09:33 | 12/05/2016 Investment
(VEN) - Da Nang has led the country in terms of provincial competitiveness index (PCI) but has not been an example in attracting investment. The city’s Party Secretary and People’s Committee Chairman Huynh Duc Tho explained about it.
Da Nang Party Secretary and People’s Committee Chairman Huynh Duc Tho
Six times leading in PCI
Tho said on the sidelines of a workshop held recently in Hanoi that Da Nang had led the country in terms of PCI for six years in the last 11 years since the Vietnam Chamber of Commerce and Industry announced the PCI.
Municipal leaders always considered dialogue and meetings with businesses as a need to help improve the PCI and the local business environment. With that in mind, they were willing to talk with businesses anytime and anywhere in a very open manner, said Tho.
Also according to him, businesses could send their questions and requests to municipal leaders via their personal email or meet them directly at their homes or offices in order to address issues related to the investment environment, administrative procedures and officials. This is why businesses operating in the city did not hesitate to show their point of view to local authorities.
Factors for investment attraction vary
Although Da Nang has led the country in terms of the PCI, investment in the city, particularly foreign direct investment, remains modest. By the end of March 2016, the city had attracted more than 300 FDI projects with total registered capital of about US$3.5 billion, of which 50 percent or more than US$1.7 billion had been disbursed.
Tho attributed the shortcoming to numerous difficulties for the central region in terms of socioeconomic conditions, transport infrastructure, weather changes, labor and sales. Meanwhile, geographical position, infrastructure, labor, market and support industries are vital factors in order to attract FDI, apart from administrative procedures and investment incentives.
Tho said that they have acknowledged their disadvantages and will put in place specific remedies in the time being.
With the desire to hear businesses, apart from official communication channels, Da Nang’s authorities have connected people via dialogue channels such as social utilities. The city has set up a Facebook fanpage on urban management where people and businesses have received answers to their questions in a timely manner, regarding the business environment, administrative procedures and ground clearance.