Quang Binh Province signed a consultancy contract with the McKinsey & Company Viet Nam for developing its socio-economic development master plan by 2030 with vision to 2050 on Monday.

The provincial People’s Committee has assigned its Department of Planning and Investment to be the investor for the VND35.68 billion (US$1.6 million) consultancy package.

The duration of the package lasts from the date the contract is signed until the master plan is approved by the Prime Minister.

The planning stage of the package is 70 working days from the contract signing day.

Chairmain of the committee Nguyen Huu Hoai said this master plan was very significant for achieving the province’s socio-economic development objectives and is expected to have a major impact on attracting investors.

Hoai said the consultant has also been asked to prepare a detailed plan quickly, and arrange human resources to implement it in a timely manner.

He said the consultant has been hired to ensure high quality and achieve breakthroughs for the province’s development.

He said that after it is approved, the master plan would help attract investors into Quang Binh. As such, the plan would be an important document for the central province when it organises an investment promotion conference by the end of 2017, Hoai added.

McKinsey & Company describes itself on its website as a “global management consulting firm that serves leading businesses, governments, non governmental organisations, and not-for-profits.”

In Viet Nam, the company has consulted for more than 23 strategic business projects, supporting reforms and corporate finance, including the socio-economic development master plans for the provinces of Quang Ninh, Ha Giang, Tay Ninh, and the Mong Cai Border Gate Economic Zone. — VNS