Reforms Raise Investment Attraction Effects

11:04:34 AM | 3/16/2022

Reforming promotion forms and methods helps raise investment attraction effects, said Mr. Huynh Chi Nguyen, Director of the Department of Planning and Investment, Bac Lieu, when he talked about the province's investment promotion over the past time, especially in the context of the complicated development of the COVID-19 pandemic that disrupted investment promotion exchanges and cooperation among provinces and cities.

Bac Lieu province witnessed investment inflow booms in recent years. How was that optimistic result helped by the province's investment promotion?

In recent years, Bac Lieu province has significantly reformed investment promotion efforts. Given the complicated COVID-19 pandemic development, local investment promotion was re-tuned and innovated in both forms and methods of action to adapt to new changes.

Accordingly, investment promotion and investment support were enhanced more often, diversified and reformed from face-to-face to online with technology applications. This came under the close guidance of the Provincial Party Committee, the Provincial People’s Council and the Provincial People’s Committee, along with the resolution of all levels and branches of authority.

The province also actively supported removing and solving difficulties and problems against enterprises and investors, motivating enterprises to develop their operations and investors to carry out their projects on schedule, especially dynamic projects like wind power projects, gas power projects and technologically applied agricultural projects. Bac Lieu regularly organized online government - business meetings and dialogues to grasp their aspirations and problems and promptly seek best solutions and measures, particularly for those entangled with the COVID-19 pandemic, helping them adapt to the new normalcy, restore production and business, and strengthen mutual confidence between the government and the business community.

The pandemic has been controlled. Could you please tell us how investment promotion will be focused to draw investment flows effectively and introduce local potential and advantages?

As the COVID-19 pandemic has been controlled and the Government advocated the reopening policy, in order to utilize its advantages and potential, investment promotion and attraction will be decisively accelerated in the coming time.  The province already established and operated the Center for Business and Startup Support and Investment Promotion under the Department of Planning and Investment. At the same time, it developed investment promotion programs, including a detailed list of projects in search for investment funds, principles on selection of strategic investment partners and focused selection of best large-scale investment projects that may lead the market.

The province will intensify cultural exchange with other ASEAN countries, South Korea, Japan and the EU to lay the groundwork for stronger trade exchange and investment attraction; robustly coordinate with central agencies and branches to launch delegations to search for potential investors for Bac Lieu in countries such as the United States, Japan and South Korea; connect with Vietnamese organizations and individuals living and working abroad to encourage them to invest in its projects in need of investment, especially in Tra Kha Industrial Park and some other industrial parks.

In addition, the province will study and propose making an application for investment, trade and tourism promotion, which will be a useful, effective tool for quick, accurate and transparent information for domestic and foreign businesses, investors, organizations and individuals to timely access useful information when they need to learn about Bac Lieu with less time and effort for investment research, as well as investment procedures to be conducted in the locality.

Do you have any message to the business community and investors who have been, and will be, with Bac Lieu province?

As the leader of the Department of Planning and Investment, I am committed to being ready to listen to the thoughts and aspirations of investors and businesses to promptly advise the provincial government on the best and most favorable solutions for them and remove obstacles against them, thus making them feel secure in doing business in the province.

I also think that, beside solutions for a better business and investment climate, leaders at all levels are very friendly and sociable. Investors will be warmly welcomed, consulted and supported to quickly carry out administrative procedures in a “convenient - quick and friendly" manner. “Saying no to informal charges”, Bac Lieu province always accompanies investors and businesses with the consistent working motto: “What is easy, it is for businesses; what is difficult, it is for state agencies to do”. From that point of view, agency leaders at all levels in the province always pay attention to business activities, show affection, respect and closeness, and provide favorable conditions for enterprises and investors to do business in Bac Lieu. At the same time, the province is committed to applying preferential and supportive policies for investors and always doing this with the working motto “Right beneficiaries, enough policies and quick procedures”.

Therefore, businesses and investors in Bac Lieu province must make every effort to overcome difficulties, unite and support each other to coexist and develop; work out long-term development strategies, cooperation plans with foreign enterprises to increase strength and competitiveness. Authorities will always side with and facilitate the business community and investors when they are in the province.

By Vietnam Business Forum