Hanoi: Last year, the northern province of Thai Binh became one of the five biggest recipients of foreign direct investment (FDI) for the first time, an achievement attributed to its flexible and creative moves and strongly reformed measures to support investors.
In 2023, Thai Binh attracted more than 2.9 billion USD in FDI, an unprecedented figure rising almost 4.4-fold from the previous year. With this result, it joined Ho Chi Minh City, Hai Phong city, Quang Ninh province, and Bac Giang province in the top five FDI destinations.
Notably, its investment attraction has gradually shifted from ‘quantity’ to ‘quality’, Quan doi Nhan dan (People’s Army) daily reported, noting that all the new projects and the existing ones added with more capital recently are operating in the fields Thai Binh is inviting investment to such as high technology, processing, electronics, mechanics, and supporting industries.
In particular, the province last year recorded a liquefied natural gas (LNG)-fired power plant project wor
th 1.99 billion USD invested by Tokyo Gas Co. Ltd and North Kyuden power company of Japan and Truong Thanh Group of Vietnam. The project is expected to help boost local socio-economic development, scale up the province’s economy, and contribute to national energy security.
Pham Duc Thanh, Deputy Director of the provincial Department of Planning and Investment, attributed Thai Binh’s investment attractiveness in recent years to its readiness to listen to and deal with difficulties and proposals of businesses.
Coming here, businesses are always given optimal conditions to conduct surveys and implement projects, he continued, noting that the provincial People’s Committee has engaged in direct dialogues with companies via the weekly Entrepreneurs Café programme to solve problems facing them in a timely manner.
Thai Binh also boasts a favourable geographical location and a modern transport system that is being gradually perfected to connect it with other localities in the Red River Delta and the economic growth
triangle of Hanoi – Hai Phong – Quang Ninh.
Local authorities have also been gearing up necessary conditions, especially in terms of infrastructure, land, and human resources, to attract domestic and foreign investors.
Ten industrial parks covering nearly 3,000ha with readied infrastructure have taken shape across the province. Notably, the Thai Binh Economic Zone with a total area of 30,583ha is housing 22 industrial parks whose industrial land covers 8,020ha. It also boasts a favourable geographical location that is just about 35km from Cat Bi Airport and 50km from Lach Huyen International Seaport in Hai Phong.
Chairman of the provincial People’s Committee Nguyen Khac Than said building transport facilities, preparing industrial parks with completed infrastructure, and devising preferential policies are among the province’s efforts to selectively attract FDI. Besides, Thai Binh doesn’t wait for investors to come but has actively organised promotion activities to invite major domestic and foreign firms, h
e added.
To create its competitive edge in the race to attract high-quality foreign investment, the province identified improving the business climate and its position in the Provincial Competitiveness Index rankings as a focal and consistent task. It is also helping companies learn about legal regulations of Vietnam, international agreements, and the province’s policies on investment attraction and socio-economic development. Investors of industrial park infrastructure are also being urged to quickly complete building facilities to welcome secondary investors, he added./.
Source: Vietnam News Agency