14:45 | 01/06/2015 Economy
The northern province of Thai Nguyen has set a target of reaching US$2.6 billion in foreign direct investment (FDI) in 2015, the Vietnam Economic News (VEN) reports.
In recent years, Thai Nguyen has gained the trust of foreign investors due to its efforts in improving the investment environment. The province now ranks 10th among the country's 63 provinces and cities in terms of attracting FDI. — File Photo
The on-line newspaper quoted Thai Nguyen Department of Planning and Investment as saying that since the beginning of 2015, the province has seen a four-fold increase in FDI compared with same time last year, as it topped $917.4 million.
In recent years, Thai Nguyen has gained the trust of foreign investors due to its efforts in improving the investment environment. The province now ranks 10th among the country's 63 provinces and cities in terms of attracting FDI, the department said.
In 2014, Thai Nguyen ranked eighth among 63 provinces and cities nationwide, in terms of the provincial competitiveness index (PCI). Many investors have praised the province's legal institutions and business promotion policies.
The report from the Ministry of Planning and Investment's Foreign Investment Agency revealed that as of April 2015, the province had attracted 80 foreign-invested projects with a total registered capital of more than $7 billion. Further, in the past four months the province lured $114.1 million in FDI.
Chairman of the provincial People's Committee Duong Ngoc Long said that his province would always create the most favourable conditions for investors, in term of investment licensing and ground clearance.
Regarding administrative reforms, the province has enacted 20 mechanisms and policies to facilitate investment, notably the application of the "one-stop" shop mechanism in completing administrative requirements.
Regular dialogues between businesses, provincial officials and bankers to ease difficulties for businesses have also been ongoing. As a result, many investors have received preferential loans from commercial banks and benefited from tax policies, according to Long.