The central province of Phu Yen is determined to improve its business climate and enhance investment promotion to attract capable investors who can help exploit its untapped potential.
Nguyen Chi Hien, Vice Chairman of the provincial People’s Committee, said during an online dialogue held on September 14 by Dau Tu (Investment) newspaper that the province’s development was still much below its potential, while information about its advantages had not reached a large number of investors.
“We will strive to enhance investment promotion to make investors understand more about the investment opportunities here,” he said.
The province prioritised investment in infrastructure development, high-end tourism and renewable energy.
According to Huynh Lu Tan, Director of the Department of Construction, with a number of tourist attractions such as Bai Mon, Mui Dien and Xuan Dai Bay, Phu Yen has rich potential for investment in tourism property. Tan said that the province would seek investors with experience and adequate financial capacity. He added any investments must be compliant with the province’s socio-economic development planning to 2020 with a vision to 2030, approved by the Prime Minister early this year.
Phu Yen also encouraged investment in transport infrastructure, power supply, parks, waste treatment, water supply and drainage.
Nguyen Thanh Tuan, Deputy Director of the Department of Industry and Trade, said the province has significant potential for building solar and wind power projects.
To date, the People’s Committee has permitted 17 investors to study the feasibility and implementation of 19 solar and wind power projects, eight of which were included in the country’s power development planning.
According to Nguyen Hao Hiep, Chairman of First Real, a property developer looking to invest in Phu Yen, the province is a fertile land for tourism investors in particular thanks to its nearly 200-kilometer coastline, beautiful scenery and good transport connectivity. In addition, the provincial authorities also have favourable policies for investors.
Hiep said that Phu Yen needs to be selective in attracting investment to ensure sustainable development.
Phu Yen attracted 284 investment projects during the 2011-17 period, including 19 foreign direct investments with total registered capital of US$6 billion.