Improving Vinh Long for foreign investors

Truong Dang Vinh Phuc, director of Vinh Long Department of Planning and Investment, shines a light on the province’s major upcoming investment promotion event, and how the province will attempt to increase support for financiers in the months to come.

Continuing the success of the Vinh Long investment promotion conference last year, on August 15, Vinh Long People’s Committee will host a similar major event themed on co-operation for sustainable development.

The event is expected to attract around 350 participants, including provincial leaders, and other leaders from authorised management agencies based in the province, along with representatives from business associations and domestic and foreign companies.

The conference seeks to act as an open forum about investment with direct interactions between provincial leaders, investors, and businesses on a constructive basis. The event also promotes networking ­opportunities between companies, international organisations, scientists, and policymakers with a view to turning Vinh Long into an ­increasingly attractive destination for investors.

This is one of most important events in the province this year, helping Vinh Long to widely present its potential and advantages to businesses and financial backers. It also ­provides a chance for them to approach the province’s investment wish-list across all fields.

Notably, on the conference agenda, Vinh Long People’s Committee will grant investment proposal approvals and certificates, as well as sign memoranda of understanding (MoUs) for 12 projects valued at VND47.07 trillion ($2.04 billion) and $51 million in the total investment capital.

The province will also enact decisions and grant investment certificates for six projects valued at VND99.6 billion ($4.3 million) and $51 million, and sign MoUs with six more projects worth around VND47 trillion ($2.04 billion) in the total registered capital.

Many high-profile investors have registered to pour money into the province, such as privately-held T&T Group aiming to pump capital into three projects worth VND32.7 trillion ($1.42 billion), Vingroup to invest in building a trade and residential development valued at VND900 billion ($39.1 million), TMS Group with a project to build a new urban area and an entertainment complex in Binh Tan district and a new urban area named My Hoa in Binh Minh town with the total investment value of VND13.37 trillion ($581 million), and Hung Thinh Group with its premier Con Giong resort project valued at VND3 trillion ($130 million), to name but a few.

These projects, once operational, would contribute to transforming the province’s economic structure gearing towards modernisation.

To further attract leading investors to the province in the coming future, Vinh Long will be taking practical measures to effectively support them. Accordingly, the province will pay greater attention to improving the quality and efficiency of investment promotion and business support, leveraging concrete orientations and priority fields for attraction, quality planning schemes and effective implementation of activities on economic restructure and growth model reform, and give priority to social and economic development tasks in each period.

In addition, priority will be given to selecting projects with management expertise, which are technology intensive, and which have the ability to connect businesses in the province.

Simultaneously, relevant management agencies will constantly update models for investment promotion to boost efficiency and speed up the process of selecting funders for industrial zone and cluster infrastructure development, in order to create a cleared land bank for such investors.

Finally, incentive policies at central and local level will be constantly reviewed, helping to facilitate the implementation of projects.

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