Kon Tum: Pushing Investment Promotion

Recognizing the importance of attracting investment to local socio-economic development, Kon Tum Investment Promotion and Startup Support Center has implemented a set of solutions to innovate and strengthen investment promotion and advertising activities. As a result, the province has continuously improved its investment attraction results, despite the uncertainties of the world economy and the post-COVID-19 consequences.

The Kon Tum Provincial People’s Committee signs an MOU on cooperation with Hung Nhon Group and De Hues Group to promote investment in a complex of high-tech agricultural projects

According to Mr. Le Cong Dinh, Director of the Kon Tum Investment Promotion and Startup Support Center, the center advises the Provincial People’s Committee to review and issue a list of investment attraction projects in the 2021-2025 period in Kon Tum province. The center also develops a description of each investment attraction project in the 2021-2025 period to serve the needs for investment promotion. This will provide a basis to call for strategic investors with economic potential at home and abroad to explore investment opportunities. The center researches and evaluates market potentials, trends, and investment partners according to topics and industries as the basis for promoting dynamic project groups in various fields.

The center also coordinates with the press and media to build programs and reportages that promote and introduce the potential and strengths of Kon Tum province for businesses and investors to grasp and learn about investment opportunities.

The Kon Tum Investment Promotion and Startup Support Center has been proactive in updating information and databases on potentials, laws, socio-economics, policies, investment procedures, investment incentive policies, and planning on the website ipckontum.gov.vn and other relevant agency websites. This is to provide timely and comprehensive information for domestic and foreign organizations and individuals exploring investment opportunities. The center has also collaborated with the Southern Investment Promotion Center to develop a digital map of investment locations and a list of projects to attract investment in Kon Tum province in the 2021-2025 period. These documents have been printed and digitized for communication and widely disseminated through various channels such as the Kon Tum provincial web portal, the website of the Department of Planning and Investment, the website of the Center for Investment Promotion and Startup Support of Kon Tum Province, the National portal on investment, the Vietnam Investment Review, and social networking sites.

Moreover, the center has cooperated with domestic and international investment promotion organizations such as KOTRA and JICA, investment counselors, and trade counselors to promote and introduce potential environments and investment opportunities in the province. The center has participated in conferences, investment promotion seminars, and domestic and international seminars to actively grasp cooperation orientations in the coming time. It has provided information and local publications to the Department of Foreign Affairs - Ministry of Foreign Affairs to coordinate with Vietnamese embassies in other countries to carry out promotion with partners in Egypt, Iran, Turkey, West Asian countries, Japan, Korea, and Hong Kong Business Association in Vietnam to connect cooperation in trade, investment, and tourism.

Recognizing that improving the business investment environment and supporting businesses is an important factor contributing to improving the efficiency of investment attraction, the Kon Tum Investment Promotion and Startup Support Center has actively worked with investors to promptly remove difficulties and obstacles, thereby creating confidence in investors. The center monitors and guides investors from the task of surveying and formulating an investment project to the time when the project is approved and coming into operation. It advises the Provincial People’s Committee to direct relevant units to create the most favorable conditions for investors to learn, survey, and invest in the province, and solve difficulties and problems for investors.

From the beginning of 2021 up to now, the center has guided over 150 turns of domestic and foreign enterprises and investors who have requested support, including a number of large investors and potential corporations who came to survey and explore investment opportunities in the province. The center has signed Memorandum of Understanding on cooperation with large corporations and companies such as Hung Nhon Group and De Hues Group to promote investment in a complex of high-tech agricultural projects; Chanh Thu Fruit Import-Export Group Joint Stock Company to promote investment in association with consumption of durian products; Charm Group Joint Stock Company to promote investment in association with consumption of fruit products, investment in the development of high-tech application areas of fruit trees in combination with tourism.

Mr. Dinh stated that since 2022, the Kon Tum Investment Promotion and Startup Support Center has advised the Provincial People’s Committee to organize the Kon Tum Business Dialogue Conference twice a year. The center also holds meetings to answer difficulties and problems in a number of industries and fields. It has successfully organized six monthly Coffee Business programs to create an open and friendly dialogue between the government of Kon Tum province and the business community. This is to promptly grasp and advise on removing difficulties and problems for businesses and investors. So far, 126 difficult issues and problems of the Provincial Business Association, the Provincial Young Entrepreneurs Association, and businesses in the province have been solved. In 2023, 52 problems have been recorded, and 43 problems have been resolved.

The Department of Planning and Investment of Kon Tum province signs a cooperation document with VKBIA

In addition, the center creates conditions for businesses in the province to participate in propaganda, advertising, investment, and trade promotion activities. It organizes promotional events, attends international fairs, and connects information businesses in the province to domestic and foreign enterprises. The center has implemented cooperation agreements on socio-economic development between Kon Tum province, Ho Chi Minh City, and Hanoi in the field of promotion and investment attraction in many forms. It shares experiences in improving the investment environment of each locality and assists in creating favorable conditions for each other in terms of investment promotion organization, and administrative procedures for domestic and foreign investors to access investment.

In line with the common goal of improving the business investment environment and enhancing competitiveness at the provincial level, the Kon Tum Investment Promotion and Startup Support Center has actively advised the Provincial People’s Committee to work with the Vietnam Chamber of Commerce and Industry (VCCI) to propose cooperation fields between Kon Tum province and VCCI. The center has invited VCCI representatives to work directly with the province to advise and guide the implementation of activities on improving the business investment environment, enhancing competitiveness, and supporting local business development.

Stemming from continuous efforts and positive moves in investment promotion, Kon Tum province has achieved positive results in attracting investment. The number of incoming investment and registered investment projects in the province has increased significantly. From the beginning of 2022 until now, Kon Tum has attracted 27 investment projects with a total registered capital of about VND2,789.6 billion. There are 476 newly registered enterprises with a total registered capital of VND7,831 billion. The achievements in investment promotion and attraction have created a driving force for Kon Tum’s socio-economic development to develop steadily. This has created a foundation and trust for businesses, entrepreneurs in the province, as well as foreign investors when coming to Kon Tum. It has contributed to improving the local PCI and is also a solid foundation for Kon Tum to soon realize the goal of sustainable development as set out by the Resolution of the 16th Provincial Party Congress. This will contribute to the successful implementation of the 13th National Party Congress’s Resolution.

By Cong Luan, Vietnam Business Forum