Enhancing Investment Promotion

The Quang Tri Investment, Trade and Tourism Promotion Agency (IPA Quang Tri) was established under Decision 2955/QD-UBND dated December 17, 2018 of the Quang Tri Provincial People’s Committee. After more than a year in operation, IPA Quang Tri has effectively launched many investment promotion activities, attracted investors and improved the local investment and business environment.

Quickly improving performance

IPA Quang Tri is an advisor to the Provincial People’s Committee on strategies, policies, data and mechanisms for local development investment. At the same time, the agency acts as a lead coordinator of domestic and foreign investment, trade and tourism activities in Quang Tri and serves as a bridge for investors and the provincial government.

In addition, it plays a very important role in supporting and facilitating investors to set up and carry out projects in the province; supports businesses to deploy trade promotion, introduce products, and promote local tourism destinations and products.

Quang Tri IPA has actively worked with relevant agencies and localities to inform the position and role of investment promotion. Hence, the administration of investment promotion in the province has made much progress and greatly contributed to local socioeconomic development. It has designed investment promotion programs and activities in line with Party guidelines and State policies, helping increase investment inflows to support local development policies.

In 2019, Quang Tri IPA collaborated with relevant agencies to develop an annual list of projects needed for investment fund; compiled publications and documents for investment promotion; completed the website for investment promotion displayed in Vietnamese and English languages; organized investment, trade and tourism promotion events within the framework of Vietnam’s international fairs; and organized domestic and foreign investment promotion delegations.

Quang Tri IPA has directly contacted and worked with over 30 domestic and international business and investor delegations seeking investment opportunities in the province in an effective and professional manner. Investors, mainly from South Korea, Thailand, Japan, Singapore, the Netherlands, the United States and Russia, came to study and explore investment opportunities in some areas such as infrastructure for industrial zones, economic zones, urban and commercial areas; electricity - energy; real estate; tourism development; high-tech agriculture; and garment. In addition, Quang Tri IPA has carried out investment promotion through diplomatic channels, such as meetings with Japan, the United States and Kansai region (Japan) with central provinces of Vietnam.

Quang Tri IPA has participated and supported the province's working delegations to carry out such activities such as negotiating and signing a memorandum of understanding with Gazprom International Company of Gazprom Group (Russia) on implementing the 340-MW Quang Tri gas-powered electricity project; joining trade promotion between Vietnam and the United States; connecting Quang Tri province with Nijmegen City (the Netherlands) and two local businesses; signing a cooperation framework to support small and medium-sized enterprises in Quang Tri province and promotion and investment promotion with PUM Organization of the Netherlands; and calling and supporting Poong In Vina Co., Ltd (South Korea) to implement a US$20 million high-class export fashion garment production project in Phia Dong Industrial Park ( Eastern IP) in Trieu Phong district. This is the first South Korean FDI project in Quang Tri province.

Diversifying investment promotion forms

Quang Tri IPA has always actively diversified investment promotion activities suitable to each object and field to achieve the highest results. As a result, investment promotion has become more focused and closely followed socioeconomic development orientations and sectoral development plans of the province.

In 2020 and the following years, the province will give priority to drawing investment into tourism and services, manufacturing and business, organic agriculture and forestry, and renewable energy. These areas are suitable with sustainable development orientation and requirements, and match the province’s policy on tapping local potential and strengths.

Therefore, investment promotion will be shifted from “quantity” to “quality” in the coming time. The province will give priority to contacting investors interested to study these areas, to create jobs and protect the environment, thus contributing to local socioeconomic development.

Mr. Nguyen Duc Tan, Director of IPA Quang Tri, said, from these requirements, IPA Quang Tri has developed investment promotion plans, with focus on capable, experienced and financially viable investors in partnership with large domestic and foreign corporations to create breakthrough investment quality and outcomes.

In addition, on-site investment promotion will be an important channel that needs to be expanded. Successful investors in Quang Tri province are encouraged to share investment experiences and introduce the local investment environment to others. Specifically, IPA Quang Tri will actively meet and propose on-site investment promotion cooperation with strategic investors such as Gazprom International Company of Gazprom Group (Russia), VSIP-Amata-Sumitomo Joint Venture, Vingroup, FLC Group and T&T Group.

On the other hand, IPA Quang Tri will increase support for licensed projects to be deployed smoothly and effectively, he said.

“We will continue dialogue channels to absorb recommendations and timely solve and remove hardships for businesses. Thus, we help improve the business investment environment, and enhance local competitiveness to gradually make Quang Tri an attractive investment destination,” said Mr. Tan.

Source: Vietnam Business Forum