Focusing on Influential and Growth-Driving Projects for Regional Development

In 2020, despite being affected by the COVID-19 pandemic, Khanh Hoa province still managed to find solutions for specific situations. Thus, the province has gradually dealt with the economic slowdown of the pandemic and come up with solutions to long-lasting consequences to reform investment strategy and inclusive economic development strategy.

Tran Hoa Nam, Director of Khanh Hoa Department of Planning and Investment, said, in 2020, the province licensed 25 foreign direct investment (FDI) projects with a total registered capital of over VND7.7 trillion, an increase of 12 projects and nearly VND3 trillion over 2019. In particular, the province also received a good signal at the start of 2021 when it welcomed many investors from the United States, Japan and South Korea.

2021 is the first year of the 2021-2030 Socioeconomic Development Strategy and the 2021-2025 Socioeconomic Development Plan. The world economic and political context is unpredictably changing while the complicated development of COVID-19 pandemic may last longer and cause serious consequences to the domestic economy, he said. Therefore, Khanh Hoa needs to be fully aware of opportunities and challenges of this trend to take new competitive investment promotion measures to lure investment flows to help solve existing difficulties and serve socioeconomic development.

Accordingly, in 2021-2025, Khanh Hoa will focus on developing the industry and attract investment capital into Van Phong Economic Zone, especially projects using advanced technology, new technology and modern management, having large-scale influential and dynamic effects for regional development (like building industrial parks Ninh Hai, Doc Da Trang, Ninh Tinh, Van Thang and Nam Cam Ranh). The province will gradually focus on investment promotion, solve difficulties and obstacles, facilitate investors and enterprises; and entice more foreign investors with advanced technology and modern governance. Khanh Hoa will give priority to technology corporations that lead value and production chains, partners with new advanced environment-friendly technology, and projects that create value-added products for major markets such as the United States, Japan, South Korea, Taiwan and Europe. The locality will seek more investment funds for logistics development and high-quality human resources training. Particularly, when the COVID-19 pandemic has wrecked the province's tourism industry, Khanh Hoa will continue to draw projects to revive tourism services, improve service quality, and concentrate on ecological vacations, entertainment and supporting industries.

“Personnel, from leaders to rank and file employees, are the core of all activities. Therefore, the Department of Planning and Investment has gradually focused on promotional staff training, especially updating policies, improving foreign language skills and professional experience for staff members. This goes hand in hand with the supply of high-quality human resources, especially giving priority to training highly qualified human resources expert in science, technology and engineering to meet employment needs of investors," he said.

Many experts assess that Khanh Hoa has potential for comprehensive development. The locality has gradually identified key directions and focused on investment promotion with domestic and international strategic partners and areas.

Needless to say, Khanh Hoa has affirmed its position as a new urban area, a major tourist center in the central coastal region and increasingly good impressions in the hearts of international friends. The province has just made efforts to implement strategies to open wide the door ahead to make stronger inroads into the international arena.

Nguyen Tan Tuan, Chairman of Khanh Hoa Provincial People’s Committee

Source: Vietnam Business Forum