Vinh Hy Bay in Ninh Thuan. The province has great potential for tourism thanks to its beautiful bays. — VNA/VNS Photo Thanh Ha

The signing took place in the province's Investment Promotion Conference in the presence of Prime Minister Nguyen Xuan Phuc.

Speaking at the conference, Phuc urged the province to give more specific policy commitments to win investors' confidence.

The PM held that Ninh Thuan had a high potential for growth thanks to its favourable location as well as its natural and cultural benefits.

However, he noted that the province ranked 42nd among 63 localities nationwide on the provincial competitiveness index, which was behind many adjacent provinces. "Ninh Thuan is also home to only about 2,000 businesses, far fewer than the country's average figure," he said.

PM Phuc suggested the province increase the number of enterprises, while revising its strategic planning towards a green economy and sustainable growth.

"Ninh Thuan should also foster connections with other regional localities to create a larger space for development."

The local government must change their mindset in management, creating a favourable development space for enterprises and locals, while becoming more active and determined in improving its investment environment, the PM said.

Highlighting the need to protect the environment during industrial expansion, he urged the local administration to require investors to pledge to close their factories if they are found to violate environmental protection rules.

Introducing the province's potential, the provincial Party Committee Secretary Nguyen Duc Thanh said Ninh Thuan was located at the junction of the south central, central highlands and southeastern regions.

The province has the largest wind and solar energy resources in the country, which are favourable conditions for the locality to become a major hub of economic development, especially in green energy.

With a 105km coastline, the province is also strong in salt production, fishing and the maritime economy. In addition, Ninh Thuan has great potential for tourism thanks to its beautiful bays such as Vinh Hy, Binh Tien and Ninh Chu.

Currently, the province was encouraging investment in energy, tourism, agriculture, fisheries, industrial production, education, construction and real estate, Thanh said.

Chairman of the provincial People's Committee Luu Xuan Vinh, said that investors coming to the province would only have to proceed to its Economic Development Office (EDO) to fulfill investment procedures.

The EDO was expected to help reduce the time investors spent on administrative procedures by 30 per cent.

Vinh said that this new model was designed in response to the Government's Resolution No 19 and Resolution No 35 to assist businesses and create a smooth and transparent investment environment.

Wild power plant

Earlier the same day, the PM attended a ground-breaking ceremony for the Trung Nam wind power plant, the first of its kind in Ninh Thuan, invested in by Trung Nam Wind Power Company, a subsidiary of the Trung Nam Group.

Located in Loi Hai and Bac Phong communes in Thuan Bac District, the 90MW plant will be built at a cost of VND3.96 trillion ($177.48 million). The first phase is expected to be complete in the fourth quarter of 2017, providing green power to the province and the country.

Also on Saturday, the Government leader witnessed the launch of construction work at the Binh Son-Ninh Chu coastal urban area in Phan Rang City, with an investment of nearly VND1 trillion.

The project is invested in by Hacom Holdings Investment Joint Stock Company covering an area of 52ha, including hotels, trading centres and high-end apartments. It is expected to create thousands of jobs for local people. —  VNS