Thua Thien Hue Province has many potentials and opportunities with which to attract investment as it is located in the Central key economic region with Phu Bai International Airport, the Chan May deep-water seaport, and a world cultural heritage area, among others.
The Chan May - Lang Co Economic Zone in Phu Loc District has been evaluated as a lever for industrial and service development in the province and the province is currently trying to implement solutions to attract investment in this economic zone.
The Chan May - Lang Co Economic Zone has attracted 46 projects with total registered capital of VND79 trillion(US$3.39 billion). The economic zone has continued to receive more projects in the areas of tourism, services,and industry.
Minh Vien Lang Co, an international tourism project located in Lang Co Town, Phu Loc District, is being accelerated with the aim of being put into operation in late 2020. The VND7.7 trillion project covers an area of 100ha which will provide 1,000 hotel rooms, convention halls and villas of 5-start standards. In addition, achildren’s toy factory project (the first phase), Billion Max Vietnam, has officially begun operation in early 2020.
Besides major tourism projects, other projects are being speeding up to be completed by the end of 2020, including the construction of Pier No. 2 and Pier No. 3 at Chan May Port and other infrastructure projects at the Chan May - Lang Co Economic Zone.
An automobile assembly and production factory of Bach Viet Auto JSC, with a total investment capital of VND2.65 trillion, is expected to commence in July 2020 and be completed in the fourth quarter of 2024.
When these projects are put into operation, they will contribute to turning Chan May Port into one of the majorseaports in the master plan for Vietnam's seaport system until 2030.
Thua Thien Hue has risen to be listed in the top 10 leading provinces in FDI attraction in recent years, contributing to economic restructuring, job creation and productivity enhancement.
The province has attracted 110 FDI projects with a total registered capital of over US$3.82 billion. 76 projects have been put into operation while nine others are under construction and 25 projects have been temporarily halted or have yet to be implemented.
A number of large projects are making profits and contributing significantly to the local budget, including the beer production project by Carlsberg Vietnam, the cement production project by Luks Vietnam, and the Laguna Lang Co tourism area project, among others.
Notably, the Laguna Lang Co tourism area project has increased its investment capital from US$875 million to US$2 billion, which contributed US$1.9 million to the local budget in 2019 and has created jobs for 1,110workers.
The province licensed 39 projects with a total investment capital of over VND22.1 trillion in 2019, 2.2 times higher than the set target. The province strives to attract 20 projects from both domestic and foreign investors with total capital of VND10 trillion (US$400 million) in 2020.
The province is making every effort to gain a GRDP growth of 7.5-8.25% by 2030 and an average GRDP per capita of US$5,800- US$7,000.
Chairman of Thua Thien Hue Provincial People’s Committee Phan Ngoc Tho said that tourism and servicesare the pillar economic sectors of the province and the authorities will continue to review and find suitable land resources to promote these sectors.
Due to the COVID-19 pandemic, both the world and the Vietnamese economy are facing many of difficulties. In Thua Thien Hue, investment promotion plans have been adjusted to adapt to reality. The province will prioritise investment in the Chan May – Lang Co Economic Zoneto create motivation for future development.
Tho noted that, as Thua Thien Hue has proactively taken control of the COVID-19 pandemic, the province will conduct research and assessment of market demand and investment trends to build appropriate investment promotion scenarios while promoting the message that “Hue is a safe, friendly an attractive destination”.
