Vietnam’s Mekong Delta now investment magnet
VIETNAM’S Cuu Long (Mekong) Delta has recently attracted many large projects worth trillions to tens of trillions of dong, which are promoting economic development there.
Bac Lieu province is a bright spot this year with a number of domestic and foreign enterprises pouring money into long-term projects.
It has approved or granted licences to 25 domestic projects with a total investment of 17.71 trillion dong ($766.24 million) in the first 10 months of this year, an eight-fold surge year-on-year.
The province has also granted investment decision to a $4 billion Singapore-invested liquefied natural gas-fired (LNG) power plant with a capacity of 3,200MW this year, the largest foreign project in the delta to date.
The investor is completing the necessary procedures for a power purchase agreement with Vietnam Electricity. Installation of the first 750MWs turbine is expected to start early next year.
Provincial authorities hope the plant will create thousands of jobs, contribute trillions of dong to the treasury and be a driving force for socio-economic development.
In Long An province, three other foreign direct investment (FDI) projects were licensed in October with a total capital of $17.24 million, while additional investments of $445.86 million were made to 10 existing projects.
Since the beginning of this year, the province has issued investment certificates for 67 FDI projects totally worth $264.14 million.
Most are in the manufacturing sector, including supporting industries, medical equipment, electronic components, and consumer
goods and in the warehouse and logistics services sector.
According to the Ministry of Planning and Investment, the key factors that make the delta increasingly attractive to investors are its agricultural potential, improved technical and economic infrastructure and local efforts to improve the investment and business environment.
Localities there have also made efforts to acquire more unencumbered lands to benefit incoming investors.
In Ca Mau province, there is not much land left in the 235ha Khanh An Industrial Park in U Minh district while demand remains fairly high.
Faced with the situation, the park has called on the provincial People’s Committee to consider expanding it.
The People’s Committee has also assigned the provincial Land Development Centre to make plans to clear 50ha of land around the Hoa Trung Industrial Park in Cai Nuoc district to attract investors.
Tien Giang provincial Department of Planning and Investment acting director Nguyen Dinh Thong told the Sai Gon Giai Phong ( Liberated Saigon) newspaper that the province seeks to attract investment through the comprehensive development of an industrial zone each in Tan Phuoc district and Go Cong town.
He said: “[It] will also speed up development of urban projects in major urban centres, with a priority on developing tourism infrastructure to take advantage of the Tien River’s tourism potential.
“It will concentrate resources and lands on developing agricultural processing projects and agriculture using advanced technologies. In 2021, Tien Giang will strive to attract investment of more than 17 trillion dong.”