Thai Nguyen to lure US$5 billion in FDI in 2013

10:05 | 27/11/2013 Investment

(VEN) - Thai Nguyen Province attracted US$3.5 billion in foreign direct investment (FDI) in the first ten months of this year and is expected to increase FDI to US$5 billion by the end of the year. Vietnam Economic News’ reporter Nguyen Hoa spoke with Thai Nguyen Province Party Deputy Secretary and Thai Nguyen Province People’s Committee Chairman Duong Ngoc Long.

What is the result of FDI attraction in Thai Nguyen so far this year?

The province attracted more than US$3.5 billion in FDI in the first ten months of this year taking first place among all 63 centrally-controlled provinces and cities in terms of FDI attraction and 17th place in terms of total FDI capital. It expects to lure about US$5 billion by the end of the year.

What are the reasons for the achievement?

The achievement was the result of efforts in planning, administrative reform and increasing the Provincial Competitiveness Index (PCI).

At the end of 2011 Thai Nguyen took 57th place in terms of the PCI. To improve the situation, the Thai Nguyen Province Party Committee announced Instruction 19 requiring the entire political system to join efforts to increase the province’s PCI. As a result, its PCI increased by 40 levels to the 17th place among all 63 provinces and cities nationwide. Thai Nguyen is currently upgrading the highway system, accelerating the pace of ground clearance operations and improving work among state officials.

Thai Nguyen Province regularly persifies investment promotion activities, calls for investment capital via promotion events and the list of priority projects needing FDI capital, while launching workshops to attract domestic and foreign investors. Provincial leaders regularly meet and talk with investors who visit the province to study the investment environment. The province has also improved services including business advice and support to meet the need of investors. This explains why Thai Nguyen has improved its investment environment and attracted investors.

Who else do you expect to invest in Thai Nguyen, apart from the Samsung Group, which has poured more than US$3 billion in the province?

Apart from Samsung, Thai Nguyen has attracted many investors from Japan, the Republic of Korea, Chinese-Taipei and Germany who visited the province to study the investment environment. They were interested in electronic accessories, support industries and mining.

What are your investment directions for the near future?

Thai Nguyen wants to attract investment in infrastructure in industrial zones and to prioritize high technology for production of electronic accessories and assembly of digital devices, building a software park, and developing support industries. For this to happen, the province will boost international economic integration, strengthen management and increase the efficiency of investment promotion activities./.