Promoting Investment Attraction, Stimulating Economic Development

2:28:40 PM | 15/4/2020

Taking advantage of available advantages and potential, Nam Dinh has obtained many achievements in attracting investment in the past few years. The province has introduced many solutions, applied many incentive mechanisms and provided timely business support for local manufacturers and traders. The province has greatly improved investment and business environment to attract more capital flows from domestic and foreign investors. With respect to this issue, Vietnam Business Forum conducted an interview with Mr. Tran Anh Dung, Director of Nam Dinh Department of Planning and Investment. Ngo San reports.

Could you please tell us about the province’s remarkable investment attraction in recent years?

Nam Dinh has been considered an attractive destination for investors. Foreign and private investment was very encouraging in the province in 2019, featuring registered domestic investment value 3.2 times higher than in 2018.

Specifically, in 2019, the province granted new and revised investment licenses to 104 projects with a combined registered value of US$233.57 million and VND6,908.38 billion. Of the sum, new licenses were delivered to 89 projects (10 FDI projects and 79 DDI projects) with a total registered value of US$224.77 million and VND5,566.85 billion and revised licenses were handed over to 15 projects (2 FDI projects and 13 DDI projects) with a total added fund of US$8.8 million and VND1,341.53 billion.

In general, projects were deployed on schedule as committed. They are working very well and helping improve the industrial value and export value of the province. Operational projects have employed a large number of local laborers, created a stable source of income for them, and contributed to ensuring social order and safety and economic development. Investment attraction results in recent years have unlocked local available potential and greatly enabled local economic restructuring.

On business development, what has the province focused on?

The provincial government has paid due attention to business registration, directed and facilitated businesses to enter the market. Online business registration has been put into operation and public services of Level 4 have been launched online, thus reducing the time and cost of setting up a business, building a transparent business registration system, minimizing negative effects that may be caused by human error and shortening the time to process business registration application records to 1.5 days (1.5 days shorter than the regulated time). The rate of files processed on time reaches 100% and online business registration accounts for about 45%.

In 2019, the province granted new business registration certificates and operation registration certificates to 785 enterprises, 79 branches and representative offices which registered to invest VND6,363.578 billion. By the end of 2019, the province had 8,763 enterprises and 735 branches and representative offices registered for operation with a total investment value of VND66,465.436 billion (an increase of 9.5% in business entities and 10.3% in value from 2018). In 2019, Nam Dinh witnessed 216 businesses restoring their business operations, 19.3% more than in 2018).

In addition, business support is of special interest. The province regularly organizes meetings and dialogues with businesses to seek solutions to difficulties and obstacles faced by them, and to receive, handle and resolve their petitions concerning their legitimate rights and interests as well as policies on businesses and workers. The Provincial People’s Committee and the Department of Planning and Investment have also executed Plan 115/KH-UBND dated December 25, 2018 of the Provincial People’s Committee on cost reduction for local businesses to 2020  in accordance with the Government's Resolution 139/NQ-CP dated November 9, 2018.

What specific programs and actions will Nam Dinh province focus on to draw more domestic and foreign investors?

Investment attraction is a matter of special concern of all levels of authority. Every year, the Provincial People’s Committee organizes a conference on Provincial Competitiveness Index (CPI) and administrative reform index, sets specific goals, assigns clear responsibility to each department, branch and locality to have effective solutions for a better business investment environment. The province will also hold regular public dialogues at least twice a year with the local business community. Dialogue contents are typically open and frank to solve problems faced by local enterprises.

In addition, Nam Dinh will focus investment resources on infrastructure development, especially transport infrastructure and industrial zones, to offer the most favorable conditions for investors.

At the same time, the province will concentrate on implementing procedures and speeding up construction of Thinh Lam Industrial Complex (Giao Thuy district), Yen Duong IC (Y Yen district), Yen Bang IC (Y Yen district) and Thanh Coi IC (Vu Ban district); expanding Xuan Tien IC (Xuan Truong district), Dong Coi IC (Nam Truc district), and Hai Van trade village (Hai Hau district). It will also carry out procedures on the formation of My Tan IC (My Loc district).

The most important success factor of investment attraction and socio-economic development is the firm resolution and guidance of provincial leaders in reforming administration approaches, building investment attraction strategies, reforming administrative processes, and formulating investment incentive policies.

The province will accelerate construction of trunk roads linking the Nam Dinh Coastal Economic Zone with Cau Gie - Ninh Binh Expressway; prepare to start some strategic projects such as a coastal road system (Nam Dinh section, approved by the Prime Minister in Decision 132/QD-TTg dated January 17, 2020, with VND2,791.4 billion investment capital), My Thuan Industrial Park, Hong Tien Industrial, Urban and Service Area, Nam Dinh I BOT Thermal Power Plant in Hai Hau district (US$2.072 billion investment capital). It will establish investment procedures for construction of petroleum depots and export-import terminals in Lach Giang Port. Upon completion, these key projects will drastically change the economic structure, increase budget revenue and sustain momentum for long-term socioeconomic development.

Nam Dinh will complete the Nam Dinh Smart Hotel and Trade Center in 2020, pick up the construction pace of the Tran Historical and Cultural Festival Relic Complex, Nam Song Dao New Urban Area, and Nam Dinh General Hospital (700 beds); implement investment procedures for Le Hong Phong High School; and deploy the smart city project in accordance with Resolution 52-NQ/TW of the Politburo.

Nam Dinh will also drastically plan, review and adjust plans directly related to investment promotion and attraction; strongly carry out administrative reform in all fields, especially concerning investors and businesses such as investment, construction, land, tax, social insurance and customs.

The province will further carry out the Prime Minister's Directive 20/CT-TTg dated May 17, 2017 and Directive 07/CT-UBND of the Chairman of the Nam Dinh Provincial People's Committee dated May 30, 2017 on rectification and improvement of business inspection and examination and will strictly settle acts of corruption, power abuse and harassment.

Nam Dinh province gives priority to attracting investment capital into some key areas such as industrial park infrastructure, tourism infrastructure, agricultural processing factories, supporting industries, and hi-tech agricultural production.


Thank you very much!

Source: Vietnam Business Forum