Khanh Hoa to improve FDI attraction

Friday, 25/09/2020, 09:11 [GMT+7]

Khanh Hoa to improve FDI attraction

Khanh Hoa Provincial People's Committee has just issued a document directing the implementation of the orientation to perfect institutions and policies to improve the quality and efficiency of foreign investment cooperation by 2030 according to the Plan No. 193 of the Standing Committee of the Provincial Party Committee. As the target in the next 10 years, the total FDI (foreign direct investment) in the province will reach more than 7 billion USD.
 
Striving for more than 7 billion USD
 
According to the leader of the Department of Planning and Investment, the plan implemented by the Provincial People's Committee aims to improve the quality and efficiency of foreign investment cooperation in the province to meet the requirements of innovating growth model. This is an opportunity for the province to restructure its economy, protect the environment, solve social problems well, improve productivity, quality, efficiency and competitiveness of the economy; thereby, creating an environment to attract investment strongly and transparently, associated with defense and security protection.
 
In addition, the plan aims to continue perfecting regulations, mechanisms and policies to improve the efficiency of foreign investment by 2030, and overcome shortcomings and limitations in policies to attract investment in technical and social infrastructure. In addition, the plan also aims to enhance the improvement of business investment environment, improve the province’s competitiveness, and strive to bring the province to be among the top provinces in Central in annual FDI attration.
 
According to the plan, from now to 2030, the whole province strives to attract more than 7 billion USD of FDI. Specifically, in the period 2020 - 2025, new FDI will reach 2.9 - 3.1 billion USD; disbursed 2.8 - 2.9 billion USD. In the period of 2026 - 2030, newly granted FDI will hit 4.35 - 4.65 billion USD; disbursed 3.4 - 4 billion USD. In addition, the rate of enterprises using advanced technology, modern governance, environmental protection and high technology will reach 50% by 2025 and 100% by 2030. The province also sets the target of the localization rate of products of FDI enterprises (such as shipbuilding, machine building ...) will reach 30% by 2025 and 50% by 2030. The rate of trained labor in the structure of employers will reach 85% by 2025 and 90% by 2030. By 2030, each group of key industries including tourism, industry, sea ports, energy, high-tech agriculture strives to attract 2 to 3 large-scale FDI projects.
 

 

Hyundai Vinashin
Hyundai Vietnam is one of successul FDI enterprises in Khanh Hoa Province.
 
Possible goals
 
According to leaders of departments and industries, the plan proposed by the provincial People's Committee is feasible. Because at present, Khanh Hoa is considered to be a province having a relatively active development and convenient geographical position. Khanh Hoa has a strategic location as it is close to international maritime routes, convenient for road, rail and sea traffic, so it has many potentials for marine economic development. Tran Hoa Nam - Director of provincial Department of Planning and Investment said, “In the next 10 years, our investment attraction will mainly focus on Van Phong. The plan to attract FDI over 7 billion USD is a quite large number. However, just one motivational project to invest in Van Phong can exceed this number. Recently, the Millenium Petroleum Corporation (USA) has applied for a gas power project with a scale of up to USD15 billion”.
 
In order to improve the quality and efficiency of foreign investment cooperation to 2030, Le Huu Hoang - Vice Chairman of the Provincial People's Committee requested departments, agencies and People's Committees to be responsible for building programs and specific tasks to implement the objectives of the Provincial Party Standing Committee; strengthen review, inspection and supervision of the implementation of the law as well as promptly remove difficulties and problems for FDI projects. The Provincial People's Committee has assigned the Department of Planning and Investment to regularly monitor, urge and inspect the implementation of departments, branches and localities; periodically summarizing the situation and submitting to the Provincial People's Committee to report to the Standing Committee of the Provincial Party Committee.
 
Dinh Lam
 
Translated by T.T