Hoa Binh moves to create favourable climate to attract FDI

9/29/2020 - 6:26:55 AM

(HBO) – As Hoa Binh province pays special attention to foreign direct investment (FDI) attraction, it has actively carried out many solutions over the past years to create an optimal environment to invite FDI investors, including those from the Republic of Korea (RoK), said Bui Van Tinh, member of the Party Central Committee and Secretary of the provincial Party Committee, at a recent meeting with a delegation from the RoK Embassy in Vietnam.

The GGS Vietnam Co. Ltd, wholly invested by the RoK, has been operating fruitfully in the industrial park on the left bank of the Da River in Hoa Binh city.

RoK-invested projects make up the biggest number of FDI projects in Hoa Binh. Since 2018, foreign investors poured money into 10 projects in the province, consisting of six of the RoK, two of Japan, and two of China.

The province is currently home to 40 FDI projects with total registered capital of 580.2 million USD. The RoK ranks first with 21 projects, followed by Japan (12 projects), China (three projects), India, Indonesia and Singapore.

One of the outstanding RoK projects in Hoa Binh is the factory producing camera modules for mobile phones of the HNT Vina Co. Ltd in the Luong Son Industrial Park.

The HNT Vina Co. Ltd and other FDI businesses decided to invest in Hoa Binh as this locality boasts certain advantages relating to geographical location, favourable transport infrastructure linking it with other provinces, rich natural resources, many scenic landscapes, unique traditional culture, and abundant human resources.

Besides, they also appreciated efforts by the local political system to improve the investment climate and support businesses. In 2019, Hoa Binh gained 63.84 points in its Provincial Competitiveness Index (PCI) – the highest-ever score, marking the first time the province had been ranked among the localities with mid-high (PCI) performance. Notably, the sub-index about leaders’ dynamism has continually improved since 2015.

Adhering to the Party and State’s policies on FDI attraction, Hoa Binh has been exerting efforts in governance to improve the investment environment and become an attractive, trustworthy and profitable destination for FDI enterprises in the time ahead. To continue improving the effectiveness of FDI attraction, provincial leaders’ consistent stance is cooperation for common development on the basis of providing the best possible environment for businesses, according to Bui Van Tinh, member of the Party Central Committee and Secretary of the provincial Party Committee.

In efforts to lure FDI in particular and investment in general, the province specified some priority areas, including tourism, agriculture and forestry applying high technology, clean agriculture, agricultural processing, support industries and eco-city development.

It has also issued mechanisms and policies for attracting investment. Among them, Resolution 218/2019/NQ-HDND of the provincial People’s Council features open and special regulations to promote land accumulation so as to encourage investment in agriculture and rural areas. Under this resolution, investors will benefit from a corporate income tax exemption from two to four years and tax halving in the following five to nine years. Import tariffs on the machinery and equipment that are fixed assets and haven’t been produced in the country will also be exempted.

In particular, leaders of the provincial People’s Committee will directly order the settlement of obstacles facing major projects. The Hoa Binh centre for investment, trade and tourism promotion will assist investors to handle legal procedures. Besides, basing on the local budget’s capacity and benefits projects can generate, authorities will consider helping with the development of some infrastructure facilities like transport, power, water supply ones.

These groups of solutions will continue to be implemented synchronously so as to provide optimal conditions for businesses, including FDI firms./.

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