Ninh Thuan Looks Forward to New Investment Flow

Ninh Thuan is a province in the South Central Coast, which is known for many potentials for development of energy, mineral resources, tourism, and agriculture. The province has a coastline of 105km with many bays and beaches, which are favourable to develop tourism, especially for ecotourism and luxury resorts. In particular, with a favourable geographic location, Ninh Thuan becomes a gateway linking the key economic regions of the Central Highlands and the South Central Coast localities. This creates more favourable conditions to promote economic and cultural exchanges with other provinces in the region, especially Ho Chi Minh City.

 

Ninh Thuan in recent years has invested in many infrastructure projects. The socio- economic development of the province is quite stable; the province has GDP of 10.9 percent per year in the period of 2010-2014; the economic structure of the province has shifted positively; the social security of the province is prioritized and the people's living standard has improved.

 

According the Ninh Thuan Planning and Investment Department, up to now, the province has had 293 projects registered, with a total registered capital of VND95,016.8 billion. However, Ninh Thuan is facing with difficulties in attracting capital and foreign investment domestically and internationally; the investment results are not commensurate with the potential and advantages of the province. This is the biggest concern of the provincial leadership. How to build up an investment promotion strategy to call for investors to invest in the areas that are advantages of Ninh Thuan becomes a top priority .

 

Mr Nguyen Duc Thanh, Secretary of the Ninh Thuan Provincial Party Committee said the province is now welcoming new development opportunities. The Government is implementing some national key projects including the upgrading of the National Highway 1A and the Ho Chi Minh- Dau Giay Expressway, and Cam Ranh International Airport. Such projects have contributed to increasing the connection between Ninh Thuan and the key economic regions in the south, especially the Ho Chi Minh City. Also, Ninh Thuan is also investing in first two nuclear power plants of the country, which will actually bring many benefits to develop socio-economy and create opportunities and attract new investment projects.

The conference witnessed the signing of an agreement among TSV Company, Luxco (Korea) and Blue Circle (Singapore) to support the implementation of the wind power investment projects in Ninh Thuan. Also at the conference, five projects were licensed with total investment capital of nearly VND6 trillion, including Ninh Chu Oil Storage project (VND110 billion); Trung Nam Wind Power Plant Project (VND3,780 billion); Da Nhim Hydropower (VND1,925 billion); and Hon Co- Ca Na project (VND110 billion).

Ninh Thuan is planning to prepare the conditions to welcome new investment flows and improve investment environment to become a friendly, attractive and competitive investment destination in the region. Through this conference, Ninh Thuan prioritizes to invest in economic pillars with competitive advantage. There are about 70 potential projects in the fields of energy, tourism, agriculture, fisheries, manufacturing and supporting industries and two sub-areas including training and building and real estate. According Mr Thanh, Ninh Thuan is the province that creates the highest investment incentives for investors in the country. Along with the highest incentives in the regulatory framework of the government, the province offers other supports for investors to implement their projects in the province. The provincial government is committed to cooperating with investors and creating the most favourable conditions for business activities of investors.

 

Mr Le Thanh Hai, Secretary of Ho Chi Minh City Municipal Party Committee, highlighted that the cooperation between Ho Chi Minh City and Ninh Thuan is an opportunity to promote economic cooperation which helps improve the living standards of the poor, especially the ethnic minorities. Ho Chi Minh City will actively encourage businesses in the city to expand investment and exploit the potential strengths of Ninh Thuan through the implementation of the investment projects. In addition, the city will also strengthen supports to Ninh Thuan in implementing the investment promotion activities and creating more favourable conditions and attractive incentives to encourage the business community and foreign investment for development of Ninh Thuan.