Long An province works to attract quality investments
Long An province, located in the southern key economic region, has reaped encouraging outcomes in investment attraction, and it will press on with concrete solutions to attract more quality projects in the time ahead, authorities said.
Long An province is working to attract more quality projects in the time ahead (Photo: VNA)Long An (VNA) – Long An province, located in the southern key economic region, has reaped encouraging outcomes in investment attraction, and it will press on with concrete solutions to attract more quality projects in the time ahead, authorities said.
Long An has set up cooperative relations with foreign localities like Hyogo prefecture of Japan, Chungcheongnam-do province of the Republic of Korea, and Sacramento city of the US. It has also attracted many 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 1,500 Vietnamese projects worth over 181 trillion VND (7.75 billion USD) and 941 FDI ones with total capital of nearly 6 billion USD, according to the provincial Department of Planning and Investment.
Aside from attracting investment, local authorities have also increased examining sluggish projects. As of early October, they revoked 11 foreign invested projects worth 40 million USD and 29 domestic ones worth almost 1.9 trillion VND (81.4 million USD), citing investors’ lack of capacity.
Director of the department Nguyen Van Tieu said despite certain successes in investment attraction, the quality of many projects is not high. Most of them are small- or medium-sized, with capital of about 136 billion VND (5.8 million USD) per domestic project and 5.2 billion USD per FDI project. They focus on labour-intensive industries such as textile-garment and footwear, and few have specialised in supporting and hi-tech industries.
He said to attract more quality investments, local authorities will boost administrative reforms to create favourable conditions for investors to implement their projects.
Aside from strictly dealing with projects with slow implementation, they will also accelerate developing infrastructure, especially transport facilities and seaports.
Long An will step up investment promotion in suitable forms and prioritise major projects that are environmentally friendly and have high added value, Tieu noted, adding that authorities will also maintain dialogue with businesses to tackle obstacles to their activities in a timely manner. –VNA
You should also see
PM asks for prompt actions to fix consequences of serious workplace accident in Yen Bai
Prime Minister Pham Minh Chinh on April 22 signed a dispatch asking for prompt actions to fix the consequences of a serious workplace accident that happened in a cement factory in the northern province of Yen Bai the same day, as well as measures to support victims.
See more
Business
Masan completes 250-million-USD investment deal with Bain Capital
Masan Group Corporation on April 23 announced that it has completed the mobilisation of 250 billion USD from Bain Capital, a leading global private investment firm with assets worth 180 billion USD under management.
Business
Capital shortage - headache for construction firms
Domestic construction companies will continue to face difficulties in the second quarter of this year with capital shortage top of their problems, a report has revealed.
Business
An Giang bosters border economy
The Mekong Delta province of An Giang, billed as an economic centre that links Ho Chi Minh city, Can Tho city and Cambodia’s Phnom Penh, has paid due attention to developing border trade and logistics infrastructure so as to tap its border economic potential.
Business
Corporate bond maturity in 2024 remains high: MoF
The volume of corporate bonds maturing in 2024, though lower than that in 2023, is till at a high level, mostly in industries with payment risks such as real estate and renewable energy, according to a report by the Ministry of Finance (MoF).
Business
Government’s action programme cracks down on illegal fishing
A raft of measures to deal with illegal, unreported and unregulated (IUU) fishing is included in the Government’s freshly issued action programme as the country is striving to clamp down on illegal fishing, or else it will be hit by the European Commission (EC)’s warning card.
