16:54 | 25/05/2015 Economy
(VEN) - Foreign direct investment (FDI) businesses in Thai Nguyen Province have invested US$917.4 million since early this year, which is more than 500 percent that in the same period last year. The province set a target of reaching US$2.6 billion in disbursed FDI capital for 2015.
Thai Nguyen creates favorable conditions to welcome investors
Attracting more than US$7 billion in FDI
Thanks to its strenuous efforts in investment climate improvement, Thai Nguyen has rapidly gained foreign investor trust. The province ranked 44th among the country’s 63 provinces and cities in terms of FDI attraction in 2012, but now it is 10th in the same field and has become one of the top FDI attractors in Vietnam.
According to data from the Ministry of Planning and Investment’s Foreign Investment Agency, as of April 2015, Thai Nguyen Province has attracted 80 FDI projects totaling more than US$ 7 billion in registered capital. In the first four months of 2015 alone, the province attracted US$114.1 million in FDI.
The Thai Nguyen Province Department of Planning and Investment expected that the province will attract 15 FDI projects with a combined registered capital of US$500 million in 2015.
Continuing to improve the investment climate
The above-mentioned achievements were attributable to Thai Nguyen’s effective efforts in investment environment improvement, including law, policy, planning, infrastructure, human resource, site clearance, investment decentralization, administrative reform and investment promotion solutions. In 2014, Thai Nguyen ranked eighth among 63 provinces and cities nationwide in terms of provincial competitiveness index (PCI). Many investors have highly rated the province’s legal institutions and business promotion policies.
To further improve its investment environment, in 2015, Thai Nguyen will focus on improving the market access indicators, including those related to cost, time and unofficial costs.
Thai Nguyen is continuing to improve its investment environment and PCI. The province will make time required for administrative formality accomplishment at least 40 percent shorter than the current and minimize the cost of administrative procedure accomplishment for investors from every economic sector. It will encourage provincial people to promptly hand over land to investors and or project developers.
The province will promote administrative reform, well implement the one-stop policy, make public operations of state administrative authorities at different levels, and promptly revise and supplement investment-related regulations and administrative procedures to increase investor comfort.
Thai Nguyen will strengthen investor capability verification, regularly review the progress of licensed projects to find solutions to or stop projects going behind schedule and not implemented according to the commitments.
By Nguyen Hoa