10:52 | 24/11/2017 Economy
(VEN) - At a recent workshop held to promote investment in Quang Tri Province, Nguyen Van Hung, secretary of the provincial party committee, said this was the best time to invest in the locality and get in on the ground floor of its development potential.
According to the chairman of the provincial people’s committee, Nguyen Duc Chinh, Quang Tri has already attracted 330 investment projects with total registered capital of more than VND69.52 trillion. These include 14 foreign direct investment (FDI) projects with total registered capital of more than VND1.03 trillion, and 316 domestic investment projects with nearly VND68.50 trillion. Local businesses create 47.6 percent of the province’s gross regional domestic product (GRDP) and generate jobs for about 35,500 workers, significantly contributing to Quang Tri’s economic growth.
Nguyen Duc Chinh indicated six advantages that make Quang Tri attractive to investors. First, the province has a favorable geographical location. It lies at the intersection of the North-South and East-West economic axes, with lifelines of the whole country running through it, offering favorable conditions for land, rail and waterway transport. The East-West Economic Corridor, which runs through 13 cities and provinces of Myanmar, Laos, Thailand and Vietnam, including Quang Tri, is the shortest trans-Asia route.
Second, Quang Tri is one of the leading localities nationwide in expanding production forests, as well as in processing and exporting wood products.
Third, Quang Tri is a coastal province with abundant silica sand resources, an important material for making high-grade glass products and construction materials.
Fourth, Quang Tri has great potential to develop renewable energy. It also has great advantages for tourism development, especially ecological and seaside tourism.
And last, but not least, Quang Tri has received strong government support and its Dong Nam (Southeast) Economic Zone is expected to be a destination for foreign investors in the East-West Economic Corridor.
The provincial leadership has made persistent efforts to improve the local investment environment by enhancing the quality of human resources, simplifying administrative procedures and upgrading infrastructure. Minister of Planning and Investment Nguyen Chi Dung said his ministry would coordinate with other ministries and sectors to create suitable mechanisms to help Quang Tri attract more investment.
Singaporean Minister for Trade and Industry Lim Hng Kiang said many Singaporean investors had sought opportunities to invest in Quang Tri. In March 2017, two groups, Sembcorp and KinderWord, came to the province to choose suitable areas for building an industrial, urban and service complex according to the model of the Vietnam-Singapore Industrial Park, and a Pegasus ecotourism project.
Economists believe to attract large, quality investment projects, especially FDI, Quang Tri Province needs to be more active in improving the investment environment. In their opinion, along with improving transport infrastructure, the province should further simplify administrative procedures and enhance the quality of human resources.