The central province of Nghe An has so far this year granted investment licences to 82 projects with a total registered capital of 7.58 trillion VND (325 million USD), representing decreases in both number of projects and registered capital.
According to the provincial Department of Planning and Investment, the number of investment projects decreased 29.2 percent compared to the same period last year while total investment capital fell 40.08 percent year-on-year.
It admitted the slow implementation of many signed investment projects, adding that the province has withdrawn seven projects with slow progress.
In addition, most newly-licensed projects in Nghe An have a small scale and low registered capital, he said, citing 55 out of 80 projects registered an investment capital of 50 billion VND (2.1 million USD) each.
To solve this situation, the province will continue improving its investment climate, set specific investment attraction orientations for each sector, and offer incentives in terms of land, tax and labour to lure domestic and foreign investors, the department said.
Nghe An will resolutely address the slow and prolonged settlement of investment procedures for investors, it added.