An investment promotion conference in Vinh Long last year (Photo: VNA) Vinh Long (VNS/VNA) - A favourable geographic location, abundantresources and a dynamic and investor-friendly administration make Vinh Long provincean optimal destination for foreign direct investment (FDI).
Located in the centre of the Mekong Delta, it makes intensive efforts toattract FDI.
The administration has worked hard to draw up measures and plans to improve thebusiness climate for foreign investors and assess business conditions to help foreigncompanies handle any problems that arise.
It also organises frequent meetings with foreign investors, enabling it toidentify and address adverse issues early and remain fully aware of what ishappening in the sector.
Land rentals and fees for foreign businesses are moderate.
Last year, the province licensed 10 FDI projects with a combined capital of 159million USD. This represented a sharp increase from 2017 when foreigninvestment was a mere 55.3 million USD.
Authorities at all levels in the province have adopted consistent solutions andare focused on reforming administrative procedures.
However, when soliciting foreign investment, the province focuses on projectsappropriate for local conditions and their quality rather than simply aim foras much investment as possible.
Chen Tsao Kang, general director of Ty Xuan Ltd., Co, said his company came to VinhLong province in 2004 with an investment of around 40 million USD and 1,000employees. Due to favourable conditions, it has since expanded its investment tomore than 120 million USD and has 23,000 employees, he said.
“When I invest in Vinh Long, I receive attention from local authorities. Theyusually contact investors to listen to their difficulties and requirements.
“The administrative procedures of the province are very efficient and quick.The company is assured of doing business and developing. We will continue toexpand and invest more.”
Truong Dang Vinh Phuc, Director of the provincial Department of Planning andInvestment, said to solicit more FDI, the province planned to organise aninvestment promotion conference this month.
"The conference is expected to attract around 220 investors," hesaid.
Vinh Long recently released zoning plans with nine industrial clusters spreadover a combined area of 492.5ha to be built by 2020, and five more with acombined area of 165.5ha to be built over the next decade.
The clusters will have modern facilities and infrastructure required forindustrial production.
Vinh Long will focus on a number of measures to attract investment includingtrade promotion, human resource development and training, according to Lu QuangNgoi, Vice Chairman of the provincial People’s Committee.
It will offer incentives to enterprises that build industrial parks like accessto soft loans, interest subsidies and tax breaks.
It now has two industrial parks with a total area of 386ha of which 70 percenthas been leased out to businesses.
In addition to the 14 new industrial clusters to be built by 2030, the provinceis also soliciting investment in three new industrial parks with a combinedarea of 950ha, which have been approved by the Government.
Located around 130 kilometres from HCM City, the province is in the heart ofthe Mekong Delta, the country’s agriculture hub. It has convenient transportlinks with provinces and cities in the south-western regions.
Besides agriculture, Vinh Long is also known for traditional craft villagesthat make bricks and tiles, porcelain and pottery, embroidery, and woven mats,many of which are exported.-VNS/VNA
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