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INVESTMENT

Vietnam to create favorable investment climate

Updated at Sunday, 29 Oct 2017, 11:27
The Hanoitimes - The northeastern province of Vietnam, Quang Ninh is applying a range of measures to remove difficulties for businesses by improving investment environment and attracting social resources for local socio-economic development.
The province has launched the Business Café programme, built a survey tool for social networking, and establishing hotlines at all departments and sectors as well as organising quarterly and monthly meetings with enterprises.

In 2017, Quang Ninh had an initiative of implementing a social networking survey tool and building a fanpage to update businesses’ reports on administrative procedures relating to economic organisations.


 
This move has been highly evaluated by Provincial Competitiveness Index (PCI) experts from the Vietnam Chamber of Commerce and Industry (VCCI), according to deputy head of the Quang Ninh Department of Investment Promotion Tran Nhu Long.

The collection of opinions from businesses through the social network has helped authorities have more information to analyse and evaluate the business situation and build policies suitable with the local conditions.

Furthermore, direct dialogues between local leaders and entrepreneurs in the Business Café programme have been conducted since 2016 to weather difficulties for businesses.


 
In August 2017, the Quang Ninh Business Association launched a new venue for the Business Café programme to create a more professional and friendly space for businesses and authorities to exchange issues relating to business production activities and one-stop-shop administrative procedures.

The provincial Department of Science and Technology and the Business Association have coordinated to organise the Technology Café programme with the engagement of over 50 local businesses. The programme eased a number of concerns over the access to latest technologies, intellectual property, and industrial property.

Vice Chairman of the People’s Committee of Cam Pha city Pham Van Kinh said local authorities have met with businesses to promptly remove their bottlenecks. In September 2017, Quang Ninh hosted meetings with over 500 enterprises, cooperatives and business households, he added. From the late of 2016, Chairman of the provincial People’s Committee Nguyen Duc Long has directed localities and relevant agencies to reduce time to address administrative procedures.

The healthier investment climate has helped Quang Ninh attract more investors. Vietnam’s three biggest economic groups of Vingroup, Sungroup and FLC have been present in Quang Ninh with a number of key projects. 

Recently, potential investors at home and abroad such as Toray and Sozitaz groups from Japan, Serra Sunger ve Petrol Urunleri San. Tic.A.S from Turkey, and VINA-CPK company from the United Kingdom, Vinci Group from France, Vietnam Dairy Products Joint Stock Company (Vinamilk), and C.E.O Group of Vietnam have moved to study investment in Quang Ninh.

In the first nine months of this year, Quang Ninh granted new licenses and adjusted investment certificates for 48 projects worth over 18.5 trillion VND (814 million USD), equal to 69.5 percent of the same period last year. As many as 1,720 businesses were established with a total registered capital of over 7 trillion VND (308 million USD), up 46 percent in the number of businesses.
Trung Kien - Minh Ngoc
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