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Vietnamese province looks for investors
This huge investment capital would contribute towards various sectors including transport, seaport, industrial zones and urban development, agriculture, seafood, processing and tourism. The event also witnessed nine memorandum of understandings (MoUs) inked between head of the provincial Phu Yen Economic Zone Management Board Truong Phuoc Cuong and investors. As a result of the MoUs, investors will pump VND7.45 trillion ($363 million) into nine projects.
Among the projects are a VND2.2 trillion ($107 million) highway linking Tuy Hoa Airport and Ganh Da Dia (a popular tourism spot) and the infrastructure construction of a 320-ha non-tariff zone valued at VND1.4 trillion ($68.2 million).
The provincial People's Committee chairman, Pham Dinh Cu, also granted an investment licence to the Hiep Hoa Phat Joint Stock Co to develop a 2,155-ha industrial park in the province. The park, expected to cost VND10 trillion ($488 million), was not among the 24 projects calling for investment.
Phu Yen had untapped economic potential, the chairman said, adding that increasing efforts were being made by local authorities to create the most favourable conditions for investors. To facilitate investment, Phu Yen has adopted numerous incentives for domestic and foreign investors such as corporate income exemption and land rental reduction. Besides simplifying licensing procedures, provincial leaders also meet with investors once every six months to discuss difficulties in production and business.
The province remains one of the country's 10 leading localities for foreign investment attraction. As of November 20, the province was home to 48 foreign-invested projects, worth a combined $8.13 billion.
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