Nghe An province looks for investment

Dong Nam Economic Zone in Nghe An province - Photo: baonghean.vn

The north-central province is calling for investment in 117 projects in areas such as infrastructure construction, real estate, tourism, trade, leather and footwear, seafood processing, power generation, electronics, information technology, supporting industries, the auto industry, and food processing.

Thai Thanh Quy, chairman of the provincial People’s Committee, said Nghe An is one of the few provinces to have established an investment promotion and support centre under its People’s Committee. It serves as a one-stop agency and helps ease the way past procedures for investors.

The authorities also actively engage in direct dialogue with the business community to resolve their problems quickly.

Beside preferential tax and land policies, Nghe An also has policies to support investors such as supporting in subsidising compensation paid for land acquired for industrial zone infrastructure, investment in transport infrastructure and others.

Along with support policies, the provincial authority has been accelerating planning for infrastructure development, especially transportation, to ensure easy movement of goods and services.

Nghe An has emerged as a hot investment destination even as many areas in the north and south have shown signs of saturation, and an increasing amount of capital has been flowing into the province in recent years.

Experts pointed out this is also due to its enormous efforts to build infrastructure and improve the investment climate and business condition.

The increasing investment has helped the province modernise its economic structure, almost triple revenues in less than a decade and create tens of thousands of jobs.

However, its large projects are still mostly domestic and the province is aiming to further attract foreign investment.

The province has attracted 927 domestic and 53 foreign projects worth 276 trillion VND (12.1 billion USD) in the last 10 years, including a 1.2 billion USD dairy farm by TH Milk Food JSC, a 1 trillion VND high-tech pig farm by Masan Nutri – Farm and some major hydropower plants, the provincial People’s Committee’s report said.