Provincial Party Committee’s Program No.34 on improving investment attraction creates new rebound for socio-economic development

Update: 08-08-2018 | 10:44:10

After nearly 2 years of implementation, provincial Party Committee’s Program No.34 on improving investment attraction (briefly called the Program 34 TU) has created a new rebound for the local comprehensive socio-economic development. It has brought a breakthrough change both in quality and quantity to the local FDI and domestic investment attraction.

Breakthrough in investment attraction

Under the Program 34 TU, the province will strive to absorb more than US$7billion in FDI capital and VND110trillion in domestic capital for the period of 2016-2020. Particularly, the province will strengthen investment attraction in terms of hi-quality and support services for industrial development; set up a popularization system on the local potentialities; give priority to absorbing investment projects in trade-service, urban development, hi-tech agriculture and concentrate on implementing a smart city development project under the Triple Helix model of collaboration, which involves a partnership between research institutions, businesses and the government.

Tran Thanh Liem (third right), Vice-Secterary of provincial Party Committee, Chairman of provincial People’s Committee hands over investment certificates of phase 1 in 2018 to enterprises

After nearly 2 years of implementing the Program 34 TU, the province has made a robust breakthrough in investment attraction. Particularly, the province lured US$5.78billion or 82.6% of the five-year plan from 2016 to 2020. As of July, 2018, the province was among Vietnam’s top three localities in FDI attraction only after HCM city and Ha Noi, with 3,389 valid FDI projects capitalized at US$30.95billion.

Also under the Program 34 TU, the goal of the province between 2016 and 2020 is to attract 23,000 domestic projects with a total registered capital of VND110trillion. The province has to date drawn additional 11,062 domestic projects with a total registered capital of more than VND95.39trillion or 48% of the plan on project number and 87% of the plan on capital amount. This is seen as a major breakthrough for the province to achieve the set targets.

FDI capital mainly pouring into processing, manufacturing sector

Implementing the Program 34 TU, the province has reached a considerable increase both in quality and quantity in FDI attraction with hi-tech industries that are less labor intensive and more environmental friendly. Noticeably, FDI capital pouring into processing and manufacturing sector amounted to US$5billion or 86% of the province’s FDI capital in the past two years.

Especially, many great FDI projects were licensed in accordance with the province’s development orientations. Polytex Far Eastern Co.Ltd. of Taiwan (China) with total investment of US$760million was a typical example for this. It is expected to make production expansion at the Bau Bang Industrial Park this year. The province also absorbed additional 76 FDI projects in trade-service with a total registered capital of more than US$767million or 13% of the province’s FDI capital during the past two years.

To absorb more investors, the province has continued strengthening State administration as well as improving the local investment climate. In the period of 2016-2017, the province’s total capital for social development reached more than VND154.11trillion with the annual growth of 11.7%. Of the total figure, VND61.24trillion was for infrastructure development.

The province has also mobilized social resources to developing socio-economic infrastructure systems, making urban rejuvenation…Upon this, so far, TDM has been recognized as a first-class city. Thuan An and Di An have also been upgraded into third-class cities. The province is further upgrading Ben Cat into a third-class city…

Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that the province will bend on effectively and opportunely implementing policies on socio-economic development and international integration; mobilize all resources to further perfect the local technical infrastructure system. The province will also continue improving the investment climate, strengthen administrative reform and enhance provincial-level competitive capacity, thereby being determined to successfully realize targets on improving investment attraction in the period of 2016-2020 under the Program 34 TU.

Reported by Khanh Vinh-Translated by K.T

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Provincial Party Committee’s Program No.34 on improving investment attraction creates new rebound for socio-economic development

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