Resolved to Create Open, Transparent and Equal Business Investment Environment

10:11:31 AM | 8/2/2023

Besides stepping up administrative reform, Kon Tum province has focused on fostering investment promotion, and prioritizing resources for developing synchronous and modern infrastructure systems in industrial zones. These efforts together with the strong participation of the entire political system from provincial to grassroots levels have helped make Kon Tum an ideal destination for domestic and foreign investors. Vietnam Business Forum's reporter has an interview with Mr. Ngo Viet Thanh, Director of the Department of Planning and Investment, Kon Tum province.

Kon Tum Provincial People's Committee signs a cooperation agreement with Hung Nhon Group and De Heus Group

Could you please tell us more about the remarkable results of the province's investment attraction to date?

In recent years, investment promotion and attraction has always been a focus for provincial leaders and achieved certain results. In the first seven months of 2022, the province licensed 16 investment projects with a total registered capital of nearly VND1,548.6 billion, including nine in industrial zones and economic zones with a total registered capital of nearly VND78.6 billion and seven with nearly VND1,470 billion of investment capital outside industrial zones and economic zones. The province guided more than 40 domestic and foreign companies and investors in need of support, including some large investors and potential corporations seeking to survey and learn about investment opportunities such as Sun Group, Intracom Company, Vinaconex Corporation, Vimeco Joint Stock Company, CMH Vietnam Group Joint Stock Company, FDI Promotion and International Cooperation Joint Venture Company Limited, Charm Group Joint Stock Company, and Alphanam Investment Joint Stock Company.

At present, the province has 420 valid domestic investment projects with a total registered capital of about VND84,357 billion and nine FDI projects with VND5,142 billion. There are now big foreign-invested projects in the province from South Korea, France, Australia, China, the UK and Singapore. Especially, commercial centers, modern urban areas and 5-star hotels invested by Vietnam's big corporations are expected to bring a new look to the province and generate new momentums for socioeconomic development, revenue collection and investment attraction in the coming time.

How has the province materialized the working principle of "Taking enterprises as the subject of service and creating a favorable business environment for enterprises to develop and become a driving force for the economy"? Could you please describe some specific efforts and actions?

Carrying out the policy of the Provincial Party Committee and the direction of the Provincial People's Committee, the Department of Planning and Investment advised the Provincial People's Committee to work out solutions to improve the business investment environment. The department consulted the Provincial Party Committee to issue Resolution 11-NQ/TU dated May 16, 2022 on improving the investment environment, enhancing the Provincial Competitiveness Index (PCI) and boosting investment attraction to 2025 and further to 2030. The agency counseled the Provincial People’s Committee to work out Program 2359/CTr-UBND dated July 22, 2022 for implementation of Resolution 11-NQ/TU and Plan 1906/KH-UBND dated June 20, 2022 on the launch of the District and Department Competitiveness Index (DDCI) in Kon Tum province in 2022. The department advised on the successful organization of Kon Tum business dialogue conferences in July and October 2022 and Business Coffee Program to assist companies and investors to deal with difficulties and obstacles; consulted on the establishment of a steering committee in charge of improving the PCI in Kon Tum province in Decision 730/QD-UBND dated November 14, 2022 and annually advised and reported on PCI and DCCI performance.

In addition, attention was paid to accelerating administrative procedure reform, especially for well-performed projects. The Department of Planning and Investment effectively carried out Resolution 11-NQ/TU of the Provincial Party Committee and counseled the development and implementation of SME support project in the 2021-2025 period in Decision 456/QD-UBND dated May 26, 2021.

Simultaneously, the department regularly monitored and captured project performance, especially large and important ones, to promptly remove difficulties and obstacles for businesses; accelerated the planning process for the 2021-2030 period and to 2050, combined with planning execution and management, to enhance the effect of investment attraction; completed infrastructure in existing industrial zones, especially those in Dak To district, Dak Ha district and Kon Tum City, to provide space for new projects.

Kon Tum is attracting large investment capital flows. How has the province managed investment projects, especially FDI projects?

In recent years, investment attraction, including FDI funds, has always been a focus. The province has regularly reviewed and revised the list of projects seeking investment funds in Kon Tum province; and assisted investors to survey and establish investment projects and conduct necessary procedures for official operation. Besides, it has promptly solved difficulties and problems for investors seeking to invest in the province.

For FDI projects, the Provincial Party Committee issued Plan 08-KH/TU dated February 2, 2021 and the Provincial People’s Committee launched Plan 854/KH-UBND dated March 15, 2021 to actively strengthen connections and establish relations with investors from South Korea, Japan, France, Australia and other countries. By 2030, the province will strive to draw at least two large-scale FDI projects in disruptive industries. Kon Tum will focus on high-tech agriculture, pharmaceuticals, the processing industry, tourism development and urbanization.

In addition to investment attraction and promotion, Kon Tum province has concentrated on reviewing and monitoring project implementation of investors, promptly cleared difficulties and obstacles to put projects into operation soon and help boost socioeconomic development. At the same time, the province has supervised and handled ineffective projects in a bid to build a favorable and equal investment environment for businesses.

In order to overcome limitations and enhance investment attraction outcomes, the Provincial Party Committee (16th term) issued Resolution 11-NQ/TU on ameliorating the investment environment, enhancing competitiveness and strengthening investment magnet in Kon Tum province to 2025 and further to 2030. Could you please tell us more about the implementation and expected outcome of this strategic resolution?

In order to concretize views, goals, tasks and solutions stated in Resolution 11-NQ/TU, the Provincial People's Committee issued Program 2359/CTr-UBND on July 22, 2022 on implementation of Resolution 11-NQ/TU.

Based on the proposed solutions, with the determination of all levels and branches of government, the province will certainly form an effective business and investment climate in the coming time, which will be highly recognized and appreciated by the business community and investors. The Provincial People's Committee will continue to direct consistent and drastic implementation of solutions for a better and more open business investment environment as expected by Resolution 11-NQ/TU.

What are key areas, programs and projects prioritized by Kon Tum province in the coming time?

To achieve sustainable development, Kon Tum province will choose four pillars to attract investment and boost sustainable growth in the coming time: High-tech agriculture, medicine, tourism and urban development.

From this approach, the province will focus on attracting investment in processing plants: wood, fruit, Ngoc Linh ginseng, medicinal herbs, and animal feeds to attract investment in renewable energy, urban - commercial - service projects in Kon Tum City, Mang Den Town and Kon Plong district.

Thank you very much!

By Cong Luan, Vietnam Business Forum