Assisting Investors

 

In 2012, though Thua Thien Hue faced several challenges, external economic activities continued with encouraging success. We granted licenses to four new projects with total investment capital of US$14.2 million, increased US$15.7 million to investment capital of five projects, and assisted eight investors in their feasibility study with investment capital of US$169 million. The revenue of business activities increased to US$450 million (25 percent more than that of 2011).

 

Early this year, the province has approved the expansion of Phu Bai Beverage (Phase 3) of Hue Beverage (Carlsberg group) with total investment of US$40.69 million and supported nine investors with total investment capital of US$250 million. So far, Thua Thien Hue has 66 FDI projects with total investment capital of US$1,959 million, ranking 22^nd in Vietnam and 7^th in 14 coastal provinces of Central Vietnam.     

 The difficulty is the access to credits. The province is working on Vietinbank to organize a seminar on assistance to FDI businesses on banking loans as well as to business activities. We will invite all 66 businesses in the province. In the past we often relied on resources of foreign investors, now we should also assist them in expanding business activities and upgrading production technology.

 

FDI businesses are big and making important contribution to the economy of the province, for instance Huda is the leading business of Thua Thien Hue. The seminar on FDI businesses will create momentum to the development of non-FDI businesses.

 

The competitiveness of small and medium sized enterprises remains weak. Therefore, they must be reorganized into bigger value chains, enterprises and associations to promote mutual assistance and development.

 

FDI association of Thua Thien Hue will soon be established to connect with national FDI association to form stronger linkage and increase business efficiency.     

 In its socio-economic development plan of 2011-2015, Thua Thien Hue highlights the economic structure of Service, Tourism – Industry, Construction – Agriculture, Forestry and Fisheries. By 2015 service will make up 48 percent of GDP of the province while industry will account for 43 percent.

 

 The industry will be of high technology, clean and supporting industries serving as the foundation and will promote tourism and service sectors. 

 As businesses need the support of the public administration, while PCI of Thua Thien Hue remains at a standstill, how is the solution?

Thua Thien Hue will focus on the support to investors and improve the image of the province. Accordingly, Department of Planning and Investment has recommended breakthrough in administrative reform, transparency in planning and favourable investment environment. In addition, websites and portals of Departments of Planning and Investment, Industry and Trade provide soft-wear on legal assistance to investors and businesses. Since early this year, we have also helped businesses in business registration by internet.

 

Thua Thien Hue has also organized several business meetings and seminars to remove business constraints. We will increase those activities in the future.

 

The province will also promote investments in foreign countries such as Japan, South Korea, ASEAN with Japan is the main market in the coming years.

 

In 2012, the province sent a business delegation to attend Japanese Investment Forum and contacts have been made with such companies as LOCO, Toshifumi Okamoto, VT Consultant, Sakayavi group, Partners Company.

 

Besides, the province continues to upgrade services for new investors such as related documents on investments, information on investment projects, special treatments (in Vietnamese, English, Korean and Japanese languages). Websites of the province in Vietnamese and English provide all services (banking, transport, post and telecommunications).