Le Van Nghia, deputy chairman of the province People’s Committee, said attracting investment and local business development are crucial steps to socio-economic growth.

So far this year, 180 new businesses with more than VND1.11 trillion ($49 million) in capital have been set up, surging 14.2 per cent and 27.1 per cent, respectively, from the same period last year. The province has also attracted five projects in local industrial parks, including three foreign-invested ones, worth a total VND483 billion.

According to the provincial People’s Committee, Tien Giang has effectively implemented the Party Central Committee’s and the provincial Party Committee’s directives and resolutions on improving the efficiency of support and business development this year.

Tien Giang hopes to provide favourable conditions to attract investment, including lower business start-up costs to encourage new companies, and increased support to existing businesses to invest in technology.

The province is also focusing on small and medium-sized businesses, offering assistance in the form of counseling, networking, and workforce training.

In addition, the province has set forth specific policies and measures for each of its key economic regions.

Located in the Mekong Delta, 70 kilometres from HCM City, Tien Giang has long been considered an area favourable for investment.

Tien Giang is home to 4,581 businesses which have created a large number of jobs and supplied a wide range of products for domestic consumption and export.

Statistics from the Foreign Investment Agency revealed that as of April, the province had pulled in 108 foreign-invested projects, valued at close to $2.23 billion. Tien Giang ranks 28th among 64 localities in terms of foreign investment attraction nation-wide. — VNS