Khanh Hoa Province:

Identifing priority areas for investment promotion

The People's Committee of Khanh Hoa province has just issued the Investment Promotion Plan for 2024, which clearly identifies priority markets and areas to attract investment to realize the goal by 2030, Khanh Hoa will become a city directly under the Central Government.

Attracting investment selectively

Investment promotion activities in 2024 are determined to play a very important role in the development of the province. Therefore, the provincial People's Committee will selectively attract investment in projects that use land economically, save energy, use high technology, clean technology, are environmentally friendly, and have high added value, contributing to promoting rapid and sustainable socio-economic development. The provincial People's Committee determined to promote research and assessment of market potential, trends and investment partners. Accordingly, to attract domestic investment, the province prioritizes calling for reputable and branded investors; investors have successfully operated production and business in the province as well as in other localities. To attract foreign investment, the province will select capable investors from traditional markets such as Japan, Korea, Singapore, and the United States. At the same time, the province will promote investment promotion in countries that are members of free trade agreements such as Australia, Canada, New Zealand, and European Union (EU) member countries. In particular, investors with experience, capacity and great influence will be given priority by the province.

In 2024, the provincial People's Committee will attract and invite secondary investors to fill industrial parks that have invested in complete infrastructure, focusing on a number of industries in order of priority, such as processing industry transform agriculture, forestry, fisheries and high quality food; high-tech mechanical manufacturing industry (mainly shipbuilding support); clean energy industry, renewable energy; electronics, telecommunications, semiconductor industries; supporting industries for mechanical engineering, manufacturing, electronics, telecommunications, semiconductor, textile and garment - leather and footwear industries; new construction material production industry; light industry, consumer goods, handicrafts, and goods for export.

For Van Phong Economic Zone, City. Nha Trang and Cam Ranh Bay area, the province continues to attract investment to build innovation centers; information technology; construction and business of commercial and financial centers; urban area construction and business; clean energy industry, processing industry, high-tech manufacturing, precision mechanics, oil and gas processing, electronics, health care service area. Van Phong Economic Zone is also aimed at attracting investment in the fields of airport construction and business, seaport investment, logistics services, and seaport logistics services. At the same time, the province will attract investment to develop Nha Trang City as a center of economics, politics, culture, society, science, technology, and human resource training; effectively promote the province's role as an important growth pole and gateway to international integration. Cam Ranh Bay will be developed as a key socio-economic area associated with national defense and security.

Van Phong Economic Zone attracts investment in the fields of seaports, logistics services, and seaport logistics services.

Le Huu Hoang - Standing Vice Chairman of the Provincial People's Committee said: "The investment promotion program in 2024 is built in accordance with the province's socio-economic development plan, the goals of Resolution No. 09 of the Provincial People's Committee on building and developing Khanh Hoa province to 2030, vision to 2045 and Khanh Hoa province planning for the period 2021 - 2030, vision to 2050, thereby contributing to the successful implementation of the Resolution of the 18th Provincial Party Congress, term 2020 - 2025. The program aims to improve the quality and efficiency of investment promotion activities to attract investment capital into key projects contributing socio-economic development of the province; improve the investment and business environment, enhance provincial competitiveness to achieve the goal of making Khanh Hoa a centrally run city by 2030."

Many activities and events to be organized

Khanh Hoa Province focuses on building image, propagandizing, promoting and introducing the environment, policies, potential, opportunities and investment connections; support, guide and facilitate investment activities. The province is reorganizing the Provincial Investment Promotion and Enterprise Support Center under the provincial Department of Planning and Investment to operate effectively and efficiently; to organize and implement investment promotion activities and improve the investment and business environment; to be the direct point of contact, information, and support for investors in learning and researching investment opportunities, selecting and introducing investment locations; receive applications and support investors in carrying out investment procedures until the project comes into operation... The province will also organize dialogue conferences to remove difficulties for small businesses at least 2 times/year; continue improving the business investment environment, improving the Provincial Competitiveness Index (PCI), Satisfaction Index of Public Administrative Services (SIPAS) and Public Administration Reform Index (PAR INDEX), create an open and favorable environment to attract strong and effective investment...

Chau Ngo Anh Nhan - Director of the provincial Department of Planning and Investment said that in order to further investment promotion, as the main assisting agency for the Provincial People's Committee in this field, in 2024, The Department will develop a plan and recruit personnel for the Provincial Investment Promotion and Business Support Center, ensuring that the qualifications and abilities of the recruited people meet the standards, conditions and requirements. Besides, the Department will continue to review, update and consult the provincial People's Committee to adjust the list of fields and projects calling for off-budget investment in the 2024 - 2025 period; advise the Provincial People's Committee to promulgate the Investment Promotion Plan for 2024 and develop the Investment Promotion Program for 2025; coordinate with relevant departments and branches to advise and organize working groups of provincial leaders to promote investment in the United States, Korea, Taiwan, China, Thailand, Finland, Japan, Kazakhstan, Laos and organized Khanh Hoa Investment Promotion Conference in Ho Chi Minh City.

Domestic and foreign investment promotion activities in 2024:

- Khanh Hoa - Europe Investment Promotion Conference in Khanh Hoa, scheduled to be held on April 1. Industries and fields attracting investment include high-tech industry, manufacturing and processing industry, services of logistics, and energy industry.

- Khanh Hoa - Taiwan Investment Promotion Conference in Khanh Hoa, scheduled to be held in August 2024. Industries and fields attracting investment include processing and manufacturing industry, electronics, telecommunications, semiconductors and supporting industries.

- Investment Promotion Conference in Van Phong Economic Zone and industrial parks in Khanh Hoa province, expected to take place in the second or third quarter of 2024.

- Khanh Hoa Province Investment Promotion Conference in the United States, scheduled to be held in April 2024. Industries and fields attracting investment include high-tech industry, semiconductor industry, information technology, innovation, human resource training...

- Khanh Hoa Province Investment Promotion Conference in Korea, expected to take place in the second quarter of 2024. Industries and fields attracting investment are mainly high-tech industries, supporting industries, logistics, and energy.

Dinh Lam

Translated by T.T