Long An Province emerges as an attractive investment destination

Friday, Sep 15, 2023 15:01

Long Hậu Industrial Park in Long An Province. Long An pledges to create the most favourable conditions for domestic and foreign investors and businesses. — Photo courtesy of Long Hậu Industrial Park

Long An Province, located in southern Việt Nam, has emerged as an attractive investment destination due to its strategic location, thriving industrial zones, and favourable investment policies. 

Prime Minister Phạm Minh Chính, speaking at a recent meeting in Long An Province, said Long An possessed great potential and competitive advantages for sustainable socio-economic development. 

Situated in the Cửu Long (Mekong) Delta region, the province benefits from its excellent connectivity to major transportation routes, including highways, waterways, and railways. 

This makes it an ideal location for businesses looking to establish a strong foothold in the country, as it is conveniently connected to HCM City and other important cities in the region.

Long An boasts an impressive array of thriving industrial zones, providing investors with modern infrastructure, a skilled workforce, and a wide array of support services. 

The Long Hậu Industrial Park and the Tân Long Industrial Park, among others, have become hotspots for manufacturing and industrial activities. 

The province’s plans to establish 17 new industrial parks and 72 industrial clusters further contribute to its attractiveness as an investment destination.

In addition to its industrial sector, the province also holds immense potential in agriculture, tourism, and renewable energy. 

With its fertile land, favourable climate, and abundance of natural resources, Long An is considered the rice bowl of southern Việt Nam. 

The province has heavily invested in modernising its agricultural sector, promoting sustainable farming practices, and developing agro-processing industries.

In addition, Long An possesses untapped potential in the tourism sector. 

The province is home to several natural and cultural attractions, such as the Đồng Tháp Mười eco-tourism area and the ancient Vĩnh Hưng Tower. 

Recognising this potential, the local government has prioritised tourism development and implemented policies to attract investment in the sector. 

Long An is also actively promoting renewable energy projects, particularly in solar and wind power. 

Its abundant sunshine and favourable wind conditions make it an ideal location for the development of clean energy projects. 

Investors are eyeing Long An’s renewable energy potential, as the government provides incentives and support for these projects. 

“Renewable energy is a key sector for Việt Nam’s sustainable development, and Long An’s favourable conditions make it an attractive destination for investments in this field,” said the PM. 

Business-friendly environment

Nguyễn Văn Út, chairman of the Long An Province People’s Committee, said that to create a business-friendly environment, Long An has implemented favourable investment policies for local and foreign investors.

It has established a transparent administrative system, and introduced various incentives for domestic and foreign investors, he said.

It aims to attract large-scale, high-tech FDI projects and prioritise key development pillars such as ecological agriculture, green industry, high-technology and logistics. 

It has lured over 1,200 foreign direct investment projects with a total investment capital of more than $10 billion, ranking it tenth among Việt Nam’s 63 cities and provinces. 

In the first half of this year, the province granted investment licenses to 39 FDI projects with a total capital of $408.5 million. 

Dr. Nguyễn Xuân Thành, director of the Public Policy Programme at Fulbright University Việt Nam, said Long An’s proactive approach in creating a business-friendly environment has been a key driver in attracting investment.

Many multinational corporations, such as Samsung, LG, and Nestle, have established manufacturing facilities in the province. 

Domestic businesses have also seized the opportunities in the province, with companies such as VinGroup and Hòa Phát Group investing in various sectors, including real estate and agriculture.

Under an approved master plan, Long An Province aims to become a dynamic economic centre in the southern region by 2030 and the leading industrial province in Việt Nam by 2050. — VNS 

Prime Minister Phạm Minh Chính (second from right) observes the development model of Long An Province at a recent conference in Long An Province. — VNA/VNS

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