Vinh Long Attracting More Capital for Speedier Economic Development

Like other localities in the country, Vinh Long province completed its socioeconomic development tasks in the first nine months of 2011 in the context that escalating inflation affected all aspects of life, dramatic weather events occurred, epidemic outbreaks wrecked cultivation, livestock farming and even human health and life. But, fortunately, under the leadership and guidance of the Government, the Prime Minister and the Provincial Party Committee; the supervision and coordination of the Provincial People’s Council; and the resolution of the Party, the government and people of Vinh Long province (especially businesspeople), the Provincial People’s Committee adopted many measures and solutions to withstand difficulties to basically complete tasks set for the first nine months of 2011.

 

Implementing Government Resolution 11/NQ-CP dated February 24, 2011, the Provincial People’s Committee issued Decision 496/QD-UBND on action plans for implementation of major measures in an attempt to curb inflation, stabilise macro economy, ensure social security, keep credit growth at 20 percent or lower, allocate priority credit for agricultural production, rural development, export and small and medium-sized enterprises, limit lending for non-manufacturing sectors, cut spending by 10 percent, guarantee social security, and strengthen public consent and unity.

 

The province successfully organised the election of deputies for the National Assembly and the People's Council at all levels for the 13^th term (2011-2016) in a democratic, legitimate, safe and economical way. The rate of voter turnout reached 99.92 percent.

 

Agricultural production maintained stability and development. Farmers enjoyed a bumper summer-autumn rice crop and sold the grain at high prices. Average yield reached 5.53 tonnes per hectare, an increase of 0.65 tonnes, to totalling 340,931 tonnes, a rise of 34,820 tonnes over the same period last year. Farmers got a good return on rice cultivation. Vinh Long province caught 112,196 tonnes of aquatic products in the first nine months, up 0.58 percent over the same period of 2010, of which aquacultural output accounted for 106,663 tonnes, up 4.63 percent year on year. Industry maintained relatively high growth and expanded capacity, thus playing greater part in economic restructuring. Industrial value totalled VND4,541 billion (US$220 million), fulfilling 67.37 percent of the full-year plan and rising 20.01 percent from the same period last year. Exports valued at US$317.99 million, or 113.57 percent of the yearly plan and up 1.7 times from the corresponding period of last year. State budgetary revenues aggregated VND1,687.482 billion, equal to 83.17 percent of the annual estimation and expenditures totalled VND2,388.292 billion, or 71.39 percent of the annual estimation.

 

Culture and society had positive progress; education and training were strengthened and enhanced; health care was upgraded; information and sporting activities were renovated, enriched and diversified to meet growing spiritual demand of local people. Social security issues, especially poverty reduction, were focused for betterment. Thanksgiving work also generated positive results. National security, defence, social order and safety were strengthened to prevent and combat crime, keep order and protect the sovereignty. Administrative reform was boosted up to better serve citizens and enterprises; anti-corruption, thrift exercise and combat got improved.

 

In the past time, Vinh Long province has strived to meet and surpass major social and economic indicators. Given the context of global, national and provincial economic slowdown, the business community has endeavoured to live through difficulties and challenges to play a greater role in the local socioeconomic development. The business community helped restructure the local economy and workforce, contributed 25 - 30 percent of the local gross domestic product (GDP), paid over 75 percent of the province’s total tax revenues, and earned over US$250 million from exports a year. They have exported products to many countries in the world, especially demanding markets like Europe, the United States and Japan. The province’s key exports include rice, seafood, fruits, pottery, handicrafts, footwear, garments and pharmaceuticals. In 2010, GDP per capita reached VND21.1 million.

 

Besides, enterprises proactively apply scientific and technical achievements to business and production, transfer and renovate technology, attract and train human resources in support of economic development. They create more than 27,000 jobs each year. They actively join charitable works, aid victims of flooding and natural disasters, and the poor, build houses for unprivileged people, protect the environment, enhance the quality of products to better serve consumers and export markets.

The business community has made important contributions to the fulfilment of annual socioeconomic development plans and the Resolution of the Provincial Party Committee in the past term.

 

The provincial government has implemented a number of policies to attract enterprises Vinh Long province to do business. The province continued investing in economic - technical infrastructure (transportation, electricity, water, information technology) and human resource training to better serve the needs of citizens and enterprises. Vinh Long applies tax breaks (corporate tax and personal income tax) for enterprises.

 

Besides, under the direction of the State Bank of Vietnam, Vinh Long Branch of the State Bank strictly controls credit operations of credit institutions in the province. The branch ensures that banks comply with regulations on deposit interest rate ceiling, reduce interest rates under the current regulations of the Government, and create favourable conditions for enterprises to access bank loans.

 

Vinh Long province has also stepped up trade and investment promotion in 2011. Accordingly, businesses received various support from the provincial authorities. The province has provided access to market information, support corporate branding, sent them to trade fairs and exhibitions, assist them to survey, explore, seek and expand domestic and foreign markets, and help them with personnel training. Vinh Long has also offered them with investment incentives, preferential land rents and supported them to transfer technologies and improve product quality.

 

In addition, the province has paced up administrative reform to streamline procedures in business registration, business start-up, investment certification, application for investment incentives, and tax declaration and settlement.

 

To attract more investment capital for socioeconomic development, Vinh Long has applied many solutions to make two major breakthrough stages as stated in the Resolution of the 9^th Provincial Party Congress (2010 - 2015). The province will give priority to infrastructure development investment, especially traffic, water, electricity and information technology systems; and take advantage of local potential and advantages to strengthen the sustainability of economic development.