Investment attraction has considerably progressed in Khanh Hoa province because the locality always has effective, innovative ways to promote and attract investment. With these advantages along with the ingenious leadership of the provincial government, Khanh Hoa will certainly make long strides.
In the Provincial Competitiveness Index (PCI) Rankings 2017 announced by the Vietnam Chamber of Commerce and Industry (VCCI) and the United States Agency for International Development (USAID), Khanh Hoa scored 63.36 points, ranking 23rd among 63 provinces and cities in the country It gained 3.77 points and climbed one grade over 2016. “This outcome showed that the quality of economic governance is convenient, the business environment is friendly and administrative reform is very good. Needless to say, this prestigious channel represents the voice of businesses in assessing local efforts to improve the business environment in Khanh Hoa in particular and other provinces and cities across the country in general,” said Mr Tran Hoa Nam, Director of the Khanh Hoa Department of Planning and Investment.
Notably, in 2017, administrative reform of Khanh Hoa province gained 83.97 points, ranking 6th among 63 provinces and cities, six places higher than in 2016 - the fifth straight year of ranking growth. The positive outcome came from the firm direction of the Provincial People’s Committee in investment promotion and attraction. Accordingly, lists of projects calling for investment capital in 2017 - 2020 were approved by the Provincial People’s Committee. The province is reviewing existing projects to add new important projects that match development plans, development orientations and market trends. Nam added that the Investment Promotion and Business Support Centre also regularly publishes publications and communication materials to advertise and introduce the policy environment, investment potential and opportunities at conferences, workshops and meetings between the provincial government with embassies, consulates and commercial counsellors to draw more foreign direct investment (FDI) capital.
Not waiting for windfall
Compared with other provinces and cities in the country, Khanh Hoa has extremely valuable advantages and potential. The province is blessed with three picturesque bays, namely Nha Trang, Cam Ranh and Van Phong, all of which have national and international values in many aspects. Therefore, both short-term and long-term economic development in Khanh Hoa province is being carried out in three key economic zones associated with the three bays. “From the beginning, we have used various investment promotion methods. We do not sit to wait for windfall opportunity but actively seek investors by promoting our dynamism, creativity and position. The province has effectively listened to investors to know their thoughts and aspirations; timely settled hardships against investors and enterprises by adjusting its policies,” he said. To further increase the attractiveness of Khanh Hoa to investors and improve the investment value in the coming time, the province will continue to invest for better infrastructure in local industrial and economic zones; raise the quality of human resources; and ensure the open and favourable environment for enterprises and investors.
In addition to diverse tourism forms, the real estate sector, particularly high-class vacation property segment, is heating up and becoming desirable for many investors. According to Nam, to have a good real estate market, investors and brokers must always stay alert, wise and professional and keep the trust with consumers, while authorities closely, rationally and flexibly manage it. By doing so, the real estate market of Nha Trang - Khanh Hoa will certainly be a sustainable development locomotive of the country. With its appeal, Khanh Hoa will see more waves of investment flows to meet diverse socioeconomic development demands in 2018 and beyond.