An investment promotion conference in Vĩnh Long last year. The Mekong Delta province is working hard to create a favourable environment for foreign investors and its efforts are paying off. VNA/VNS Photo
VĨNH LONG – A favourable geographic location, abundant resources and a dynamic and investor-friendly administration make Vĩnh Long Province an optimal destination for foreign direct investment.
Located in the centre of the Mekong Delta, it makes intensive efforts to attract FDI.
The administration has worked hard to draw up measures and plans to improve the business climate for foreign investors and assess business conditions to help foreign companies handle any problems that arise.
It also organises frequent meetings with foreign investors, enabling it to identify and address adverse issues early and remain fully aware of what is happening in the sector.
Land rentals and fees for foreign businesses are moderate.
Last year the province licensed 10 FDI projects with a combined capital of US$159 million. This represented a sharp increase from 2017 when foreign investment was a mere $55.3 million.
Authorities at all levels in the Province have adopted consistent solutions and are focused on reforming administrative procedures.
However, when soliciting foreign investment, the province focuses on projects appropriate for local conditions and their quality rather than simply aim for as much investment as possible.
Chen Tsao Kang, general director of Tỷ Xuân Ltd., Co, said his company came to Vĩnh Long Province in 2004 with an investment of around $40 million and 1,000 employees. Due to favourable conditions, it has since expanded its investment to more than $120 million and has 23,000 employees, he said.
“When I invest in Vĩnh Long, I receive attention from local authorities. They usually contact investors to listen to their difficulties and requirements.
“The administrative procedures of the province are very efficient and quick. The company is assured of doing business and developing. We will continue to expand and invest more.”
Trương Đặng Vĩnh Phúc, director of the province Department of Planning and Investment, said to solicit more FDI, the province planned to organise an investment promotion conference this month.
"The conference is expected to attract around 220 investors," he said.
Vĩnh Long recently released zoning plans with nine industrial clusters spread over a combined area of 492.5ha to be built by 2020, and five more with a combined area of 165.5ha to be built over the next decade.
The clusters will have modern facilities and infrastructure required for industrial production.
Vĩnh Long will focus on a number of measures to attract investment including trade promotion, human resource development and training, according to Lữ Quang Ngời, deputy chairman of its People’s Committee.
It will offer incentives to enterprises that build industrial parks like access to soft loans, interest subsidies and tax breaks.
It now has two industrial parks with a total area of 386ha of which 70 per cent has been leased out to businesses.
In addition to the 14 new industrial clusters to be built by 2030, the province is also soliciting investment in three new industrial parks with a combined area of 950ha, which have been approved by the Government.
Located around 130 kilometres from HCM City, the province is in the heart of the Mekong Delta, the country’s agriculture hub. It has convenient transport links with provinces and cities in the south-western regions.
Besides agriculture, Vĩnh Long is also known for traditional craft villages that make bricks and tiles, porcelain and pottery, embroidery, and woven mats, many of which are exported. — VNS