Leading Light in Investment Attraction

9:37:12 AM | 3/17/2022

Despite struggling with inadequate infrastructure, especially technical infrastructure, with its absolute determination for a better investment environment, Bac Lieu province has become a leading light in investment attraction.

Gigantic projects

The highlight of Bac Lieu investment in 2020 was a US$4 billion 3,200-MW LNG Power Plant within the Bac Lieu LNG Thermal Power Center.

To date, Bac Lieu province has 172 investment projects, including 156 domestic projects with VND47,858.19 billion (over US$2 billion) of investment capital and 16 foreign-invested projects with US$4.489 billion.

Mr. Huynh Chi Nguyen, Director of the Department of Planning and Investment, Bac Lieu province, said most licensed projects have been carried out on schedule. They completed required legal procedures such as application forms for construction permit, environment and fire prevention.

In the energy sector, eight wind power projects have been officially put into operation with a total installed capacity of 469.2 MW, including: Bac Lieu Wind Power Plant (99.2 MW), Dong Hai 1 Wind Power Plant - Phase 1 (50 MW), Hoa Binh 1 Wind Power Plant (50 MW), Hoa Binh 1 Wind Power Plant - Phase 2 (50 MW), Hoa Binh 2 Wind Power Plant (50MW), and Dong Hai 1 Wind Power Plant - Phase 2 (50 MW).

“Particularly, the Bac Lieu LNG Power Plant within the Bac Lieu LNG Thermal Power Center is currently underway. The province will help speed up construction of renewable energy projects worth billions of Vietnamese dong to be completed soon, operated and energized, and increase budget revenue for the province,” he said.

5 pillars of investment attraction

Bac Lieu province is still facing a lot of difficulties in infrastructure, so what are the driving forces for it to woo investment flows and achieve the above important results?

Mr. Huynh Chi Nguyen said that in order to attract investment flows, in addition to the firm support and close direction of the Provincial Party Committee, the Provincial People’s Council and the Provincial People's Committee; the effort of the entire political system; and with the high consensus of the business community and people, Bac Lieu defined five pillars of socioeconomic development: Agricultural development, focused on developing high-tech agriculture, improving the efficiency of shrimp and rice production; renewable energy, with wind power, solar power and gas power playing a key role; tourism development; high-quality service, education and healthcare development; and marine economic development, coupled with national defense and security.

He said defining the right strengths has driven Bac Lieu province to overcome difficulties and continue development. And, based on those pillars, the province has directed agencies of all levels to carry out focused tasks. Once leveraged, the pillars will create breakthrough development. Investment resources will be concentrated.

All levels and branches of authority in the province developed specific programs and action plans for implementation and better coordinated with relevant bodies to carry out tasks. Localities have promoted their role in adapting to more scientific and effective ways of doing things.

By Vietnam Business Forum