Long An, a Mekong Delta investment magnet

15:39 | 08/01/2018 Investment

(VEN) - Long An Province currently leads the Mekong Delta region and ranks 12th among 63 provinces and cities in terms of foreign direct investment (FDI), accounting for nearly 65 percent and 34.55 percent of total FDI projects and capital registered in the region.

long an a mekong delta investment magnet

Strengths

Long An Province meets the conditions for economic development and investment attraction in industry, agriculture and services. The province currently has 28 industrial zones and 32 industrial clusters, spread along its border with Ho Chi Minh City within a radius of 30-40km. Industrial zones and clusters cover a total planned area of 14,000ha; of this amount, about 10,000ha have been used and the remaining 4,000ha – already with completed infrastructure – are up for grabs for interested investors.

The establishment and development of industrial zones and clusters have been making a breakthrough in the process of industrialization and modernization, contributing to promoting the restructuring.

The province is prioritizing investment attraction for support industries such as engineering, IT and electronics, component assembly and production in order to lay the groundwork for sustainable development. Regarding high-tech agriculture, the area earmarked for processing industry development is vast, including more than 330,000ha for agricultural production and 8,500ha for aquaculture. Long An is building a high-tech agricultural model linked to agricultural restructuring to ensure sustainable development.

As for trade, services, and urban development, Long An Province is focusing on building Route 830 connecting its industrial zones and clusters to Long An International Port. It is also cooperating with Ho Chi Minh City to open road links as well as a road axis connecting Tien Giang-Long An-Ho Chi Minh City for the development of satellite urban areas to Ho Chi Minh City.

long an a mekong delta investment magnet

Green growth

Long An Province should not promote FDI at all costs, and must link it to the socioeconomic, green-oriented development strategy of the province rather than sacrificing the environment for economic development.

To achieve its goals, the province is raising resources to build transport infrastructure serving the development of industrial sectors, high-tech agriculture and the value chain.

Economists say the province should beef up investment promotion activities at home and abroad, promote on-the-spot investment to attract FDI, prepare industrial land for FDI projects, implement administrative reforms, improve the business and investment environment, and raise the provincial competitiveness index.

The province is also advised to hold regular dialogues with investors to resolve difficulties and obstacles in project implementation, and strengthen management activities to make the provincial investment environment healthy.

long an a mekong delta investment magnet
In the first nine months of the year, Long An Province granted new investment certifications to 67 FDI projects for total capital of more than US$100 million. In addition, 54 projects added capital totaling US$139.8 million. As a result, Long An has to date lured 863 FDI projects of more than US$5.46 billion in registered capital. As many as 537 projects are in operation, accounting for 62.2 percent of total registered projects.

Minh Toan