Quang Nam province invests in future with fresh development milestones
Quang Nam province invests in future with fresh development milestones
The central province of Quang Nam is supporting businesses, improving the business environment, and calling on investors for a breakthrough in rapid and sustainable development.
As of September, the south-central province has so far attracted over 1,160 domestic ventures that are still in effect with investment of nearly $9.85 billion. Almost 200 foreign-invested projects are in operation, at a total registered capital of $6.2 billion, and ranked 20th out of all provinces and cities in attracting foreign investment.
Logistics, infrastructure, and industrial facilities help Quang Nam become a reliable investing hotspot
The province’s economic scale currently ranks 26 out of 63 localities with nearly $2.5 billion, and export activities in 2023 ranked 28th with a total export turnover of $1.8 billion.
In early July, Karcher Group from Germany put into operation the first cleaning equipment factory project in Southeast Asia, worth €20 million ($21.6 million), at Tam Hiep Industrial Park.
“We believe that Quang Nam is the best place to expand our production scale because we have received optimal support from the government. In addition, the province has developed infrastructure with national highways, seaports, expressways, airports, and deepwater ports,” said Rainer Kern, CFO of Karcher Vietnam Technology Company.
Tran Ba Duong, chairman of the board at Truong Hai Auto Corporation, said that it has invested in ports and systems, but logistics costs are still 20 per cent higher than at the two ends of the country. To deal with this difficulty, the company has imported goods such as components, for assembly and export, but there is still a shortage of goods.
“We have conducted research according to the planning of Quang Nam province, and will be determined to participate in bidding for the Cua Lo project,” Duong said.
Besides that, along with the road traffic system, it will also study road investment in the form of build-operate-transfer to focus on transportation from southern Laos, northern Cambodia, and the Central Highlands to Chu Lai.
“We have invested in infrastructure early, and with large cargo ships coming in, logistics costs will be solved. When logistics costs are low, other investors will come to the central region and Quang Nam in particular,” added Duong.
Don Lam, a member of the board at of Nam Hoi An Development Company, which runs Hoiana Golf and Resorts, said that since 2016, the enterprise has invested $1.2 billion in the Hoiana Golf and Resort project in Duy Xuyen district, which is currently the largest tourist area in the central region.
“In the past two years, Hoiana has contributed more than $42 million to the state budget, creating jobs for nearly 3,000 local workers,” Lam said.
Reaffirming the companionship with businesses and investors, Chairman of Quang Nam People’s Committee Le Van Dung said, “Quang Nam is determined to overcome constraints to carry out this work, to have a good investment environment, and to have large and prestigious enterprises investing here.”
Quang Nam is well-known for its two world cultural heritages of Hoi An and My Son Sanctuary. The province is also highlighted by Chu Lai Open Economic Zone and Nam Giang International Border Gate Economic Zone, as well as 14 industrial zones and 115 industrial clusters. All are listed in the provincial planning that was approved in January.
Deputy Secretary of Quang Nam Party Committee and Chairman Dung said, “Thanks to huge advantages, Quang Nam is considered a safe, attractive, and reliable investment hotspot in the eyes of international organisations, as well as domestic and foreign investors.
