Phạm Vũ Hồng, chairman of the Kiên Giang Province People’s Committee, speaks about the province’s economic potential and incentives for investors. — VNS Photo Bồ Xuân Hiệp

Kiên Giang Province is committed to creating the most favourable conditions for investors. Việt Nam News' reporter Bồ Xuân Hiệp spoke with Phạm Vũ Hồng, chairman of the province’s People's Committee, about the southern province's potential and economic strengths and incentives to investors ahead of an investment conference next week.

Could you tell us about the upcoming investment conference? 

Domestic and foreign investors are invited to participate in the 2019 Kiên Giang Investment Promotion Conference to be held in the province’s Rạch Giá City on Monday (July 29).

After three months of promoting the event on the media, around 20 investors have committed to investing in 20 projects in many fields in the province. The number is expected to rise in the coming time.

Themed “Kiên Giang – Potential, Opportunities for Investment and Sustainable Development” the conference is expected to attract 500 attendees, including officials from ministries and other agencies, city and provincial leaders and executives from foreign and local businesses.

Prime Minister Nguyễn Xuân Phúc is expected to participate in the event. 

At the event, Kiên Giang will showcase its socio-economic achievements, advantages, investment incentives and projects requiring investment.

The province is expected to sign MoUs with nearly 20 local and foreign investors in the fields of hi-tech agriculture, industry, trade, tourism, and others.

It will also hand over investment certificates to 20 local and foreign investors with a total registered capital of more than VNĐ30 trillion (US$1.3 billion).

On the sidelines will be an exhibition of the list of projects requiring investment, the province’s key agricultural products, tourism potential and others.

The event will also honour individuals and organisations who have made great contributions to the province’s socio-economic development. 

More information about the investment promotion conference is available at www.kiengianginvest.com.

What are the province’s economic strengths and the areas in which it is soliciting investment? 

Kiên Giang Province is calling for investment in 118 projects in many fields.

They are in tourism, trade, environment, hi-tech agriculture, rural and urban water supply, industry, building technical infrastructure and industrial clusters, housing and urban development, transport, education and others.

Some of the key projects are in tourism, industry and trade, wastewater and solid waste treatment, the Hà Tiên border-gate economic zone, urban construction, and coastal urban areas.

Kiên Giang, which has great potential in the maritime economy and tourism, is blessed with major coastal urban areas, old cultural and historical sites and beautiful landscapes with more than 100 small and large islands.

Since 2015 the province has focused on developing Phú Quốc Island District, improving transport infrastructure and enhancing human resources to attract more investment.

Provincial authorities have announced details of projects seeking investment this year on the province’s official website to aid local and foreign investors.

Information about the strengths of the locality has also been published in the media, making it easier for investors to learn about projects they are interested in.

What incentives is the province offering to investors?

The province’s potential and advantages are necessary conditions but not enough. The most important thing is we ensure the most favourable conditions for investors in the province.

The province has focused on restructuring the economy, renovating the business growth model and improving productivity, efficiency and competitiveness.

It is also committed to providing smooth and consistent administrative procedures and transparency for investors and enterprises according to the law.

The province has expanded relations with foreign trade and investment organisations, consulates and international diplomatic agencies in Việt Nam and with Vietnamese communities abroad to promote investment.

Could you tell us about the investments made in the province in the first half of 2019?

Kiên Giang has so far attracted investment of more than VNĐ500 trillion ($21.6 billion) in 680 projects.

Of them, 341 projects worth VNĐ60.6 trillion are operational, 68 others worth VNĐ115 trillion are being set up and the rest are completing investment procedures.

The province also aims to mobilise VNĐ215 trillion for socio-economic development by 2020 and VNĐ1 quadrillion by 2030.
It also targets average gross regional domestic product growth of 7.5-8 percent annually by 2020 and 8-9 per cent in 2020-2030 and achieving average income per capita of around $3,000.

In the first half of this year Kiên Giang attracted 49 foreign direct investment projects with a combined registered capital of more than $2.75 billion.

Investors operating in Kiên Giang are from 19 countries and territories, including the US, Switzerland, Sweden, France, Russia, China, Australia, Japan, South Korea, and Thailand.

Disbursement of FDI has topped $556 million, or 20 per cent of registered capital, mainly in tourism, agriculture, processing, manufacturing, transportation, trade, services, and transport. — VNS