Creating favorable, open investment environment

Update: 20:40 | 06/06/2019

(BGO) - The number of investment projects in Bac Giang city (Bac Giang province) has increased sharply, with many large projects already put into operation, contributing to promoting local socio-economic development. That is the result of the city’s efforts to improve the investment environment.

Positive signals

In November 2018, the Tien Bo Group Joint Stock Company (TTB Group) started construction on the Green City Urban Area project on Tran Quang Khai street, Tho Xuong ward.

Bac Giang province, investment environment, investment projects, socio-economic development, investment environment, favorable conditions, important contributions, trade promotion activities

The apartment building in the Green City Urban Area has been built to the 16th floor.

The project has a total investment of nearly 1.2 trillion VND (51,500 USD) on an area of more than 16,000sq.m, including four 21-storey apartment buildings, two of which serving resettlement for officials and employees of the Ha Bac Nitrogenous Fertilizer Plant and households whose houses are cleared for the project.

Accordingly, the unit will put on sale more than 2,000 modern apartments, with an area of between 30sq.m and 76sq.m each, meeting the criteria on greenery, water surface, and roads, accounting for more than 70 percent of the total area.

Also enjoying favorable conditions in investment procedures, in 2016, the Dung Tien Trading and Service Co., Ltd. had premises at the Tho Xuong industrial cluster to build offices and warehouses serving business activities. This is the Tier-1 dealer distributing goods of many big manufacturers such as Dutch Lady, Masan, Kinh Do...

Since 2016, the city has verified 296 projects to submit to the provincial People's Committee and had 109 projects approved, much higher than the figure in the previous period. They include 96 domestic projects with a total capital of more than 25 trillion VND (1.07 million USD); and 13 foreign-invested projects worth over 316 million USD.

At the same time, more than 6,400 households and cooperatives registered production and business with a total capital of over 5.2 trillion VND (223 million USD). Currently, the city has over 2,400 enterprises and cooperatives, and nearly 20,000 business households operating, making important contributions to the city's socio-economic development. Along with creating jobs for tens of thousands of labourers, in 2018, the city’s non-state revenues accounted for more than 49 percent of total budget revenues.

Actively supporting businesses, investors

Implementing Resolution No. 73-NQ / TU dated May 6, 2016 of the provincial Party Committee on improving the investment and business environment in the province in the 2016-2020 period, the Party Committee and authorities of Bac Giang city have paid attention to directing administrative reform and creating favorable conditions for investors and businesses.

The city’s specialized agencies have reviewed and shortened the time for handling many administrative procedures related to investment and business. In three consecutive years, from 2016 to 2018, the city led the province in administrative reform.

Khong Thi Thuy, Director of the Phu Quy Social Company Limited, said in 2018, the Phu Quy OIBC Group International Investment Joint Venture Company Limited (a joint venture between the Phu Quy Social Company Limited and the OIBC Finance Investment Group of Hong Kong) implemented the Phu Quy OIBC International Rehabilitation Center project on an area of 13,000sq.m in My Do ward.

The province and Bac Giang city have created conditions for enterprises to invest in the locality while listening to businesses and promptly solving arising problems for them. It now takes less than a month to complete legal procedures from the time of submission to the time when the results are returned.

Besides, the city has paid attention to upgrading the technical infrastructure of residential areas and roads connecting the old urban areas with the new ones to create favorable conditions for investors to implement their projects. It has also supported site clearance compensation as well as production, branding and trade promotion activities.

In the coming time, the municipal People's Committee plans to continue building and creating a truly open, transparent, favorable and equal investment, production and business environment between all economic sectors, creating the motivation to attract investment and develop businesses.

According to Mai Son, Chairman of the municipal People's Committee, the city’s leaders will increase dialogues and promptly remove difficulties and obstacles for businesses in investment, production and business activities.

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