Open Policy Draws Investors

9:20:00 AM | 12/27/2021

Bac Giang province is chosen by many domestic and foreign investors. Besides its convenient geographical location, the appeal of Bac Giang comes from an open and enabling investment attraction policy, determined administrative reform and investment climate improvement.

Effective FDI attraction

In the year to November 15, Bac Giang province attracted US$1,093.45 million of investment capital, equal to 88.36% of the value in the same period of 2020 (excluding urban and housing projects). Investors invested VND1,665 billion in 27 new domestic direct investment (DDI) projects, equal to 20.2%; and US$637.5 million in 20 foreign direct investment (FDI) projects, 1.9 times higher; and added VND176 billion in 11 existing DDI projects and US$376 million in 44 FDI projects, equaling 71%. In the first 10 months of the year, its FDI value ranked 10th in the country.

According to the report on socioeconomic development tasks in 2021 released at the 5th meeting of the Provincial People's Council (19th term) on December 8, the province expected to draw US$1.26 billion of total investment capital in the year and to have 1,381 new enterprises. Bac Giang will try to be the 10th largest recipient of FDI flow in the country in the year. To do so, the province has tried to improve the investment and business environment over the years. Bac Giang ranked 27th out of 63 provinces and cities on the Provincial Competitiveness Index (PCI) 2020, climbing 13 places from a year earlier to the highest position it reached in eight years.

To further improve the investment and business environment to become a safe, attractive and friendly destination for investors, in June 2021, the Bac Giang Provincial People’s Committee issued Plan 242/KH-UBND on enhancing the PCI Index in 2021. Accordingly, the PCI will be raised by 2.35 points to 66.33 points to stand in the Top 20, a group of good performers.

To achieve that goal, the Provincial People’s Committee will work out many specific solutions for different tiers of government: Strengthening thematic dialogues, especially on land, to promptly guide enterprises to speed up site clearance, ensure publicity, transparency and regulatory compliance; reviewing inspection contents, reducing the required time and minimizing its impacts on business operations of enterprises.

Besides, the province will step up policymaking enabling enterprises to easily report corruption, red tape and irresponsible acts of civil servants and agencies in settlement of their difficulties and damage. It will research and develop long-term plans to attract high-quality human resources to work and live in the province.

To achieve the best result, the Provincial People's Committee directed, supervised and urged relevant agencies to raise the performance of component indicators and stand responsible to the Chairman of the Provincial People's Committee for completing their tasks.

Amid complicated COVID-19 epidemic development, businesses are facing numerous difficulties resulting from measures adopted to prevent and control the epidemic, and handle supply disruption and labor shortage. To assure them, the Provincial People's Committee always sides with them with specific actions like controlling the epidemic well, rolling out worker vaccinations against COVID-19, holding meetings and dialogues with them to learn about their thoughts and aspirations, and creating the best possible conditions for the business community. In particular, the province also set up a hotline to support local businesses to restore production and business.

Bac Giang province also publicizes conditions and criteria for all local businesses to access State investment resources towards building a public, transparent and effective investment environment.

Further enhancing the investment environment

The COVID-19 epidemic has been basically controlled in Bac Giang province; sectors have recovered and developed strongly; and vaccination has been accelerated. Furthermore, the country is transitioning to a safe, flexible adaptation to and effective control of the COVID-19 epidemic according to the Government's Resolution 128. This is a good foundation for Bac Giang province to enter 2022.

Nevertheless, they are still facing certain difficulties and challenges, particularly the still-complicated and unpredictable global and regional development of COVID-19. The world cannot recover soon after the pandemic as they are still exposed to epidemic risks.

By assessing its socioeconomic development outcomes in 2021, Bac Giang province defined key tasks to focus on next year. It will continue to upgrade the business investment environment, attract more investment flows; and accelerate administrative reform and digital transformation to shape a constructive and serving government. These are also the top concerns to meet current development requirements.

Thus, the Provincial People's Committee will effectively implement and manage the provincial planning after it is approved by the Prime Minister; adjust local plans to match the provincial planning to enable projects to be implemented in a timely manner; firmly focus on site clearance for key projects to speed up the investment progress.

It will actively invite large domestic and foreign corporations to invest in the province; receive information, feedback and recommendations from people and businesses; and proactively support investors and businesses to deal with difficulties in doing business.

The province will conduct drastic digital transformation, especially building digital government by focusing on planning, land, resources and labor; raise awareness, responsibility and thinking of public officials and authorities; build a strong force of expert, dedicated and open-minded civil servants; and build a truly constructive and enabling government.

In 2022, the Provincial People's Committee will complete all necessary procedures for a truly enabling government that is professional, friendly and performance-based. The committee will further decentralize power and apply effective control mechanisms for task performance of agencies and localities.

By Vietnam Business Forum