The ground-breaking ceremony of Samsung's high-tech cluster, Thai Nguyen Province on March 25, 2013.— File Photo

THAI NGUYEN (Biz Hub)— The northern province of Thai Nguyen aimed to absorb US$5 billion in foreign direct investment (FDI) by the year-end, said provincial People's Committee Chairman Duong Ngoc Long.

In order to reach the goal, Long said the province would continue to perfect infrastructure with a focus on transport to increase its competitiveness and foster strong foreign investment.

"After the success of Samsung's huge investment, we hope that a new flow of foreign capital will enter the province in the near future, especially from Japan, South Korea, Taiwan and some European countries," he said.

According to the Foreign Investment Agency, the province topped national FDI attraction in the past 10 months, luring additional capital of over $3.4 billion, representing 17.7 per cent of the country's newly-registered investment and surpassing registered FDI in the province for past 20 years.

Long attributed the encouraging results to the increasing efforts of local authorities to streamline administrative procedures and improve the quality of support services for enterprises to improve the investment and business climate.

Besides organising conferences to seek more investment, we also tried to facilitate the implementation of foreign-invested projects to attract others, he said. — VNS