Binh Dinh grants licences to 13 projects worth $702m

Update: January, 20/2010 - 10:09

BINH DINH — The central province of Binh Dinh will grant licences to 13 projects, which include three foreign-invested ventures that are worth a total of VND13 trillion (US$702 million).

The licences will be awarded at an investment promotion conference to take place in the province today.

The conference, “Binh Dinh – an attractive destination for investors”, aims to popularise the province by emphasising its abundant potential and specific investment opportunities, according to Binh Dinh’s Investment Promotion Centre director Nguyen Thanh Hai.

“The event is also calling for $7.8 billion worth of investments into 60 prioritised projects in the province,” he noted.

Located in a key economic region, Binh Dinh has strongly developed in recent years. The province is home to Viet Nam’s longest cross-sea bridge, the newly upgraded Quy Nhon Port, Nhon Hoi Deep-Water Port and Phu Cat Airport.

However, the potential for foreign direct investment in the province had not lived up to its expectations, Hai acknowledged.

The ineffectiveness of investment promotions, inadequate facilities, the slow clearance of land and complicated administrative procedures were outlined by Hai as the major shortcomings that had led to a lack of interest from foreign investors.

The province has attracted only four foreign invested projects that were worth $57 million. The area has also absorbed more than VND12.5 trillion ($676 million) in domestic investment capital.

“The province has always attached great importance to attracting foreign investors, who have capital, advanced technology and business experience,” Hai said.

Binh Dinh plans to takemany measures that are hoped to improve its investment environment in order to attract businesses this year.

“The province will speed up administrative reforms, establish competitive land prices and foster promotion activities that will lure investors from Russia, Eastern Europe and Japan,” he noted.

The province needed to continue upgrading Quy Nhon Port, improve the Nhon Hoi Deep-Water Port, and increase flights from Binh Dinh to HCM City, said the provincial People’s Committee vice chairman Le Huu Loc.

Hoang Minh Vien, director of Hai Giang Joint Stock Co, stressed the importance of upgrading existing tourism facilities and building new spaces that could host entertainment events and workshops.

The committee signed a memorandum of understanding with the International Financial Corporation (IFC) in early August last year. Accordingly, IFC proposed measures to strengthen inter-body co-ordination and simplify administrative procedures in order to increase investments in land and construction. — VNS