Hà Nam gets $760m investment at conference

Ten enterprises have received approval from and have signed co-operation agreements with the northern Hà Nam Province’s People’s Committee to invest VNĐ17 trillion (US$758.9 million) there.

Notably, a $300-million LED (light emitting diode) component production project in the Đồng Văn 1 Industrial Zone, in which the Korea’ Seoul Semiconductor has invested, is one of the planned projects.

The province also signed a socio-economic development co-operation agreement for the 2016-2020 period with the Bank for Investment and Development of Việt Nam (BIDV).

Under the agreement, BIDV pledged to give VNĐ20 trillion ($893 million) to fund key projects in the province such as for developing infrastructure facilities of local industrial zones (IZs) and to support investors in the IZs, especially those from Japan, South Korea and Chinese Taipei.

To realise the agreement, the BIDV’s branch in Hà Nam and the local government signed four memoranda of understanding on providing funds amounting to nearly VNĐ4 trillion ($178.6 million).

These were the outcomes of the conference held to promote investment in the locality on Saturday, which was attended by Prime Minister Nguyễn Xuân Phúc and more than 400 representatives of international and domestic businesses.

This was the largest-ever conference held in the province to invite domestic and foreign investment in three sectors: industry, advanced technological applications in agriculture, and trade-services-tourism.

At the meeting, Vũ Đại Thắng, vice chairman of the provincial People’s Committee said that the local authorities determined to improve the business environment by making 10 commitments, such as to supply enough electricity, streamline administrative procedures so as to grant investment certificates within three days and provide land free of charge to enterprises to build houses for workers.

They also promised to establish hotlines to provincial Party Committee Secretary and the People’s Committee Chairman to receive information and complaints from enterprises.

Addressing the event, PM Phúc said he appreciated the provincial leaders’ 10 commitments, and asked the local authorities to promote the new way of thinking in economic and administrative management, establish more mechanisms to enhance dialogue with businesses and to increase businesses’ access to information.

The PM said the province should pay attention to protecting the environment and promoting the development of other sectors, such as tourism, services, education and training, besides healthcare.

The prime minister said the Government would continue to create a favourable business climate to make Việt Nam one of the top investment destinations in the ASEAN.

Hà Nam is among the 15 top destinations for investors in the country. As of June this year, the province was home to nearly 600 valid investment projects, worth more than $4.95 billion.

In 2015, the locality ranked 31st in the provincial competitiveness index (PCI), up from 45th in 2014.


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