Nghe An urged to foster favourable investment environment

Nhan Dan Online – Nghe An province should review its development strategies and work on appropriate mechanisms and policies to provide favourable conditions for attracting investment, said National Assembly Chairman Nguyen Sinh Hung.

At the event (Credit:
At the event (Credit:

The NA leader was speaking at a meeting held on February 15 for over 600 domestic and foreign investors in central Nghe An province,

NA Chairman Hung urged Nghe An to learn from neighbouring localities’ experiences in attracting investment, stressing the need for administrative reform in order to handle difficulties for investors and businesses active in the province.

He suggested Nghe An make use of its natural resource wealth to drive socio-economic development and improve living standards, particularly focusing on the upgrade of transport infrastructure as well as education and training so as to grow a qualified and skilled human resource.

In 2013, the province recorded a GDP growth of 7% with per capita income reaching nearly VND24 million (US$1,128). State budget revenue reached VND6.5 trillion (US$305.5 million), equivalent to 123.1% of the set target.

This is the 6th annual event held in Nghe An to call for investment for its socio-economic development. In recent years, the province has increasingly cashed in on its large area, high population, and natural resources to attract domestic and foreign investment.

In 2013, the province has granted investment certificates to 89 projects, including 84 domestic projects with total registered capital of VND13.3 trillion (US$625 million) and five FDI projects at a total capital of US$21 million.

Currently, there are 627 investment projects in Nghe An, including 588 domestic at VND109.6 trillion (US$5.1 billion) and 39 FDI projects totaling over US$1.4 billion. Many of these are focused on high-technology, which has contributed greatly to the province’s socio-economic development and created decent jobs for local workers.

Investors at the conference praised the investment environment of Nghe An province, especially the procedures for granting investment licences and land clearance. They suggested Nghe An continue to boost investment in infrastructure, mapping out strategic planning and long-term priorities for key projects, and creating favourable conditions for high-tech businesses in order to attract investment and develop high-quality human resources.

Nghe An provincial People's Committee Chairman Nguyen Xuan Duong pledged to do his best to fulfill the province’s responsibilities in aiding sustainable business in Nghe An.

At the event,  a range of co-operation and credit support agreements were signed as well as donations for social security assistance in the province. Local authorities also presented certificates of investment to ten projects totaling VND11.8 trillion (US$ 555.8 million) at the meeting.