Enhancing Investment Quality to Propel Business Growth

9:16:45 AM | 29/5/2024

Phu Yen province is innovatively transforming its promotional strategies to attract high-quality projects that match the local potential and advantages, while concurrently implementing many solutions and support activities to boost business efficiency, said Mr. Vo Dinh Tien, Director of the Phu Yen Department of Planning and Investment, in an interview with our reporter.

 Phu Yen convenes a conference on fostering a platform for constructive engagement and dialogue with businesses and investors

At the Phu Yen Provincial Master Plan Announcement and Investment Promotion Conference 2024, Phu Yen province awarded investment licenses to 14 projects with a total registered capital of VND10,500 billion and signed six memorandums of investment research with VND128,000 billion of investment capital. What are your thoughts on these figures and how will Phu Yen side with businesses and investors to quickly start and operate their projects?

In general, the number of licensed projects and signed memorandums of investment research at this conference met our expectations but we highly appreciated their quality. Especially, some projects registered to invest in key strategic industries like seaports, high-tech agriculture, processing and tourism.

If these projects are launched soon, they will create a strong boost to economic growth, generate motivations for socio-cultural development, provide many jobs, pay a lot of tax to the local budget and entice other investors to the province. Therefore, to soon realize these figures, the Department of Planning and Investment advised the Provincial People's Committee to decentralize tasks to each agency and locality and work out a specific implementation roadmap for each project.

The province is committed to siding with investors when they invest in the province and creating the most favorable policies, mechanisms and business environment to enable their projects to start operations soon and achieve the best performance. Related agencies and localities will guide and facilitate them to handle legal procedures regarding their project implementation. Every year, the Department of Planning and Investment advises the Provincial People's Committee to open dialogues and meetings with businesses and investors to grasp their hardships so as to introduce the right support solutions in a timely manner.

Phu Yen province possesses significant potential and distinct advantages for the development of the maritime economy

What tasks will the province carry out to attract more investment resources in the following pillars: Industry (including metallurgy, petrochemical refining and energy), high quality tourism, high-tech agriculture, maritime transport and logistics?

Phu Yen Provincial Planning for the 2021 - 2030 period, with a vision to 2050, states that Phu Yen will become a modern and sustainable province by 2030. To do so, the province is leading and directing all levels, branches and localities to develop programs and plans to carry out key, breakthrough tasks as follows:

One, speeding up the implementation of breakthrough stages in administrative reform, with focus placed on drastic, consistent and effective administrative procedure reform; gradually creating an open, transparent and friendly investment and business environment; gradually elevating administration and governance rankings, with the Provincial Competitiveness Index (PCI) ranked among the highest in the country; developing digital platforms and applying new digital technologies into activities of all levels of government, building smart cities.

Second, mobilizing, effectively and economically using all resources, especially land, to create breakthroughs in synchronous and modern socioeconomic infrastructure system development, focused on traffic infrastructure development with coastal roads, main traffic axes linked with centers and major trade hubs of the region and the country as well as roads linked to North - South highways and seaports.

Third, developing human resources, especially high-quality human resources; building a daring, enterprising, creative and dynamic workforce to undertake all tasks.

Fourth, speeding up the application of scientific and technological advances to manufacturing, especially to high-tech agriculture; stepping up economic restructuring and sectoral restructuring together with changing growth patterns, applying science - technology and innovation; actively coordinating and cooperating in development with other provinces in the region; building images and promoting tourism, domestically and internationally; and effectively exploiting local tourism potential.

The Nhan Tower reflects the impressive artistic skill and deep historical significance of the Cham people, featuring the captivating beauty of Phu Yen province's scenery

While seeking to unleash investment flows, Phu Yen also focuses on project quality, especially "greening" investment funds. Would you be kind enough to tell us more about this issue?

Today, sustainable development, associated with environmental protection, climate response and green development, is an key requirement for Vietnam, including Phu Yen province, in the current context of deepening international economic integration. This is a matter of State and Party concern, especially in preserving and protecting the environment in economic development and ensuring security and defense.

The province's investment promotion program in 2024 clearly stated the viewpoint: “Basing on potential and strengths to select and prioritize industries, fields and partners in accordance with its socioeconomic development strategies, plans and goals; promoting and attracting selective investment projects, rejecting projects that use outdated technologies and risk environmental pollution.”

Phu Yen province is seeking to attract investors from countries with advanced technologies and source technologies, leaders in supply chains, members of multilateral FTAs to which Vietnam is signatory (CPTPP, RCEP and EVFTA) like the United States, the European Union, Japan, South Korea and Singapore; prioritizing multinational corporations to establish cooperation with domestic companies to form and develop industrial zones along value chains, launching green investment projects associated with economic growth, environmental protection and sustainable community development.

As the province never exchanges the environment for the economy, investment attraction is also conducted more carefully. The province will not accept projects with environmental risks for the mere purpose of increasing budget revenue. The province will give priority to investors that propose green projects, apply advanced technology and source technology, use clean energy and renewable energy, and minimize emissions into the environment. In addition, Phu Yen will intensify inspection and supervision into project implementation. Projects will not be put into operation if they fail to meet environmental requirements.

Coastal fishing off the shores of Hon Yen, situated in Tuy An district, Phu Yen province

In the past years, how has Phu Yen enabled and facilitated business development?

Carrying out central resolutions and directions on improving the performance of state-owned enterprises and developing the private economy, the entire political system of Phu Yen province always considers enterprises as the driving force for development. The province has launched many activities such as organizing the Year of Phu Yen Business, providing startup and innovation support, organizing annual business conferences and business talk shows to learn more about them. At the same time, the province has regularly reviewed, amended and reduced administrative procedures to ensure consistency and unity at all levels and sectors.

As a result, more companies have been established in the province. Phu Yen had only 1,169 businesses (1.2 businesses to 1,000 people) in 2010 but the figure soared to 3,600 businesses in 2023 (4 businesses to 1,000 people). Companies are involved in a variety of industries and make well-branded products such as pharmaceuticals, RE sugar and seafood. The business force has also gradually developed in both quantity and quality. Many entrepreneurs have grown up from practice, accomplished educational qualifications and gained professional expertise to build and develop their companies in the integration period.

Thank you very much!

By Song Uyen, Vietnam Business Forum