Nghe An, Tra Vinh aim to increase FDI inflow

Last year, Nghe An authorities licensed 105 new projects with a combined investment capital of more than VND18.52 trillion ($861.4 million), representing an annual increase of 46 per cent in the number of projects and a 44 per cent rise in capital. — File Photo

HA NOI (Biz Hub) — The authorities in Nghe An and Tra Vinh are determined to improve investment climate in the two provinces by attracting more foreign direct investment (FDI) in 2015 and going forward.

Following the formulation of a plan, aimed at attracting investment to the central province of Nghe An from now till 2020, which was recently approved by Nghe An's Department of Planning and Investment, the province expects to lure approximately VND100 trillion (US$4.65 billion) in investment by 2020, half of which will be drawn from foreign-invested projects.

To this end, the province will implement consistent measures to lure investment projects, considering it a key task to accelerate local socio-economic development, the plan stated.

It will also better facilitate investors by establishing land funds, award incentives and support them in recruiting workers and accessing raw material.

According to the plan, Nghe An will also aim to top the list of 30 provinces and cities nationwide on the provincial competitiveness index (PCI).

Currently, the province is seeking investment for areas, such as agro-forestry, fishery and industry, where it holds an advantage.

Large-scale projects in the province include the Lan Chau-Song Ngu tourism complex, worth VND1.96 trillion ($91.6 million), the Masan Food project, valued at VND1.2 trillion ($55.8 million) and the Ha Noi-Kim Lien urban and hotel complex, pegged at VND720 billion ($33.5 million).

Meanwhile, the southern province of Tra Vinh will offer investors several incentives for investing in the locality this year, according to the provincial People's Committee.

These incentives include financial assistance for land clearance compensation and infrastructure development for projects in the province-based economic and industrial zones.

Reduction in land rental fees and trade promotion expenses, as well as support for trademark registration and labour training will also be extended, the committee noted.

Last year, the province attracted five new projects, bringing the total number of on-going projects in the area to 92, which are valued at $3.47 billion. Of these projects, 30 have foreign investment and specialise in fields, such as garments, footwear, seafood and agriculture processing, as well as automobiles. — VNS