Advancing Efficient and Targeted Investment Promotion

8:25:20 AM | 12/3/2023

The Tuyen Quang Investment Promotion Center, mandated with specific functions and tasks, has proactively engaged with enterprises and investors, showcasing the province's potential, strengths, opportunities and investment policies. This proactive approach has yielded optimism in investment attraction, with several significant projects contributing significantly to local socioeconomic development.

Mr. Chau Van Lam, Secretary of Tuyen Quang Provincial Party Committee, and Mr. Nguyen Van Son, Chairman of Tuyen Quang Provincial People's Committee, engage in an exchange with businesses and investors

In partnership with the Tuyen Quang Business Association, the center has been instrumental in orchestrating and executing surveys for the District and Department Competitiveness Index (DDCI) since its inception in 2015, boasting a distinguished record of nine annual editions. Noteworthy is the transition, commencing in 2022, to seamlessly conduct DDCI surveys through an advanced digital platform. This transition ensures the expeditious, precise, and transparent synthesis of results.

Furthermore, since 2014, the center has been at the forefront of organizing the impactful "Business Coffee" program. Complementing this initiative, the center has successfully facilitated six strategic meetings and dialogues between provincial leaders and local businesses. This collaborative effort has proven highly effective in addressing pressing business challenges, yielding tangible improvements in the Provincial Competitiveness Index (PCI), with a specific focus on elevating average and low-ranking indicators.

The center has collaborated with the Vietnam Chamber of Commerce and Industry (VCCI) and the Tuyen Quang Business Association to ensure openness, transparency and objectivity in evaluating and scoring the Provincial Competitiveness Index (PCI). The center has also coordinated in developing annual topics to highlight and introduce socio-economic development achievements, initiatives and solutions to create a favorable business and investment environment for enterprises and investors to boost the PCI Index.

Aligning with the Tuyen Quang Investment Attraction Program for 2021-2025, the province successfully attracted major investors such as Vingroup, Danko Group and Flamingo Group. The first nine months of 2023 witnessed the licensing of nine projects with a total registered capital exceeding VND19,600 billion. Investors from South Korea, Japan and other countries explored the local investment environment, initiating projects such as the GO Trade Center and a 100-MW biomass power plant by EREX Joint Stock Company (Japan).

To date, the province has licensed 397 projects, totaling VND73,160 billion of investment capital, including 20 foreign direct investment (FDI) projects valued at over VND7,330 billion (US$310 million).

In the first nine months of 2023, the province had 194 new companies with a total registered capital of over VND2,992 billion, fulfilling 60.63% of the annual plan. Accumulatively, the province has a total of 2,659 companies with over VND30,385 billion of investment capital (including 16 FDI companies). Many investors came to survey and implement projects with a combined registered investment capital of over VND30,200 billion. In the first nine months of 2023, Tuyen Quang province welcomed over 2.2 million tourists, completing 91.4% of the full-year plan.

Looking ahead, the Tuyen Quang Investment Promotion Center will intensify efforts in investment attraction and promotion, emphasizing communication, research and survey activities. Priority will be given to environmentally responsible projects.

The center will continue to facilitate local participation in domestic and foreign fairs and exhibitions to expand investment cooperation. The center will provide information on investment plans, programs, and projects, forecast supply, demand, and market prices to help businesses actively work out business plans. The center will support businesses to seek and expand investment cooperation and consumer markets on its website and assist them in joining the E-commerce Exchange administered by the center. The center will also consult, support, and guide businesses and investors on investment processes and procedures. The center will regularly contact and work with relevant businesses and agencies to promptly grasp and remove difficulties and obstacles arising from project implementation.

The center will continue to coordinate with the Tuyen Quang Business Association to launch the District and Department Competitiveness Index (DDCI) every year. The center will advise organizing conferences to announce the Provincial Competitiveness Index (PCI) and DDCI Index after the survey results are available. The center will also coordinate with the Department of Planning and Investment, the Tuyen Quang Young Entrepreneurs Association, the Tuyen Quang Cooperative Alliance, and relevant agencies to advise on organizing government-business meetings and dialogues, as well as the “Business Coffee” program to capture opinions and recommendations of businesses in investment, production and business activities.

The center will support and encourage innovative startups to create a favorable environment to promote business development. The center will effectively carry out Resolution 48-NQ/TU of the Provincial Party Executive Committee on Tuyen Quang digital transformation to 2025, with an eye to 2030 and the National Digital Transformation Program to 2025, with a vision to 2030 in sync with e-government toward digital government, digital economy and digital society.

The center will tighten the discipline of employees, especially managerial personnel, to prevent troublesome behavior and harassment against people and businesses, and measure the satisfaction of organizations and citizens with the services of state agencies.

The center will also continue to coordinate with Business Forum Magazine (VCCI) to inform and introduce socio-economic development achievements, initiatives and solutions to create an enabling business and investment environment for enterprises and investors, thus helping raise the Provincial Competitiveness Index (PCI).

By Duy Binh, Vietnam Business Forum