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  • News
  • News in Vietnam
  • 8 June 2022

Hai Duong: Potential and opportunities for FDI investment

“Maximizing potential, creating different values,” Hai Duong province’s development philosophy has become a red thread throughout the province’s economic development guidelines and policies in recent years.

What resources do create different values? It is internal force and external force. The leaders of Hai Duong province determined that Hai Duong’s internal resources play a decisive role while external resources play an essential role. External resources will maximize the potential and unique advantages of Hai Duong, promoting the province’s rapid and sustainable development.

1. The bright spot for attracting FDI

FDI capital is one of the critical external resources to help Hai Duong develop and create different values.

In 2022, with the theme “Flexible Adaptation – Breakthrough Growth,” the province proposed implementing ten groups of critical tasks to create a solid foundation for the development of the following period (2021-2030). Notably, all 10 task groups are directly related to or create favorable conditions for attracting FDI in the coming years more methodically and dynamically.

There can be no other way. If Hai Duong wants to make a breakthrough, it must expand investment promotion. In fact, over the years, attracting FDI has always been one of the bright spots of Hai Duong province. All are month by month, day by day, creating a new look for Hai Duong. With the available potential and the right and creative policy, in recent years, Hai Duong province’s investment environment and competitiveness have been continuously improved, leading to a continuous increase in capital from the FDI sector into the area.

If counting from 1987, which is the year Vietnam started to implement the Law on Foreign Investment, at this time, Hai Duong only received two small-scale projects with a total capital of 6.9 million USD then five years later. (1991-1996) Hai Duong has licensed up to 16 projects with an investment capital of 448 million USD. Especially in 2006-2010, FDI inflows attracted to Hai Duong amounted to 151 projects, attracting capital (including additional capital), reaching 1,966.8 million USD.

Notably, during this period, the number of projects to expand production and increase capital continued to grow: 84 projects with additional means of 541.5 million USD. Notably, in 2006, a particular year with money attracted up to 663.6 million USD, nearly equal to the total FDI capital of the previous ten years combined. And in the last term (2016-2020), Hai Duong has attracted 4.3 billion USD of FDI (ranked 11th nationwide). Today, Hai Duong has had 492 FDI projects from 26 countries and territories, with a total capital of 9,227 billion USD.

This FDI capital has attracted over 200,000 direct employees at enterprises and thousands of other indirect workers. FDI enterprises in the province have contributed to the state budget about 4,000 – 5,000 billion VND, accounting for about 33% of the contribution to the state budget.

2. Commitment to give the most favorite conditions for investors

The People’s Committee of Hai Duong province recently held the event “Meet Japanese businessmen 2022”. The conference’s theme, “Hai Duong – FDI investment potential and opportunities,” attracted more than 500 delegates from central departments, ministries, branches, and representatives of Japanese and domestic enterprises. The event is an essential and practical activity aimed at powerfully and effectively promoting the attraction of Japanese investment in Hai Duong, contributing to enhancing the strategic partnership towards the 50th anniversary year of establishing diplomatic relations between Vietnam and Japan.

Mr. Yamada Takio, Ambassador Extraordinary and Plenipotentiary of Japan in Vietnam, assessed that Hai Duong is a locality with a lot of potential for Japanese businesses to invest. This is a promising destination to attract Japanese investors, especially in industrial park development, resort services, and supporting industries.

“During the Covid-19 pandemic, many Japanese businesses had to be quarantined, leading to supply chain disruptions; However, Hai Duong province’s departments and branches have worked closely with Japanese enterprises doing business here to overcome difficulties the pandemic and restore and stabilize production quickly. I hope that the departments and branches of Hai Duong province will continue to listen and support Japanese businesses investing and doing business in the province, making Hai Duong province a more attractive locality”, Mr. Yamada Takio expressed.

The Ambassador also proposed three issues for Japanese businesses. To ensure human and labor resources, power supply, and legal compliance support of Hai Duong provinces for Japanese investors.

Appreciating the investment environment in Hai Duong, Japanese investors still want to create more favorable conditions to ensure production and business activities. Mr. Kurihara Kiyokazu, General Director of Sumidenso Vietnam Co., Ltd, shared that Hai Duong has a convenient location, security, and political stability, so many businesses choose it. In addition to making a significant contribution to the budget, efforts to improve labor quality in enterprises are worthy of recognition. Workers and employees are professionally trained and carefully guided in their working style. However, Hai Duong province also needs to overcome limitations in labor resources, social housing, and stable power supply capacity soon so that businesses can continue expanding production.

To attract and welcome Japanese investment capital shortly, Mr. Tran Van Quan, Vice Chairman of Hai Duong province’s People’s Committee, said that the area has reviewed and supplemented the land fund for industrial parks and industrial clusters and has prepared human resources in both quality and quantity; has prepared energy, basically enough for industrial development in the next 5-10 years. Currently, several sizeable thermal power projects in the area have come into operation and have been connected to the national power grid and are operating stably. In addition, the province has been strongly improving the business investment environment. Not only has a thematic resolution on improving the business investment environment (Resolution 08), but the area also expands the field of investment attraction. The province also orients Japan as a significant market for investment promotion.

Specifically, in the fields of selective investment attraction orientation of Hai Duong, the province also found that the area, Japanese investors are very suitable with the direction of attracting investment in digital transformation, high-tech industry and supporting industry; high-tech applied commodity agriculture and organic agriculture; green, intelligent, modern city.

Secretary of the Provincial Party Committee Pham Xuan Thang affirmed that Hai Duong clearly defined the development strategy for 2021 – 2050 as green growth and digital transformation, striving to be a modern industrial province by 2030. Attracting FDI is considered a lever for Hai Duong to achieve its goals.

Determine to go up by four economic pillars:

Hai Duong wants Japanese investors to pay attention to all fields, in which priority is given to attracting investment in the high-tech industry and supporting industries, the infrastructure of industrial parks, high-quality services, and innovative city development.

Hai Duong affirmed its willingness to exchange openly and honestly based on trust and cooperation. At the same time, we are committed to giving the most favorable conditions and the best investment opportunities for Japanese FDI to invest and operate effectively in the province.

(Source: vneconomy)

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