by THUY LINH reports 11/06/2024, 11:14

Long An set to welcome investors

Mr. Nguyen Van Ut, Chairman of the Long An Provincial People's Committee, stated that Long An Province is committed to always welcoming and supporting local and foreign investors.

Mr. Nguyen Van Ut, Chairman of the Long An Provincial People's Committee

>> Long An Province emerges as an attractive investment destination

In an exclusive interview with our reporter, the Chairman of the Long An Provincial People's Committee stated that Long An Province has continued to implement synchronous solutions to improve the business and investment climate, increase competitiveness, attract investment, contributing to the province's economic and social development, and making Long An a well-developed province in Vietnam's Southern Key Economic Zone.

Long An Province has employed synchronized solutions to improve the business climate, boost competitiveness, and support businesses. In your opinion, what are the province's competitive advantages in attracting investment?

Long An has many advantages in the investment environment since it is located in Vietnam's Southern Key Economic Zone, which connects TP.HCM and the Mekong Delta. The province has prioritized infrastructure investment, upgrading, and improvement, particularly in transportation infrastructure and the establishment of interregional transportation hubs, as well as connecting districts and industrial clusters with HCM City and neighboring provinces.

Administrative reform and business climate improvement, in particular, have been strategically oriented and have achieved tremendous progress. Long An's Provincial Competitiveness Index (PCI) ranks 10th out of 63 provinces and cities in 2022, placing it among the top provinces and cities with the best performance. Long An's 2021–2030 Provincial Plan, with a vision to 2050, focuses on economic development, investment attraction, business climate improvement, etc.

The provincial government's dynamism and pioneering in policy execution have contributed to the prompt removal of business difficulties. Could you please share this? 

Long An has progressed in administrative reform, digital transformation, and business support. The province has actively engaged in business dialogues to remove bottlenecks, investment and labor promotion, and image-building with overseas partners.

Since early 2023, Long An Province has effectively organized multiple business visits to Taiwan (China), Japan, Korea, Cuba, and the United States. During business trips, provincial leaders and firms signed many Memorandums of Understanding (MOUs) with various provinces and cities in foreign nations for investment cooperation, trade promotion, and labor supply.

Long An also works on helping current investors, increasing investor trust in the province's policies, and attracting new and strategic investors. Many investors with big projects from many nations were pleased that the provincial authorities granted the certificate within one day of receiving all valid documents.

Can you provide an overview of Long An's investment attraction and economic development throughout time? 

In 1Q24, there were over 500 newly established enterprises in the province, with a total registered capital of over VND 6.9 trillion, up 39% in the number of enterprises and 67% in registered capitals; 8 DDI projects, up two projects from the same time period, with a total capital of approximately VND 2.3 billion. To date, the province has over 17,400 registered firms with a total capital of more than VND 379 trillion, as well as over 2,200 DDI projects with a registered capital of more than VND 300 trillion.

In terms of attracting FDI, the province has awarded investment certificates for 21 projects since early 2024, four more than in the previous period, with a total investment capital of $166 million. So far, the province has received 1,276 FDI projects from 40 countries and territories, with a total pledged capital of over $11 billion. As a result, Long An is now firmly established as one of the top ten provinces and cities in the country for attracting FDI flows. The province has major projects from global branded investors like Pepsi, Coca-Cola, Avery Dennison, and Lotte...

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The GRDP of Long An province in 1Q24 is estimated at 4.83%. Long An province now ranks sixth among thirteen Mekong Delta provinces and cities as a result of its growth. During the first quarter, its industrial production index rose by 4.33%, with the processing and manufacturing industries expanding by 3.92%. In early 2024, exports are predicted to reach $1.8 billion, an 18.5 percent rise, while imports are expected to be $1.14 billion, up 14.52 percent.

Sir, how has Long An attracted investment to become a well-developed province in Vietnam's Southern Key Economic Zone?

Long An launched the Investment Promotion Program 2024 to attract investment and promote economic and social development. It emphasizes that investment attraction is critical to implementing the province's socioeconomic development strategy. Improving the province's investment climate, boosting competitiveness, and expanding attractiveness for investors remain top priorities.

As a result, the province is aggressively attracting investment flows, with quality, efficiency, technology, and environmental protection as the primary objectives. Projects with advanced technology, modern governance, high added value, scalable impact, global manufacturing, and supply chain connections are prioritized.

What message would you wish to convey to potential investors looking to invest in Long An Province?

Long An Province is dedicated to always accompanying and supporting investors so that they may benefit from a full policy of incentives while developing projects in Long An. We also hope that international organizations, business associations at home and abroad, and investors will continue to serve as bridges, aggressively promoting Long An in other countries and connecting dependable, prospective, and goodwill partners to invest in Long An. In addition, we emphasize the mindset of mutually beneficial partnerships for sustainable growth.

Thank you very much!

Long An Province aims to become a dynamic, efficient, and sustainable province in Southern Vietnam by 2030, as well as a gateway to the Mekong Delta's urban, industrial, and economic corridor, with close connections to HCM City and Southeast Vietnam, and an important hub of cooperation and trade with Cambodia. It also strives to create economic corridors, developed space zones, dynamic centers, and urban centers, all of which will aid in climate adaptation.