Long An province is working to attract more quality projects in the time ahead (Photo: VNA)Long An (VNA) – Long An province, located in thesouthern key economic region, has reaped encouraging outcomes in investmentattraction, and it will press on with concrete solutions to attract morequality projects in the time ahead, authorities said.
Long An has set up cooperative relations withforeign localities like Hyogo prefecture of Japan, Chungcheongnam-do provinceof the Republic of Korea, and Sacramento city of the US. It has also attractedmany major investors, including the Vietnam-Singapore Industrial Park JV Co.Ltd of Singapore, Sojitz of Japan, and local conglomerate Vingroup.
The province is now home to more than 1,500Vietnamese projects worth over 181 trillion VND (7.75 billion USD) and 941 FDIones with total capital of nearly 6 billion USD, according to the provincialDepartment of Planning and Investment.
Aside from attracting investment, localauthorities have also increased examining sluggish projects. As of earlyOctober, they revoked 11 foreign invested projects worth 40 million USD and 29domestic ones worth almost 1.9 trillion VND (81.4 million USD), citinginvestors’ lack of capacity.
Director of the department Nguyen Van Tieu saiddespite certain successes in investment attraction, the quality of manyprojects is not high. Most of them are small- or medium-sized, with capital ofabout 136 billion VND (5.8 million USD) per domestic project and 5.2 billionUSD per FDI project. They focus on labour-intensive industries such astextile-garment and footwear, and few have specialised in supporting andhi-tech industries.
He said to attract more quality investments,local authorities will boost administrative reforms to create favourableconditions for investors to implement their projects.
Aside from strictly dealing with projects withslow implementation, they will also accelerate developing infrastructure,especially transport facilities and seaports.
Long An will step up investment promotion insuitable forms and prioritise major projects that are environmentally friendlyand have high added value, Tieu noted, adding that authorities will alsomaintain dialogue with businesses to tackle obstacles to their activities in atimely manner. –VNA
VNA
