More Impetus to Attract Investment

Along with the participation and synchronous implementation of solutions to improve competitiveness and business environment, Phu Tho province also has made many innovative efforts in promoting and attracting investment, focusing on promotion in the locality to create new impetus for attracting resources for investment and development. This is shared by Mr. Trinh The Truyen, Director of the Department of Planning and Investment of Phu Tho province, in an interview with Vietnam Business Forum.

Can you review the province's achievements in investment promotion and attraction during the 2016-2020 period?

In the past period, Phu Tho province has implemented many solutions to promote and attract investment. The provincial government has issued many guiding documents and policies to support increasing the efficiency of investment attraction, typically: Decision 30/2016/QD-UBND dated October 20, 2016 on urban land rent reduction and exemption for projects on socialization in the fields of education, health, vocational training, sports and the environment; Decision 09/2017/QD-UBND dated April 12, 2017 promulgating a specific mechanism to attract investment in Phu Ha Industrial Park, Phu Tho town, Phu Tho province; Resolution 05/2019/NQ-HDND dated July 16, 2019 to support and encourage agricultural and rural development in the province; Plan 4362/KH-UBND dated September 24, 2019 implementing Decree 55/2019/ND-CP dated June 24, 2019 of the Government on legal support for small and medium enterprises.

The province has focused on the research and assessment of markets by deploying the coordination with ministries, departments, central branches, domestic and international organizations; thereby approaching potential markets including Korea; Japan; Hong Kong, Singapore and the EU. The province has also worked with investors in Hanoi, Ho Chi Minh City, Da Nang City, Quang Nam province, and large corporations such as Vingroup, Sungroup, T&T, Trung Nam, Truong Hai and FLC to call for investment.

Along with the promotion and introduction of the environment, policies, potential and investment opportunities through many different channels, the province has actively supported enterprises and investors to learn about local laws and policies, procedures, potential and opportunities, as well as assisting investors throughout project implementation.

As a result, more and more investors have come to the province. The number of projects increases in both quantity and scale. In the 2016-2020 period, Phu Tho attracted 526 projects with registered capital of VND19,912 billion. The province currently houses 1,077 valid projects including 902 DDI projects with a total registered capital of VND56,715 billion and 175 FDI ​​projects with a total registered capital of US$1,508 million.

What is the investment attraction direction of the province in the coming period?

Over the past time, Phu Tho province has been attracting many big corporations and enterprises. This result shows the province's efforts in simplifying administrative procedures, improving competitiveness, creating opportunities for investors to have a favorable, transparent and safe investment environment and business operations.

In the period of 2021-2025, the province will build a synchronous infrastructure system, with a focus on the infrastructure of industrial clusters, transport, urban, service, agriculture and rural areas. Accordingly, the province will give priority to investment in industry, trade, services - tourism, agriculture, education, and health. In particular, the industrial sector will give priority to investment projects in the infrastructure of industrial parks and clusters; projects on industrial production, mechanical engineering, high-tech manufacturing, manufacturing electronic components, assembling cars, motorcycles, supporting industries, developing clean industries which don’t affect the environment. Regarding trade, priority will be given to investment projects in logistics centers in the Northwest region, taking advantage of opportunities from free trade agreements such as EVFTA, CPTPP, to expand new markets. Regarding services - tourism, priority will be given to developing resort tourism services, combined with spiritual tourism, invest in golf courses to increase the added value of routes, tourist attractions, and preserve and promote heritages and historical relics. Regarding agriculture, priority should be given to projects on agro-forestry production, growing fruit trees of high economic value, processing medicinal herbs and beverages on the basis of association with Phu Tho tea brand. Regarding education, the province will prioritize investment projects to build high-quality vocational training schools, high-quality junior high schools and high schools to meet people's needs. In terms of health, the province will attract investment projects to manufacture medical equipment and modern medicines, and build high-quality hospitals to meet medical examination and treatment needs.

The province will create good conditions for domestic investors to expand business investment, and at the same time, strongly mobilize and attract large economic groups with modern financial and technological capabilities, and experience in management. For foreign investors, priority should be given to promoting FDI enterprises operating in Vietnam to attract investment from other enterprises in those countries; focus on attracting projects and partners with financial potential, high technology and clean technology, such as Japan, Korea, Taiwan, Singapore, EU, USA and India.

In terms of project size and quality, the province will give priority to projects with large investment capital, high added value, using modern and environmentally friendly technology to rapidly increase the rate of occupancy in zones and clusters, hi-tech application projects; developing chain-link models in agricultural production; developing infrastructure of industrial parks and clusters; pharmaceutical industry and pharmaceutical production; supporting industry; processing industry; mechanical industry; logistics service projects and tourism and eco-services.

To implement the above direction, what tasks and solutions will you deploy?

In general, in the next period, we will focus on implementing solutions such as continuing to improve the quality and efficiency of planning; focusing on completing the planning of the province by 2030; mobilizing resources for development investment with a focus on the infrastructure of industrial parks and clusters; innovating investment promotion methods in a professional direction, proactively approaching strategic investors and taking advantage of the wave of foreign investment shift to attract investment to processing, manufacturing, and high added value sectors; improving the quality of human resources, focusing on training local human resources and attracting good consultants.

The Provincial Party Committee, People's Council, and People's Committee of Phu Tho province have assigned departments, branches and localities to focus on implementing the following tasks right from the first months of 2021:

Firstly, reviewing and supplementing mechanisms and policies to attract investment, develop production and business, focus on reviewing processes, and shorten the time in settling investment procedures.

Secondly, focusing on compensation and site clearance, clearly defining each step of work, responsibilities of the leaders, and signing commitments with investors on implementation progress. In particular, in implementing key projects, the role of the Working Group in directing and solving the order and procedures will be promoted; and also the role of the Fatherland Front Committee and mass organizations at all levels in propagating and mobilizing members to join hands to perform key tasks of the province.

Thirdly, reviewing and selecting qualified and reputable cadres and civil servants to arrange and assign tasks in stages and fields related to the settlement of administrative procedures, investment procedures, project management, compensation and site clearance.

With innovation in thinking, leadership direction and specific solutions to promote potentials and advantages, mobilizing the participation of the entire political system, the province will manage to improve the business environment which will be the key to open opportunities and create confidence for businesses to develop in the province. In the coming time, Phu Tho province will certainly achieve many important results in attracting investment, contributing to creating an important driving force for the province's socio-economic development in the coming period.

Source: Vietnam Business Forum