Attracting investment with focus

Attracting non-budget capital

 

In the period 2016-2020, the province attracted 194 non-budget investment projects with a total registered capital of 177,357 billion VND; including 97 FDI projects (foreign direct investment) with a total registered capital of VND 78,750 billion. Major projects include: Van Phong BOT 1 Thermal Power Plant of Sumitomo Group, Japan (VND 56,437 billion); Cam Ranh International Airport 4,500 billion VND; KN Van Ninh solar power plant 2,500 billion VND; Nam Van Phong General Port 894 billion VND and many resort projects in the North Cam Ranh peninsula tourist area...

According to the Provincial People's Committee, from the effects of the Covid-19 pandemic, the 2021-2025 period may have many changes due to disruptions in the global supply chain, affecting production and business activities in the region and the world. Therefore, the demand for investment capital for the development of the whole society for this period will be very limited. Facing these difficulties, the Provincial People's Committee determined to focus on attracting non-budget capital for socio-economic development. In particular, the main goal is to promote the attraction and development of the province's industry such as investment in infrastructure development of economic zones, industrial parks, and industrial clusters. The province will prioritize industries that create high added value and protect the ecological environment.

 

Regarding specific goals, the province will focus its investment resources on urban development to become a centrally run city by 2025; focus on attracting investment and developing 3 driving force areas: Van Phong Bay, Nha Trang City and Cam Ranh Bay; give priority to building Van Phong Economic Zone into a coastal economic zone with many sectors and fields and a dynamic economic zone of the province and the South Central region. From 2021 to 2025, the province aims to attract at least 250,000 billion VND in newly registered investment capital. The province also continues to implement the priority target of attracting investment in large, important industrial projects with development motivation such as Ninh Hai Industrial Zone, Doc Da Trang Industrial Zone, Ninh Tinh Industrial Zone, Van Thang Industrial Zone, South Cam Ranh Industrial Zone…

 

 

 

Promotion activities in line with reality

 

In the context of the Covid-19 epidemic, the province will stick to the actual situation to assess the trend of shifting FDI capital flows in the post-Covid-19 period and FDI inflows into Vietnam. Since then, the province has proactively proposed solutions and innovations to attract capital flows in line with the general development orientation. Simultaneously, activities of researching and assessing potentials of traditional markets such as Japan, Korea, Taiwan, Singapore, the US and Russia in the previous period to be maintained; the needs of each partner need to be clearly identified in order to have appropriate communication methods and investment promotion forms, bringing high efficiency. For partners who are members of trade agreements signed by Vietnam, the promotion program will explore and expand markets in line with the province's socio-economic development orientation.

 

 

 

 

For the most effective investment promotion activities, the Provincial People's Committee has requested relevant departments and agencies to support businesses and investors. In particular, the province effectively implements the commitments between Khanh Hoa province and localities, Japanese partners and large corporations such as: IPP, FPT, Millennium Energy (The US-based company)... The province has assigned the Department of Planning and Investment to propose building an interdisciplinary working group model to support key projects and investors during the implementation of investment projects as well as production and business. At the same time, the Department of Planning and Investment is responsible for finding and developing a plan to promote and attract investors and businesses wishing to shift investment in the context of restructuring the global supply chain; maintain the organization of the "Entrepreneurs’ Coffee " model to inform the policies and guidelines of the province for investors and businesses.

 

According to Le Huu Hoang - Standing Vice Chairman of the provincial People's Committee, in the period of 2021-2025, the province continues to mobilize capital sources, especially foreign direct capital to exploit its economic potential; focuses on attracting investment in the direction of developing three dynamic economic zones of the province, namely Van Phong Bay, Cam Ranh Bay and Nha Trang Bay, in association with the implementation of Conclusion No. 53 of the Politburo. The provincial People's Committee will direct the departments and branches to select the list of projects calling for investment in this period.

 

Dinh Lam

 

Translated by T.T