Nghe An attracts $2b in investment

News - The central province of Nghe An licensed 45 investment projects totalling VND39 trillion (more than US$2 billion) in the first seven months of this year, doubling its target set for the year, the provincial Department of Planning and Investment said.

Of the total, 40 were domestic invested projects with the combined capital of VND20 billion (more than $1 billion), 23 per cent higher than the whole of last year. Among the biggest projects were the Vinh Smart City urban area, worth $121 million, and a $54 million afforestation project.

The province also attracted five foreign-invested projects capitalised at $1 billion, ranking fourth among foreign investment receivers nationwide in the period.

“The result is above our expectation,” the department’s foreign trade division head Nguyen Van An said.

“On-going efforts of the local authorities in seeking investment sources in past years is one of the main reasons for this good performance,” An said.

“This also proves the increasing attraction of Nghe An to domestic and foreign investors.”

Local authorities would continue giving incentives and assistance to businesses to help increase investment, An said, especially in producing construction materials, farm product processing and support industries.

The province was also calling for investment in 22 marine and ecological tourism projects, estimated at $250 million.

The projects were expected to develop tourist attractions for both foreign and domestic tourists.

Investors would receive the province’s support in terms of site clearance, infrastructure and labour training.

The province had drawn up a plan to improve its Provincial Competitiveness Index with a focus on fostering administrative reforms and strengthening human resources, An said.

TH Milk Co general director Tran Bao Minh said the province had a good economic structure and the geographic location favourable for his company to build a $1.2 billion fresh milk processing plant in Nghia Dan District.

Construction of the plant’s first phase, worth $350 million, began in May.