Thua Thien-Hue set to draw $429 million in new investments

Friday, Nov 02, 2018 15:50

Hue Citadel. The central province is calling for investment in the sectors in which it is already strong like tourism and real estate. — Photo

The central province of Thua Thien-Hue is striving to attract 15 domestic and foreign investment projects with a total registered capital of some VND10 trillion (US$428.8 million) in 2018.

Priority will be given to investments in the sectors of its strengths like tourism, real estate, IT, technology, healthcare, education, high-tech agriculture and support industries.

According to Phan Thien Dinh, director of the Investment Promotion and Business Support Centre and director of the provincial Department of Planning and Investment, by the end of this year, the province will work to attract prestigious domestic investors who are credible partners of domestic and foreign banks and investment funds.

It has held investment promotion campaigns in such traditional markets as Hong Kong (China), Japan, Singapore, Thailand, Europe, the Republic of Korea and the US, and in countries which could benefit from the free trade agreements Viet Nam has inked.

The province’s agencies have proactively evaluated market and investment trends and built a database in the service of tourism promotion, particularly for the Chan May-Lang Co economic zone, industrial parks, An Van Duong new urban area and Hue.

Along with enhancing training to improve local staffers’ investment promotion capacity, the province has paid attention to supporting businesses in understanding legal regulations and investment procedures as well as carrying out their projects after receiving an investment license.

Thua Thien-Hue has secured VND40.6 trillion ($1.74 billion) in investments so far, including more than VND3.2 trillion from domestic investors and $1.6 billion from foreigners.

Phong Dien solar power plant, with a capacity of 35MW, is one notable project. It was funded by Gia Lai Electricity JSC at a total cost of nearly VND1 trillion. The 48-hectare factory was constructed in January this year and began operating on October 5.

The plant is designed to produce 60 million kWh of electricity each year and is expected to contribute to local socio-economic development. It is set to expand its capacity by another 29.5 MW in 2019. — VNS

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