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NEWS UPDATES Asean Affairs     March 1, 2017  

Investors pledge to pour cash into Tuyen Quang

A conference on investment, trade and tourism promotion held for the first time by the mountainous province of Tuyen Quang yesterday has concluded with investors’ pledging a total of VNĐ18.3 trillion (over US$801 million) into six large-scale projects in this province.

The provincial authorities also took the opportunity to present licences to six projects worth a combined total of nearly VNĐ3.7 trillion ($164 million), including a VND900 billion resort by VinPearl group, and a VND485 billion animal breeding complex by Dabaco.

Prime Minister Nguyen Xuân Phuc said that other than unburdening administrative loads on enterprises and investors, Tuyên Quang Province must seek ways to improve its business and investment environment in order to attract greater investment and more projects that support its socio-economic development.

He also called for enterprises to boost their investment in the province.

Out of 15 key projects for which the province is soliciting investment, six aim at promoting tourism; the others are concerned with cultivation and processing of agricultural, forestry, and fishery products, as well as producing biotechnology products.

Tourism and agricultural and forestry products are considered Tuyen Quang’s assets that bring in sizeable revenue, helping to raise the living standards of ethnic groups in the mountainous province.

Identifying the facilitation for investment as a key priority, the provincial authorities have carried out reform measures to reduce time spent on administrative procedures by 30 per cent. A steering committee was also established to give instructions and implement action plans and programmes to raise the province competitiveness index (PCI).

So far, 180 projects have been greenlit and licenced, with total investment reaching upwards of VNĐ27 trillion ($1.18 billion) from 1,200 enterprises, including four FDI enterprises.

In 2016, a number of leading domestic enterprises have sought opportunities and invested in the province, such as VinGroup, Mường Thanh Corp, Việt Nam National Textile and Garment Group, Woodsland Tuyen Quang, among others, helping the province’s economic structure shift towards industry, service, and forestry.

At the conference, investors expressed their appreciation for the supportive spirit the province’s authorities have shown, especially in land clearance and administrative reforms.

PM Phúc mentioned the construction of a 40km highway that will link the province with the Ha Noi – Lao Cao Highway, which he said would reduce travel time from the capital city to the province to an hour and a half.

The PM also urged the province to carefully create a plan to sustainably develop its socio-economic infrastructure with a long-term view, avoiding potential conflicts.

PM Phuc also addressed environmental issues that frequently accompany economic development. He said that since the province is upstream of major tributaries that will flow to the plains, protecting water resources must remain a high priority and environmental laws must be strictly enforced.

He also urged enterprises to pay special heed to workers’ rights and benefits, but in turn, the provincial authorities need to re-train the labour force, aiming for better quality workers to provide to enterprises.

The conference is expected to speed up the completion of policies that attract investment into the province.

Yesterday afternoon, the PM also visited the An Hoà paper factory of the Ha Noi Export-Import Company (GELEXIMCO Group), one of the country’s biggest paper factories and the only facility in Việt Nam that can produce paper pulp.

With an output of 130,000 tonnes of paper and paper products, the factory uses elemental chlorine free (ECF) techniques for bleaching, helping to drastically cut back on environmental pollution and paper costs at the same time.

Tapping forestry economy

PM Phúc also advised the province to promote a forestry economy and make it a national model in the field while working with provincial authorities last Sunday.

Together with a forestry economy, the province should develop tourism and hi-tech agriculture, he said.

Located between the northwestern and northeastern regions with 22 ethnic minority groups, the province’s economy has yet to match its potential, recording only VNĐ1.59 trillion ($71.4 million) in revenue last year.

It recorded a planted forest area of over 10,500 hectares, up 104 per cent in the year. Its forest coverage has been maintained steadily at 64 per cent.

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