Unlocking Resources for Sustainable Development

In line with its commitment to innovation and administrative reform, Tien Giang province is concentrating on eliminating obstacles in attracting investment funds and enhancing the business environment. This focus aims to mobilize all available resources for economic acceleration and breakthroughs, said Mr. Nguyen Dinh Thong, Director of the Tien Giang Department of Planning and Investment.

How has Tien Giang province strategized and strived to become a national frontrunner in public investment disbursement in 2023?

In anticipation of the 2023 Public Investment Plan, the Provincial People’s Committee proactively submitted a resolution for approval to the Provincial People’s Council during the mid-2022 meeting. This resolution, which provides estimates for the 2023 Public Investment Plan, was designed to facilitate investors in finalizing their investment preparations for new projects. The aim was to ensure that these projects could commence operations in the early months of 2023, capitalizing on favorable weather conditions.

Adhering to the directives outlined in Decision 1513/QD-TTg, dated December 3, 2022, by the Prime Minister on the State-funded investment plan for 2023, and Resolution 50/NQ-HDND, dated December 10, 2022, by the Provincial People's Council, the Provincial People's Committee issued Decision 3494/QD-UBND on December 13, 2022. This decision allocated VND5,294 billion for the 2023 Public Investment Plan to departments, branches, and district-level governments. In the course of implementation, the Provincial People’s Committee made an additional allocation of VND727,154 billion. This augmentation has elevated the total capital of the 2023 public investment plan to an impressive VND6,022,079 billion, representing an increase of 21.5% compared to 2022.

Throughout 2023, the Provincial People's Committee meticulously directed various key solution groups to ensure the effective implementation of the 2023 Public Investment Plan. Emphasizing quality improvement in investment preparations, strict adherence to standards and norms in project preparation, appraisal, ratification, bidding, construction supervision, and project management were mandated. Proactive measures were taken to address construction site impediments by allocating advanced capital from the Land Development Fund for site clearance, facilitating early initiation of construction works and projects.

To streamline the investment processes, a cross-sector steering committee for key projects was established, promptly addressing difficulties in investment, bidding, and site clearance procedures. The province remained focused on ensuring 100% completion of the public investment disbursement plan for 2023.

As of January 11, 2024, the total disbursement value of the 2023 public investment plan stands at VND5,561.9 billion, achieving 92.4% of the assigned plan (VND6,022.1 billion). Excluding the 2023 central budget reserve capital of VND 200 billion assigned by the Central Government at the end of 2023, the disbursement rate of the 2023 public investment plan reached an impressive 95.5%. It even surpasses the capital plan assigned by the Prime Minister at the beginning of the year (VND4,954.9 billion) by 112.2%.

By the end of the disbursement deadline of the 2023 public investment plan (January 31, 2024), it is projected that the total disbursement value will reach VND5,812.9 billion, amounting to 96.5% of the allocated capital (VND6,022.1 billion). Tien Giang province’s 2023 public investment plan disbursement rate continues to rank among the highest in the country.

With an investment exceeding VND145 billion, the Tan Thanh Bridge promises to elevate regional transportation and connectivity, catalyzing substantial economic growth

What is your perspective on the outcomes of these efforts and the success in attracting investments in recent years?

In 2023, the province successfully attracted 17 projects with a total registered capital of VND7,821 billion, marking a 76% rise in registered capital compared to 2022. Additionally, 9 projects registered to increase capital by VND3,445 billion. The total investment capital attracted in 2023 reached VND11,266 billion, an 11% increase compared to 2022. In my assessment, these results are quite promising.

The province has been steadfast in enhancing its investment environment, diligently attracting capital. Relevant agencies have consistently collaborated, shared insights, and endeavored to create optimal conditions, providing comprehensive support for businesses and investors exploring local investment opportunities. Furthermore, proactive efforts were made to attract new projects and stimulate existing investors to expand their project scales. The province consistently disseminated transparent planning and land information, publicized project details to engage potential investors, established land price references, deployed knowledgeable staff to guide and support investors and enterprises through investment, business registration, land acquisition, environmental compliance, construction procedures, and tax incentive conditions. A particular emphasis was placed on direct engagement with major investors, coupled with proactive support for businesses in talent acquisition and training to meet the evolving needs of economic development. These initiatives garnered significant acclaim from businesses, fostering improved relationships between administrative agencies and the business community. Notably, the province secured substantial investment capital, positioning its foreign direct investment (FDI) value as the fourth-highest in the Mekong Delta, trailing behind Long An, Kien Giang, and Tra Vinh provinces.

