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The breakthrough in attracting investment

Monday, 2018-01-29 16:04:46
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Product quality inspection at Namuga Phu Tho Technology Company Limited – a foreign direct investment business specialized in manufacturing electronic components.

PTO- Promoting domestic and foreign investment with main points; continuing the open administrative reform to minimize costs and time for investors; well implementing the ground clearance are three breakthrough solutions performed by Phu Tho province in 2017 to "spread the red carpet" for businesses and create a safe and favorable business investment environment. 

In a friendly talk with Mr. Ho Dai Dung, Director of Phu Tho Department of Planning and Investment (DPI) on the occasion of the year's end, he shared: "It can be said that "investment attraction" has become the most mentioned phrase in the field of socio-economic development, and the key task of the sector of Planning and Investment. So far, most of the renovations in mechanism and policy in the field of economy has been aimed to attract investment projects into the province, of course, basing on promoting the potential advantages of the province, bringing benefits to the local people, creating jobs and increasing the growth rate of the economy.

In recent years, Phu Tho has issued many special mechanisms and policies on attracting investment, reforming administrative procedures and diversifying the forms of investment attraction. The DPI has advised the provincial People's Committee to direct the related sectors to speed up the progress of disbursing investment capital and stop some projects in excess of the time. The work of the project appraisal has been improved both in quality and quantity and the appraised projects promote its effectiveness without debts of basic construction.

In order to promote the investment attraction policies in the direction of encouraging investment forms in the province while ensuring the planning, sustainable development and environmental protection, according to the orientation of the province, the sector has been implemented many programs to actively attract investment projects of high technology, large corporations with the investment of modern and friendly-environment equipment and the construction in accordance with the planning. Phu Tho has also taken advantages of the Central's support in allocating resources, removing difficulties and creating favorable conditions for the mobilization of investment capital of various economic sectors, speeding up the implementation progress of the project. In 2017, the total investment capital for development of the whole society was estimated at over VND23,000 billion, inceasing by over 13% compared to the same period; Of which, investment from the State budget at all levels was over VND5,000 billion, up by 2%; Non-State investment capital was VND14,500 billion, up by 10.1%; FDI capital was VND4,000 billion, up by 49.4%. The Ministry of Planning and Investment has successfully implemented the allocation of public investment capital in 2017 according to the regulations, with priority to handle debts of basic construction and completed works. In order to launch a breakthrough in investing in key socio-economic infrastructure, the sector has focuses on important works; stepping up the investment preparation for the Public–Private Partnership (PPP) projects, ensuring the efficiency and suitability of the actual situation of localities such as Viet Tri city, districts of Yen Lap, Thanh Son, Tan Son, etc. Thanks to the increasing investment capital attraction, the key projects in the province have been speeded up its progress, some even completed and put into operation before the set plan, promoting the effectiveness of investment capital, creating momentum for socio-economic and tourism development in the province.

In addition, to attract investment effectively, Phu Tho province has expanded investment cooperation with countries such as Japan, Korea, EU countries; taking initiative in approaching and mobilizing a number of large corporations with financial and technological capabilities to invest in a number of key projects; timely handling difficulties and support implementation. There are outstanding solutions such as the formulation and approval of plans, administrative reforms; support policies on credit finance,legal policies, land procedures, science and technology training, trade promotion, product introduction, industrial promotion. The province also focuses on land clearance of large projects; construction investment in infrastructure in industrial parks; regular dialogues with businesses, investors with the attendance of the provincial leaders to timely remove difficulties for businesses. The open investment procedures as well as the good implementation of the "one-stop shop" mechanism and online registration has facilitated to attract investors to the province. In 2017, there was 181 projects granted certificate of investment registration, including 169 domestic investment projects with the registered capital of nearly VND8,800 billion and 12 FDI projects with the total capital of $254 million. There was also 586 new registered enterprises, up by 10.5% with the registered capital of nearly VND3,800 billion, increasing by 67% compared to the same period. In addition to many projects have been completed and put into production in 2017, many others proposed to expand its production and business, contributing to solving more jobs and the provincial economic growth. The above solutions have played an important role in upgrading the provincial competitiveness index, helping Phu Tho stand in the group of better performance.

So far, there are 7 industrial parks and 26 industrial clusters in the province; About 6,500 registered enterprises, the operation enterprise accounted for 65% of the total of enterprises. The business community in the province has developed in terms of both quantity and quality, improving its capacity and production and business efficiency, and increasingly asserted its role and position in the socio-economic development; contributing significantly to the provincial budget revenue, job creation, hunger eradication and poverty alleviation, and implementation of social security policies. With the available potentials and strengths together with the efforts of the local authorities, Phu Tho province continues to affirm to be an ideal destination for investors and enterprises.
 

Viet Ha

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