13:00 | 03/05/2020 Economy
(VEN) - With its advantageous geographic location, Long An Province, part of Vietnam’s Southern Key Economic Zone, has become an investment magnet.
|Long Hau Industrial Park|
People’s Council Chairman and Party Committee Secretary Pham Van Ranh has urged sectors and departments in the province to make further efforts to effectively implement socioeconomic development tasks; mobilize resources for development; enhance the effectiveness of investment attraction activities and the operations of industrial parks; accelerate administrative reform and improve the investment and business environment.
The province set 25 major targets and 116 major tasks related to the implementation of its 2020 socioeconomic development plan. These targets include a 9.5-9.6 percent gross regional domestic product (GRDP) growth rate; per-capita GDP is expected to reach VND80-85 million; food production output is targeted at 2.7 million tonnes. Long An proposed 10 measures to implement 2020 tasks. Specifically, the province will accelerate synchronous reforms to meet the requirements of international integration while at the same time ensuring major balances to lay the foundation for rapid and sustainable development. Economic restructuring will be promoted along with changing the growth model and intensifying the application of science and technology in order to increase labor productivity, improve product quality and enhance business efficiency and competitiveness in a more substantial manner.
According to the Long An Department of Planning and Investment, the province’s investment attraction efforts have yielded positive results. Long An has created favorable conditions for business investment and startups. Investment in the infrastructure of industrial parks has been promoted. Controls have been tightened to prevent unlicensed investments. The province continues to implement Government Decree 30/2015/ND-CP regarding the selection of investors through bidding and regulations related to deposits for investment projects. Site clearance and resettlement plans have been accelerated. The Long An Department of Planning and Investment continues providing consultancy for the provincial people’s committee to propose suitable business support policies and specific measures to attract more investment into the province, contributing to local socioeconomic development.
The Long Hau Industrial Park (IP) in Can Giuoc District has for a long time been an attractive destination for investors. This IP consists of the original park and its extension and the Long Hau 3 IP. Long Hau IP and its extension are fully occupied by more than 200 secondary businesses investing in production and trade, with foreign companies accounting for 40-50 percent. The Long Hau 3 IP covering 123ha came into operation in late December 2019 and has attracted five secondary investors.
The province is strengthening its infrastructure, especially transport facilities in major economic areas, including internal, inter-provincial and inter-regional routes, focusing on those connecting Long An with Ho Chi Minh City, to facilitate industrial development. The provincial government is determined to create an open investment environment, hoping to turn Long An into an attractive destination for investors.
|By December 2019, Long An Province had attracted more than 1,900 licensed domestic investment projects with total registered capital of nearly VND216.68 trillion, and more than 1,000 foreign investment projects with total registered capital of over US$6.16 billion. Of these foreign investment projects, 576 have come into operation, accounting for 57 percent of all registered projects. Their implemented capital reached more than US$3.61 billion, accounting for 58.61 percent of total registered capital.|