Tuyen Quang tries to lure investors

16:04 | 24/03/2017 Economy

(VEN) - According to Tran Van Luong, the deputy director of the Tuyen Quang Department of Planning and Investment, the northern province has to date attracted only 69 investment projects, with total registered capital of VND24 trillion, including six foreign projects worth around US$160 million.  

Limited investment attraction

The Ministry of Planning and Investment said that Tuyen Quang has limited investment and as of January 2017, it ranked 50th among the country’s 63 provinces and cities in terms of Foreign Direct Investment (FDI).

At a press conference on February 20, Tran Van Luong said that Tuyen Quang Province is not attractive to domestic and foreign investors due to its limited transportation infrastructure. Apart from the road system, there are no waterways, railways or air routes from Hanoi – about 100 km to the southeast.

Nguyen Hai Anh, the deputy chairman of Tuyen Quang People’s Committee, also said that Tuyen Quang Province is hindered in luring investment in heavy industry, manufacturing and processing due to its hilly terrain.

Creating a breakthrough

To attract domestic and foreign investors, Tuyen Quang Province held a first-of-its-kind tourism, trade and investment promotion conference on February 27. Nguyen Hai Anh said that this was the first time the province organized a promotion conference, aimed at introducing the local investment environment as well as investment attraction policies.

Nguyen Tien Hung, the deputy director of the Tuyen Quang Investment Promotion Center, said the province aspires to become relatively developed by 2020. In addition to focusing on exploiting its potential and strengths, Tuyen Quang Province has also paid special attention to administrative procedure reforms. It is also trying to perfect preferential policies for businesses investing in four sectors - agro-forestry, trade, and tourism and support industries.

Truong Xuan Quy, the director of the Tuyen Quang Investment Promotion Center, said that the Business Cafe program is held on a quarterly basis, providing a platform for local authorities to talk in an open atmosphere with the leaders of businesses investing in the province. Business leaders can speak frankly about the provincial investment environment and investment attraction policies and the performance of local authorities, as well as their aspirations for the investment process. Through this program, local authorities have recognized their shortcomings and made necessary improvements, he said.

Administrative procedure reforms are one of Tuyen Quang Province’s key tasks during the 2016-2020 period.

Nguyen Hoa & Hoa Quynh