9:40:27 PM | 3/4/2013
The Ninh Thuan Economic Development Office (EDO), which was officially put into operation in 2010, is a new model built on the initiative of Monitor and the Singapore Economic Development Board (EDB). After 2 years of operations, EDO has proven the correctness and effectiveness of the new model. EDO’s operations have made a breakthrough in improving the investment environment, increasing the provincial competitiveness index (PCI), and attracting investors to Ninh Thuan province. The office is appreciated for its performance by investors, the Vietnam Chamber of Commerce and Industry (VCCI), and business communities in Vietnam and in other countries.
EDO is affiliated to the Department of Planning and Investment of Ninh Thuan province and directly administered by the Chairman of the Provincial People’s Committee. Apart from attracting investment capital from all economic sectors, even foreign direct investment (FDI) capital, official development assistance (ODA) fund, nongovernmental organisation (NGO) aid, EDO is also assigned to guide investors from applying for investment registration documents to project deployment and to instruct investors to deal with difficulties arising from the process of implementing the projects.
Now, investors only need to work with EDO to complete all procedures concerning business establishment, investment certificate, construction permit, land rent, environmental issue, and many other necessary aspects for their projects. All procedures will be handled by EDO and relevant authorities in line with the “single window” mechanism at EDO. With simplified procedures and steps, the time is 30 - 50 per cent shorter than the duration provided in the law. Some procedures like business registration, seal registration, and tax code registration are done in just three working days. These efforts are praised by investors and the business community.
Since its establishment, EDO has received and advised the Provincial People's Committee to approve 140 projects with a total registered investment capital of VND70,278 billion, accounting for 60.3 per cent of projects and 79 per cent of the registered investment capital licensed in the province. Particularly, 98 projects were granted investment certificates, worthVND23,325 billion, and 42 projects were approved for investment location, worth VND46,953 billion.
In 2012 alone, the Provincial People's Committee granted investment certificate to 28 projects worth VND5,198 billion and approved investment locations for 18 projects with a total investment capital of VND17,342 billion. EDO advised the Provincial People’s Committee to sign six memorandums of understanding on investment cooperation with Devi Group (Germany), Livingston Group LLC (US), Silverfin Company (US), Hanvit Company (South Korea), Korea Development Bank (KDB), Timar Win Solar Energy Sdn. Bhd (Malaysia) and other firms on supporting the province to attract investment capital for tourism and renewable energy.
EDO Director Truong Xuan Vy said: "With the “one-door” mechanism, dedicated and professional service, continuous support for investors from the first meeting to procedural support and project deployment assistance, EDO always tries its best to satisfy all investors. After two years of operations, EDO has won the trust of the business community and investors and has become a reliable address for domestic and foreign investors when they come to Ninh Thuan province.
EDO also actively draws ODA and NGO capital for infrastructure development, poverty reduction, integration of support resources into the province’s development objectives. EDO seeks financial assistance from East Meets West (EMW) Organisation, AAV and Japanese Embassy for education, water supply, environmental sanitation.
He said EDO will apply modern IT to documentation process while enhance its operations by effectively coordinating with relevant bodies to serve investors and enterprises to gradually become a public administration centre of the province.