Thai Nguyen sees strong foreign investment growth
Thai Nguyen sees strong foreign investment growth
The foreign-invested sector has highlighted the northern Thai Nguyen province's upbeat economic picture in the first quarter of 2014, according to the municipal Department of Planning and Investment.
As per statistics revealed by the department, the province had attracted US$205.6 million in foreign direct investment (FDI) from 15 newly licensed projects and 4 operating ones, thereby raising their levels of capital investment in the January-March period. This had resulted in the province ranking fifth in the country's leading localities in terms of FDI investment.
During the reviewed period, disbursement of FDI had reached over US$174 million, 81 times higher than the figure noted in the same period last year, it claimed.
The strong growth in the period's FDI disbursement was attributable to greater efforts by the local authorities in speeding up land clearance and simplifying administrative procedures as a move to create favourable conditions for foreign investors, Dang Xuan Truong, the department director informed Viet Nam Economic News.
Truong also forecast that the FDI disbursement will continue to increase and is estimated to top between US$800 million and US$1 billion by the year-end.
Last year, Thai Nguyen led localities in FDI investment, raking in about US$3.3 billion and constituting 16.1 per cent of the country's total figure of US$21.6 billion.
Apart from successfully attracting the largest FDI investment last year, the province was also an ideal destination for Samsung Group's three investment projects.
To succeed in attracting FDI, Thai Nguyen took various steps to improve its investment environment with eight major solutions related to laws and policies, planning, infrastructure, human resources, site clearance, administrative reform, and investment promotion, elaborated the provincial People's Committee Chairman Duong Ngoc Long.
Thanks to the implementation of a series of Provincial Competitiveness Index (PCI) improvement measures, Thai Nguyen has enhanced the investment environment remarkably, climbing up from 57th position among the 63 provinces and cities across the country in PCI terms in 2011 to 44th in 2012 and 17th in 2013.
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