Ninh Thuan Province offers opportunities for investors

Ninh Thuan Province offers opportunities for investors

The south central coastal province of Ninh Thuan has yielded significant achievements in socioeconomic development, setting the stage for further breakthroughs and investors.

Accelerating the construction of the Ca Na Seaport Complex

Impressive results

Over the past five years, Ninh Thuan Province’s gross regional domestic product (GRDP) has grown annually by an average of 10.2 percent. The annual provincial budget revenue has increased by 12.8 percent on average. Total social investment has seen a 2.35-fold increase over the past five years compared to the previous period, while the poverty rate has dropped to 5.74 percent. Two districts and 28 communes have met the national criteria of new-style rural areas. The province’s economic structure has shifted, with industry and construction, services, and agro-forestry-fishery, accounting for 32.1 percent, 39.8 percent, and 28.1 percent of GRDP, respectively.

Wind farm

By 2020, Ninh Thuan had granted investment decisions for 13 wind power projects with total capacity of 678.33MW, three of which are operational with capacity of 181MW; and for 34 solar power projects with total capacity of 2,343MW, 32 of which are operational with capacity of about 2,173MW.

In addition to Da Nang, Nha Trang and Phu Quoc, the province has also become a familiar destination for tourists, with the construction of world-class resorts, such as SunBay Park Hotel & Resort Phan Rang, Ecopark, Vinpearl, FLC and T&T.

The vision of provincial leaders was an important key to success in lifting the province out of poverty. In 2010, the province hired foreign consultants to build a master plan for socioeconomic development until 2020, with a vision to 2030 (approved in Prime Ministerial Decision 1222/QD-TTg dated July 22, 2011). The province also proposed to the central government to enjoy specific mechanisms and policies in order to promote socioeconomic development.

Salt harvested in Ninh Thuan Province

Ninh Thuan has offered significant incentives to attract investors, including reductions in land rent, corporate income tax and import tax. In addition, the local government has promoted administrative reforms by pioneering the operation of the Economic Development Office (EDO) based on the Singaporean model, while strengthening dialogues to promptly overcome difficulties facing businesses.

New goals and opportunities

During the 2021-2025 period, the province strives to reach annual GRDP growth of 10-11 percent and VND100-105 trillion in social investment. By 2025, the maritime economy will account for 41-42 percent of GRDP, while per capita GRDP will reach VND113-115 million. The province’s economic structure will shift, with industry and construction, services, and agro-forestry-fishery, accounting for 42-43 percent, 39-40 percent, and 18-19 percent of GRDP, respectively.

To realize the goals, the province will focus on key areas, such as clean energy, high-class tourism and high-tech agriculture associated with the processing industry. Ninh Thuan, which is considered a gateway connecting the southern key economic zone with the Central Highlands and south central coastal provinces, promises opportunities for domestic and foreign investors.

Ninh Thuan Province is preparing a plan to become a renewable energy hub and to develop the energy sector into a pillar of the local economy. The province has developed a master plan for the energy sector and proposed to the Ministry of Industry and Trade that the projects be added to the National Power Plan VIII, opening up opportunities for investors in electricity production, support industry development, human resource training, operational management and technology transfer.

High-tech agriculture associated with the processing industry is also one of Ninh Thuan’s economic pillars for the 2021-2025 period.

Vinh Hy Bay

Its favorable position also makes the province a key target of the national tourism development strategy.

With a large clean land fund and no investment conflict ahead, urban real estate associated with coastal tourism is also a promising field for investors.

Tempting conditions

Ninh Thuan Province offers investors tempting conditions and promises greater efforts to cut red tape in order to facilitate investment.

The Ninh Thuan People’s Committee is committed to ensuring the best interests and applying the highest incentives according to the state’s regulations. With a new approach and thinking and full of responsibilities as well as breakthrough and strategic vision, Ninh Thuan Province has done well over the past five years, creating a premise for further development in the 2021-2025 period.

VietNam Economic News