Tapping Potential and Advantages to Attract Investment

Phu Yen province has continuously reaped "sweet fruits" of investment attraction, becoming a potential new destination for domestic and foreign investors in recent years. In an interview given to our reporters, Mr. Vo Dinh Tien, Director of the Planning and Investment Department, Phu Yen province, affirmed that this achievement came from the determination of the entire Phu Yen political system to implement consistent investment promotion solutions, improve the business investment environment, and unlock all potential strengths to create a driving force for stronger economic development in an efficient and sustainable manner. Cong Luan reports.

What are Phu Yen province’s unique potential strengths to create competitive advantages in investment attraction, as compared with other provinces and cities in the region?

Phu Yen is located at the junction for economic and cultural exchange among Southern Central Coast and Central Highlands provinces. Currently, Deo Ca Tunnel and Cu Mong Tunnel facilitated linkage of Phu Yen with Binh Dinh and northern economic regions, Van Phong Economic Zone (Khanh Hoa) with the southern economic region; National Highway 25 with the Central Highlands and the Cambodia-Laos-Vietnam Development Triangle; the eastern part of the province with Vung Ro Port and the future Bai Goc Port, expected to make Phu Yen an eastern gateway of the Central Highlands to the world. Tuy Hoa Airport, about 5km from the city center, is currently operating Tuy Hoa-Hanoi and Tuy Hoa-Ho Chi Minh City flights. At the same time, Tuy Hoa Airport is completing procedures to operate international flights. Phu Yen has been creating remarkable advantages in investment attraction and economic development.

In the region, Phu Yen is considered a potential locality for tourism development. With nearly 200 km of coastline with unique natural landscapes, including 22 national historical and cultural relics and more than 50 provincial cultural relics, Phu Yen is known as an attractive destination for coastal resorts, mountain and forest ecotourism combined with community-based cultural tourism. For the tourism industry, the potential of Phu Yen is great, thanks to national landmarks such as Ganh Da Dia Cliff, O Loan Lake, Bai Mon - Mui Dien Beach, Xuan Dai Bay, Hon Yen Island, and lagoons, bays and lagoons stretching along the coast. Tourism development is a central focus of the province in the 2021-2025 period.

Phu Yen province is endowed with rich maritime resources. Aquaculture is developed strongly along the coast. So, Phu Yen is famous for its unique aquatic and marine products such as the O Loan blood cockle, Cu Mong crab, lobster and ocean tuna.

In renewable energy, Phu Yen has a vast source of solar radiation, with high average hours of sunshine. Many renewable energy investors have come to study and propose investment projects. Up to now, six operational commercial solar power projects have a total capacity of about 5,961.32MW, which cost VND5,234.52 billion of initial investment capital and cover a combined area of 547.8 ha. The province licensed a 50-MW wind power project which registered to invest VND1,764 billion on a 11.55-ha farm. Many other projects are carrying out legal procedures to add to the electricity development plan.

For the high-tech agriculture sector, Phu Yen successfully planned many high-quality agricultural production areas, formed a linked supply chain, notably Phu Yen High-Tech Agriculture Park - one of 10 high-tech agriculture zones added to the Regional Master Plan for High-tech Agriculture Zones to 2020, with a vision to 2030, approved by the Prime Minister.

Phu Yen had sufficient conditions to accelerate sustainable development, but needed a long-term strategic vision and good planning for sustainable development. For that reason, the province is currently carrying out Phu Yen development plan in 2021-2030, with a vision to 2050, according to the Law on Planning 2017, because a standard plan will help direct focused effective investment attraction.

Could you tell us the province’s investment attraction results in the past two years (2019 - 2020) as well as project quality in the area?

In 2019, the Provincial People's Committee licensed 42 new projects with a total registered fund of VND3,572.3 billion, allowed 29 existing projects to adjust their investment fund, and revoked the investment licenses of eight projects. In 2020, the Provincial People's Committee granted investment licenses to 43 new projects with a total investment capital of about VND8,782.51 billion and US$215,000.

Based on licensed projects, investors disbursed VND21,310 billion out of VND49,866 billion and brought 155 projects into operation, thus creating a driving force for socioeconomic development. Many infrastructure investment projects have been carried out, including the upgrading and expansion of National Highway 1, Deo Ca Tunnel, Cu Mong Tunnel and Tuy Hoa Airport, to create a good premise for Phu Yen to become a potential market and attract capital flows from many domestic and foreign investors and corporations. Many large projects have been put into operation to give a facelift to the province, gradually improving quality of life and being highly appreciated by local people and tourists. Construction activity has been quite active with many major commercial, service and tourism projects, especially Tuy Hoa City, Song Cau Town and Dong Hoa Town.

In addition to leading real estate brands in Vietnam, Phu Yen is also proactively working out local urban development plans along the coast in Tuy Hoa City, the East-West and North-South urban routes. All three above strategies are a synchronous and unified combination of three factors: Determining driving forces, planning territorial space and making policies for Phu Yen development. Thus, achievements made by Phu Yen in recent years will create a driving force to promote local socioeconomic development in the coming years.

What are new contents of investment promotion and attraction in the coming period?

To tap local potential advantages for rapid and sustainable development, Phu Yen determined that investment promotion and attraction is an important key to motivate economic and social development. Therefore, in the coming time, the province will focus on drawing investment capital for key projects, and persuading existing investors to recommend new ones to the province. It will apply the highest incentives in the regulatory frame; reduce the time of settling administrative procedures; and reduce by 35-50% the time for solving business-related administrative procedures. The province will ensure good site clearance to meet the demand for land for investors and invest to upgrade synchronous infrastructure and investment support services; establish interagency working groups, support investors and enterprises to deal with hardships.

In addition, the province will further invest in infrastructure construction and completion, effectively operate Nam Phu Yen Economic Zone, industrial zones, high-tech agricultural zones and Nam Tuy Hoa Urban Area. Phu Yen will further improve the business investment environment, enhance the Provincial Competitiveness Index (PCI) and the District and Department Competitiveness Index (DDCI). It will accelerate information technology application to quickly complete e-Government targets and enhance transparency, publicity and professionalism of public service agencies to move another step toward a service-based administration. Last but not least, Phu Yen will facilitate licensed projects to be quickly deployed and brought into official operation.

Source: Vietnam Business Forum