Earlier this month, the Hai Duong People’s Committee granted in-principle approval for seven new projects valued at more than VND267 billion (US$11.6 million) in total.
An Austdoor Group wood factory in Hai Duong Province’s Hoang Dieu Industrial Cluster. – Photo courtesy of Austdoor
Among these projects were a VND97 billion convention centre and office project, to be financed by Phu Thai trade and investment company; a VND50 billion project producing electronics components to be funded by HTV investment and development company and a petroleum trading project, to be developed by Anh Khoi trade and service company at a cost of VND36 billion.
In addition to domestic investors, Hai Duong has also emerged as an attractive destination for foreign investment in recent years.
Statistics from the Ministry of Planning and Investment’s Foreign Investment Agency show that the province lured $450 million in foreign direct investment (FDI) in the first half of this year, ranking 10th among 46 localities that received FDI in the period.
Of the total, $326 million came from 38 newly licensed projects while the remainder was added to 14 projects already in operation.
As of June, 2019, Hai Duong was home to 438 foreign-invested projects with capital totalling more than $8.15 billion, retaining its position as one of the top ten localities in the country in terms of attracting foreign capital.
In order to lure more investment capital, the province should continue working on administrative reforms, especially in the fields of taxes, fees, land and social insurance, as well as reducing the burden on enterprises during inspections, analysts have said.
They also highlighted the need to improve business consultations and promote the role of provincial business associations to consolidate the trust of the business community.
Provincial leaders and localities need to hold more dialogues with business communities to solve pressing problems quickly, they noted.
