Province boosts investment attraction to create a premise for socio-economic development

Update: 27-10-2016 | 14:16:24

Tran Thanh Liem, Vice-Secretary of provincial Party Committee cum Chairman of provincial People’s Committee presided over a session to approve the local reports on socio-economic development, national defence and security in October, tasks in November and the Program on investment attraction in the period of 2016-2020. Attending the meeting were Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People’s Committee; leaders of provincial People’s Council and some sectors, departments in the province.

Investment capital on sharp increase

At the session, delegates paid more attention to the province’s Program on investment attraction in the period of 2016-2020. Reportedly, during the 2011-2015 period, the province absorbed 11,439 domestic projects with total registered capital of more than VND54.48trillion, up 106% and 18.9% in the number of projects and amount of capital compared to the period of 2006-2010. The province also lured more than US$8.84billion in FDI capital. So far, there have been 2,789 FDI projects flowing into the province with US$25.27billion. According to the assessment of provincial People’s Committee, the province’s investment attraction during the 2011-2015 period created a motivation for the local socio-economic development.

Tran Thanh Liem, Vice-Secretary of provincial Party Committee cum Chairman of provincial People’s Committee concluding the session

Possibly seeing, foreign and domestic projects have positively affected the shift of the province’s economic structure towards the growth of industrial manufacture-services and the decrease of agricultural production. The province’s economic structure last year was developed with 60% in industrial manufacture, 37.3% in services and 2.7% in agricultural production. Province-based enterprises also generated jobs for 945,000 direct laborers and thousands of indirect ones.

Further accelerating investment attraction

In order to effectively absorb investment projects and realize the Resolution of the Congress of the 10^th provincial Party Committee for the 2015-2020 tenure, the Executive Board of provincial Party Committee has set up the Program on investment attraction in the period of 2016-2020.

The program aims to accelerate investment attraction to mobilize all resources at the local demand for economic growth between 2016 and 2020. Particularly, the province will bend on vigorously luring and diversifying capital from foreign and domestic enterprises, creating a breakthrough for industrial and service development, thereby contributing to increasing State budget collection and shifting the local economic structure as oriented. The province will strive to absorb more than US$7billion in FDI capital and reach 35,000 newly-registered domestic projects, up 60% compared to the period of 2011-2015 with total registered capital of more than VND223.32billion.

The draft action program has put forward 3 major tasks, including further boosting investment attraction to create a premise for socio-economic development in the period of 2016-2020 and in the following years; continuing effectively upholding forms in investment attraction; improving the investment climate; speeding up dissemination of information about the province’s preferential policies, advantages to absorb more investors; further making new planning and expansion for industrial park and compounds to create clean fund for industrial development in the next period; promoting essential services for economic development…

It also focuses on six key measures, comprising of increasing the Party’s leadership and government’s management in investment attraction; perfecting policies on investment attraction; focusing on building and upgrading necessary technical infrastructure facilities for investment attraction; further reforming administrative procedures; enhancing the quality of human resources and raising the effectiveness of activities calling for investment and promoting investment.

According to Mr.Liem, the Program on investment attraction in the period of 2016-2020 also needs to focus on agricultural production, especially lure hi-tech agricultural projects; make investment attraction for urban infrastructure, exhibition areas on garment-textile, woodwork processing…

Reportedly, the province’s socio-economic development in October continued reaching stability with a year-on-year increase of 29.8% in the index of industrial production (IIP). The province’s IIP over the past 10 months saw an increase of 9.25% against last year’s same period.

In October, the province also reached more than VND12.04trillion in total retail revenue of goods and services, up 20% over last year’s same period; more than US$18.35billion in export turnover, up 16.3% compared to last year’s same period…The province’s export value over the past 10 month was estimated at more than US$18.35billion, up 16.3% against last year’s same period…

Regarding FDI attraction, the province in October attracted US$146.4million, bringing the total amount of FDI capital flowing into the province since early this year to more than US$1.67billion.

The province’s socio-cultural and education fields in October continued obtaining stability. The province also excelled at taking care of social policy beneficiaries; continued maintaining national security-defence…

In November, the province will drastically take solutions to hasten disbursement for 2016’s public capital; promote production, business, export and investment attraction to fulfill the set plan. The province will also clear canals, irrigation works and opportunely upgrade dikes, sewers, dams to minimum water logging in some localities…

Concluding the meeting, Mr.Liem basically agreed with the reports while suggesting localities to well realize tasks in the remaining 2 months of 2016, strive to fulfill and exceed the set targets of the whole year. Sectors and localities of the province also need to ensure the quality and time for implementation of programs from now till year-end. Regarding traffic field, the local functional agencies need to attach special importance to tightening control over the load of vehicles, strictly penalize wrong cases…

Reported by Phuong Le-Translated by K.T

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Province boosts investment attraction to create a premise for socio-economic development

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