With the approval of the Tien Giang Provincial Planning for the 2021-2030 period, envisioning up to 2050, which new sectors, industries, and areas are anticipated to emerge as attractive investment opportunities?

The planning sets out four breakthrough stages that need to be focused on in the coming time: (1) Perfecting consistent socioeconomic development mechanisms and policies; improving the investment and business environment with outstanding competitiveness and stronger administrative reform that places people and businesses at the center of service; (2) Developing infrastructure suitable for national, regional and inter-regional economic development spaces of Ho Chi Minh City and the Mekong Delta, with three driving development regions (i) Coastal economic region, (ii) Industrial region in Tan Phuoc district and (iii) Economic region along the Tien River; (3) Developing green and smart industries, agriculture and urban areas, tourism services, trade, logistics, and real estate in an integrated way instead of just focusing on each industry separately; and (4) Developing high-quality human resources to meet economic requirements, especially personnel for digital government, digital economy and digital society; investing in developing intelligent operations centers in My Tho City, districts and towns in the province in association with smart urban development in My Tho City, towns and new urban areas, spearheaded by the Mekong Software Park.

Hence, Tien Giang has opened up new fields, industries, and areas for investors: (1) Agriculture; (2) Industry; (3) Trade, services and tourism; (4) Urban development; (5) Infrastructure (transportation, irrigation, natural disaster prevention, water supply and drainage, waste treatment, energy, mining, power supply, information and media infrastructure); (6) Social infrastructure development; (7) Protecting the environment and biodiversity with many feasible projects, calling for investment in many forms to mobilize maximum resources to meet investment needs and realize breakthroughs in socioeconomic development in the coming time and to meet expectations of authorities and people of Tien Giang province.

The industrial sector assumes an increasingly important role in driving the economic engine of Tien Giang province

Tien Giang has emphasized the quality and performance of investment projects and advocated for green investment. Could you elaborate on this approach?

Aligning with the core principles and policies of the Party concerning the integration of proactive climate change responses into the province's socioeconomic development plans, the Department of Planning and Investment, functioning as an advisor to the Provincial People's Committee on State administration of planning and investment, has diligently guided the committee in the effective management of social and economic development. This guidance is intricately linked with the restructuring of economic sectors and fields, aspiring towards the establishment of a modern, green, and sustainable economy while leveraging local potential advantages. The department has adeptly executed an array of programs, projects, schemes, and action plans, including the National Action Plan on Green Growth, the 2030 Agenda for Sustainable Development, and Action Program 188/CTr-UBND, which focuses on the implementation of Resolution 10-NQ/TU. Simultaneously, it has actively overseen the realization of the Tien Giang Agricultural Restructuring Project to 2020 and its extension to 2030, as well as the Tien Giang Industrial Restructuring Project covering the same timelines.

In the realm of investment attraction, Tien Giang has not only energetically facilitated the influx of investment capital but has also underscored the significance of project quality and performance. The province has strategically prioritized investors spearheading green, high-tech projects that incorporate clean energy practices. Rigorous scrutiny is applied to projects and production facilities that fail to meet stringent environmental requirements. Tien Giang province has actively drawn in clean, organic agricultural development projects, aligning with climate change adaptation goals, such as centralized livestock farming with a focus on biosecurity safety. Furthermore, it has concentrated efforts on the development and production of renewable energy, exemplified by initiatives like wind power, and has made strides in nurturing the marine economy and tourism sector. Notably, several substantial green investment projects have received licenses in the province, including the Tan Phu Dong 1 Wind Farm (VND4,464.54 billion) and the Tan Phu Dong 2 Wind Farm (VND2,241.9 billion). At present, the Department of Planning and Investment is in the process of seeking approval from the Provincial People's Committee for the investment project involving the Green Hydrogen Production Plant, spearheaded by Tien Giang Renewable Energy Joint Stock Company, located in Duong Hoa hamlet, Phuoc Trung commune, Go Cong Dong district, Tien Giang province.

Thank you so much!

Source: Vietnam Business Forum