Kon Tum: Rewarding Better Business Investment Environment

11:16:45 AM | 4/5/2023

The 110-year history of development, together with specific factors of topography, soil, climate, natural diversity and industrious and hospitable people, has shaped Kon Tum's unique appeal and made the Central Highlands province an ideal destination for domestic and foreign investors.

VCCI President Pham Tan Cong and Mr. Nguyen Ngoc Sam, Vice Chairman of Kon Tum Provincial People's Committee

Bright picture

Kon Tum province has a particularly important geographical position in the development triangle of Vietnam, Laos and Cambodia as it lies on the joint border of three countries. The province is also situated on the East-West Economic Corridor and the Central Coastal Economic Arc, with convenient access to interregional connection hubs along National Highway 14, National Highway 40, Highway 24 and other traffic routes, enabling smooth connectivity to the Central Coast, the Central Highlands and the whole country.

In addition to its prime location, Kon Tum is blessed with abundant potential to develop agriculture and forestry and produce high-value commodities. In particular, the province has great advantages in developing ecotourism, recreational tourism and cultural tourism with many attractive destinations, diverse and pristine natural landscapes, and nationally certified landmarks and relics.

The 110-year journey of development, with efforts to unlock and promote all potential advantages, has shaped a new face, lifted Kon Tum from a poor province to a well-grown province ranked relatively high in the Central Highlands, and attracted more businesses and investors to the locality.

In 2022, Kon Tum attracted 20 investment projects with nearly VND1,664.6 billion (US$70 million), including 10 projects in economic and industrial zones with nearly VND172.6 billion, and 10 projects outside economic and industrial zones with VND1,492 billion. In addition, large investors and potential corporations also came to survey and learn about investment opportunities in the province such as Sun Group, Hung Nhon Group, Him Lam Joint Stock Company and Nutifood.

This outcome resulted from unremitting efforts and focus on many consistent solutions to accelerate administrative reform, with an emphasis on administrative procedure reform and improved administrative quality. Provincial leaders aggressively facilitated and supported businesses and investors.

To further promote its achievements, in the coming time, Kon Tum will choose four pillars to attract investment funds and foster sustainable growth: Hi-tech agriculture, medicine, tourism and urban development. From this approach, the province will concentrate on drawing investment funds into processing plants, renewable energy projects, and urban - commercial - service projects in Kon Tum City and Mang Den town, Kon Plong district.

Strategic handshake with VCCI

Committed to creating the most favorable business investment environment for businesses and investors, Kon Tum is confident VCCI will help promote business connections; and support investment promotion and attraction, especially FDI projects. Besides, VCCI will facilitate the province to participate in trade and investment promotion programs organized by VCCI; support training, capacity building for civil servants and the business community; consult and carry out appropriate and effective solutions to upgrade the business investment environment and raise the Provincial Competitiveness Index (PCI).

Most recently, Vice Chairman of Kon Tum Provincial People's Committee Nguyen Ngoc Sam hosted a meeting with VCCI President Pham Tan Cong to discuss the strengthened cooperation to support the province to improve the PCI and enhance the effect of investment attraction and assist the province to contact potential investors in the following fields: High-tech industry; growing medicinal herbs under the forest canopy; ecotourism; and urban development, among other fields. The two sides will coordinate to select specific, quality and practical fields to build cooperation programs that bring the best results, support socioeconomic development, and improve the effect of investment attraction.

By Cong Luan, Vietnam Business Forum