Deputy Director of Ministry of Planning and Investment’s Foreign Investment Agency: Bac Giang needs to build "brand" to attract investment.

Update: 07:00 | 03/05/2020

(BGO) - Bac Giang currently ranks 16th out of 63 cities and provinces in terms of attracting foreign direct investment (FDI). In 2019 it ranked 8th nationwide in luring new FDI projects. Despite its impressive foreign investment attraction achievements, Bac Giang needs to do something to improve its FDI attraction quality and efficiency in the future. 

Nguyen Noi, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment, gave an interview to Bac Giang Newspaper on this issue.

In the overall foreign investment attraction picture of the country, how do you evaluate Bac Giang's results in this work?

As a locality in the northeast region of Vietnam, near Hanoi capital, Bac Giang boasts many advantages in attracting foreign investment. The province has also made some significant achievements in this work. By the end of 2019, Bac Giang had 502 FDI projects with a total registered capital of 5.9 billion USD, ranking 16th out of 63 localities in foreign investment attraction.

Planning and Investment, Foreign Investment Agency, Bac Giang province, build brand, attract investment, foreign direct investment, new FDI projects, FDI attraction

A production line at Nichirin Vietnam Co., Ltd. (Quang Chau Industrial Park).

Particularly in 2019, the province had 76 new projects, 35 projects with added capital and 60 projects contributing capital and purchasing shares with a total registered investment capital of 1.1 billion USD, ranking eighth among 61 localities with foreign investment, up 2.16 times and four places compared to 2018 (in 2018 it ranked 12th among 59 localities).

In the first quarter of 2020, the province was affected by the Covid pandemic but its foreign investment attraction was still quite good. This is an impressive result, demonstrating the province's efforts in improving the investment and business environment and investment promotion activities.

With many advantages, I believe that in the future, Bac Giang will achieve even better results in attracting investment if it takes appropriate solutions to promote strengths and overcome existing difficulties.

What are the difficulties and challenges that Bac Giang needs to overcome to grasp new opportunities as well as improve the quality and efficiency of foreign investment attraction?

Although Bac Giang has seen remarkable progress in attracting foreign investment over the past time, there remain limitations that need to be fixed. Many licensed projects see low progress, site clearance in some places still face difficulties, infrastructure for production in industrial zones is not yet complete, and skilled human resources fail to meet requirements...

To solve these problems, it is necessary to have synchronous solutions from supplementing planning schemes and completing infrastructure of industrial zones and clusters to selecting and approving investment projects.

Bac Giang should pay more attention to vocational training, have orientations and encourage the development of high-quality vocational training linkage models to meet immediate and long-term needs.

Bac Giang should pay more attention to vocational training, have orientations and encourage the development of high-quality vocational training linkage models to meet immediate and long-term needs.

At the same time, the province also needs to continue improving the investment and business environment, reforming administrative procedures to shorten the time to handle investment procedures, and removing difficulties and obstacles for investment projects in the locality, thereby winning confidence of new investors, as well as encouraging active projects to increase capital and expand investment...

Could you suggest some solutions for Bac Giang’s effective use of resources to attract foreign investment?

In order to attract investment effectively, Bac Giang can study a number of investment promotion solutions such as innovating, perfecting and improving the effectiveness of investment promotion; recruiting and training qualified cadres with good legal knowledge and foreign language skills; and coordinating with central agencies and neighboring localities to create regional links...

Provincial authorities should proactively access large corporations to call for investment in the locality, while establishing a working team supporting major investors led by a provincial leader.

It is necessary for the parallel implementation of investment promotion and trade development activities as creating product distribution channels is the driving force to attract investment projects. The province should prepare infrastructure and clean land funds to introduce to investors...

 

Thank you very much!
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Tran Duc

 
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