Truong Dang Vinh Phuc, director of Vinh Long Department of Planning and Investment, writes about the province’s great efforts to court more investors.
After Vinh Long’s investment promotion conferences in 2018 and this past August, the province has been on the radar of domestic and foreign investors interested in agriculture, industry, urban development, and services.
Previously, investors were mostly engaged in the province’s textile and garments sectors, and animal feed, but now they are turning to the newer sectors of logistics, electronics, and the supporting industries for leather and footwear, electric wires for automobiles, and car equipment.
In the first 10 months of this year, Vinh Long held meetings with 40 Vietnamese and international investors. As a result, the province granted investment certificates to 22 projects registered at VND289.5 billion ($12.6 million) and $121.8 million, including 16 foreign-invested projects. As of late October, Vinh Long had 65 valid foreign-invested projects, with the total registered capital of $660 million.
Recently, a number of sizable projects of the type have been granted investment certificates and become operational, such as Vietnam Ching Luh Shoes Co., Ltd., which has implemented a second-phase $25 million project to manufacture shoe soles and related materials at Hoa Phu Industrial Zone (IZ). This is the second Ching Luh project in Vinh Long.
In July, the company obtained an investment certificate at the province’s Binh Minh IZ, with the investment capital of $25 million to produce the same products. Also in July, Ty Bach Co., Ltd. inaugurated its $70 million factory to produce shoes for export at Binh Minh IZ.
Located at the heart of the Mekong Delta, Vinh Long has advantages for agricultural development, with staples including rice, fruit, tra fish, cattle, and poultry. Moreover, the province is also strong in tourism development thanks to its dense network of canals, orchards, and traditional craft villages.
When Trung Luong-My Thuan Expressway is completed and put into use in 2021, it will shorten travel time from Vinh Long to Ho Chi Minh City from more than two hours to just over one, ushering in better opportunities for Vinh Long to attract investment.
To take advantage of this, in addition to the two operating IZs of Hoa Phu and Binh Minh, Vinh Long is processing procedures and calls for investment into three IZs already approved by the government – the 350-hectare Dong Binh IZ in Binh Minh town, the 200ha An Dinh IP in Mang Thit district, and the 400ha Binh Tan IZ in Binh Tan district. It is also attracting funding into zoned industrial complexes across the province.
With an action plan based on “Constructing a government accompanying enterprises and serving people, with active and effective management,” Vinh Long authorities have been boosting administrative reform. The province has poured money into IT infrastructure and established a public administration center to facilitate enterprises in accessing information and shorten time for processing. This has made positive contributions towards socio-economic development.
Annually, the provincial leadership organizes at least four meetings and dialogues with businesses to remove difficulties and update information for them, so that their performance can be more effective.
To attract more potential investors who can help boost the province’s production and business, Vinh Long will continue improving the local business climate to create a better image. The province will also improve the quality and effectiveness of investment promotion activities, with more support given to investors based on clear orientations and priorities in investment attraction. It will also further economic restructuring and the renewal of the growth model, as well as specify periodic key socio-economic development targets. To further improve the effectiveness in investment attraction, Vinh Long will emphasize the quality of projects by selecting ventures with high technology that connect with other projects, so that the province’s potential can be fully tapped. This will help increase the effectiveness of enterprises’ contributions.
Vinh Long will also frequently update and change methods of investment promotion, while revising incentives in favor of investors so that their projects can soon become operational.
