach, O Loan Lagoon, Phu Thuong-Hon Yen Beach, Tuy Hoa Beach, Chop Chai Mountain (Tuy Hoa city), Bai Mon-Dai Lanh Cape, Vung Ro, and the surrounding islands.

The provincial master plan has been announced on the province’s website, and investors can directly contact the provincial Department of Planning and Investment to receive explanation about investment procedures. The provincial master plan targets turning Xuan Dai Bay into a centre of sea tourism and amusement in Phu Yen and the South-Central Coast by 2025. This area will be a key destination along the national tourism route, and will form a complementary link with other destinations in the region. By 2030, Xuan Dai Bay plans to match all criteria and become a national tourism area.

Huynh Lu Tan, director general of the Phu Yen Department of Construction

With the advantages of the vast land fund in planning, scenic landscapes, long beaches, and beautiful scenery, Phu Yen has quite the potential to develop the real estate sector, especially tourism property.

In this sector, Phu Yen welcomes experienced investors with rich financial resources into the segments of shophouses, condotels, four- to five-star premium hotels, resorts, villas, trade centres, and offices for lease. In the residential segment, Phu Yen is calling for investment into secondary-level housing, social housing, and affordable housing for low-income people.