Long An moves to attract FDI
Monday, 2017-02-27 06:34:01
NDO/VNA—The Mekong Delta province of Long An has offered incentives to attract foreign direct investment (FDI), particularly to hi-tech agricultural projects and green industry.
Chairman of the provincial People’s Committee Tran Van Can said local authorities have aimed to create optimal conditions for foreign investors in Vietnam while ensuring the enforcement of the law.
From now until 2020, priority will be given to projects relating to residential urban areas, traffic and industrial infrastructure, hi-tech agriculture and the support industry, Can said, adding that the province was seeking investment in 16 projects, worth more than US$7billion.
The province plans to continue improving its mechanisms to draw in more foreign investment while reviewing and accelerating the implementation of investment projects.
The locality will provide assistance to investors in land clearance and human resources training while strengthening administrative reforms, improving the investment climate and enhancing provincial competitiveness.
Long An leads the Mekong Delta region in FDI attraction, with 772 projects, worth a total of nearly US$6billion from 37 countries and territories. The projects are mostly located in industrial clusters and zones, such as Duc Hoa, Ben Luc, Can Duoc, Can Giuoc and Tan An.
Of these, 459 projects worth a total of US$3 billion have been put into operation. The countries with the most investment in the province are the UK, the Chinese province of Taiwan, Japan, Singapore, the Republic of Korea and the US.
Together, local FDI projects employ 36% of the province’s employed labour force and contribute more than VND3 trillion (more than US$131.6 million) per year, accounting for 37% of the province’s budget collection.
Long An has zoned off some 13,500 hectares for industrial development by 2020. Currently, 5,000 hectares are ready for investment projects.