Investment promotion is always a major concern of the Provincial Party Committee, the Provincial People’s Council, the Provincial People's Committee and all-tier authorities of Thua Thien Hue province. The local investment environment has been gradually improved toward increased publicity and transparency. Thua Thien Hue Provincial People's Committee has provided all necessary information for all projects seeking investment funds.
In 2020 and 2021, investment promotion was adversely hurt by the COVID-19 pandemic across the country, including Thua Thien Hue. To keep investment promotion uninterrupted, the province has boosted digital data and expanded domestic and international cooperation to apply both online and offline forms of investment promotion, with priority given to the online form. Hence, despite the complicated pandemic development, the province has still achieved positive results in investment attraction.
In the year to November 30, the Provincial People’s Committee licensed 25 investment projects valued more than VND12,524 billion, including 23 DDI projects with VND8,893 billion of investment capital and two FDI projects with US$158.5 million (VND3,631 billion). The two giant FDI projects included Thua Thien Hue Software and Information Technology Park (Smart Media City) in Section B - An Van Duong New Urban Area invested by a joint venture between SMC Hue Co., Ltd and Korea Land and Housing Corporation (LH), and a current transformer manufacturing project (China).
Indeed, these results are quite modest as compared to other provinces and cities but significantly higher than in 2020 (VND10,963 billion). Given the complicated COVID-19 pandemic development and its highly opened economy, service and tourism of Thua Thien Hue province have been almost "frozen" for nearly two years. Mobility was restricted while investment promotion programs were delayed and canceled. Despite a sharp decline in arrivals, market surveys by domestic and foreign investors showed a significant effort of the province.
In the coming time, in addition to flexible, creative and safe adaptation to the COVID-19 pandemic and boosting socio-economic recovery and development, the province will further apply solutions to develop investment promotion to achieve more positive results.
By Vietnam Business Forum