Effectively mobilizing social investment capital - Driving force for sustainable development

In recent years, Nam Dinh province has recorded outstanding achievements in mobilizing and effectively using social investment capital, affirming its key driving role in the sustainable development strategy.

Construction of resettlement area and concentrated residential area in Nam Hoa commune (Nam Truc).

A great step forward in attracting investment capital

In the period of 1997-2023, the total development investment capital in the province reached 428,621 billion VND, with an average growth rate of 17.84%/year. In particular, in 2024, the total estimated social investment capital reached 73,650 billion VND, an increase of 18% over the previous year. Notably, the proportion of investment capital from the non-state sector has increased sharply, from 27.43% in 1997 to 74.79% in 2023 and is expected to exceed 97.7% in 2024. These figures not only reflect the ability to effectively mobilize resources but also demonstrate the increasing attractiveness of Nam Dinh to domestic and international investors. This is the result of efforts to improve the investment environment, with the increasingly active participation of corporations and private enterprises in key economic sectors. Major projects in industry, urban infrastructure and services have demonstrated the pioneering role of the private sector in promoting local economic development while enhancing the province's competitiveness.

Along with the growth of domestic enterprises, Nam Dinh has also made great strides in attracting foreign investment. Up to now, the province has attracted 164 FDI projects with a total registered capital of about 4.2 billion USD; FDI projects focus on high technology and modern production, not only helping economic growth but also opening up many opportunities for international cooperation, technology transfer and development of high-quality human resources.

Effective solutions to mobilize investment capital

Nam Dinh's success in mobilizing capital for social development is the result of implementing strategic and synchronous solutions. To increase public investment capital in the context of many difficulties in the State budget, the Provincial Party Committee Standing Committee has directed the Provincial People's Committee to develop and promulgate an investment mechanism for urban areas and concentrated rural residential areas to more effectively mobilize resources from land funds. This is a breakthrough solution in resource mobilization, contributing to increasing the urbanization rate in rural areas while meeting the needs of people when the process of bringing enterprises to rural areas has created a source of accumulated income for a part of the labor force; at the same time, it also solves the difficult problem of development investment capital in the context of many difficulties in the budget. Up to now, the whole province has implemented over 230 investment projects in urban areas and concentrated rural residential areas. The province effectively exploited resources from land auctions in urban areas and concentrated residential areas, collecting more than VND2,600 billion/year, decentralizing to districts and cities to reinvest in infrastructure and build new rural areas.

To improve the effectiveness of attracting investment capital to serve economic development, the provincial government has focused on directing the strong improvement of the business environment, simplifying investment procedures and implementing preferential policies for large investors. The Provincial Party Committee has directed the development, promulgation and implementation of Resolution No. 05-NQ/TU dated June 9, 2016 of the Provincial Party Committee (2016-2020 period); Resolution No. 04-NQ/TU dated June 18, 2021 of the Provincial Party Committee (2021-2025 period) on promoting administrative reform, improving competitiveness, promoting and attracting investment. Accordingly, the provincial authorities and functional branches, directly the provincial leaders, have always proactively supported and created favorable conditions for businesses to learn about and invest in the province. The province has completed and put into use the new headquarters of the Center for Public Administration Services, Investment Promotion and Business Support of the province to help people and businesses carry out procedures quickly and conveniently. In particular, Nam Dinh proactively promotes investment attraction according to the Strategic and clear Planning; in which the Provincial Planning for the period 2021-2030, with a vision to 2050, has been announced, helping investors have an overview of the development orientation. The province is also actively promoting to soon have the Prime Minister approve the Project to establish Ninh Co Economic Zone with a scale of 13,950 hectares and will expand by 35 thousand hectares after 2030 in the direction of becoming a driving force, a breakthrough for the province and the Red River Delta with a model of a comprehensive, multi-sector, multi-functional economic zone, including: Urban areas, industrial parks, port areas, port logistics service areas, tourist areas; At the same time, the livelihoods of people on the flats and alluvial plains will be transformed into fishing and aquaculture combined with the formation of offshore wind power centers. This will create a "push" for socio-economic development thanks to the creation and expansion of new spaces towards the sea with much room for investment. In attracting investment, the province especially prioritizes attracting projects with modern technology, green and sustainable development, capable of making great contributions to the province's budget revenue, contributing to rapidly increasing the economic scale, strongly shifting the economic structure and labor structure. Currently, the province has attracted more and more large enterprises and corporations to invest in key projects such as the high-tech computer factory of Quanta Group or the complex of 3 green steel projects of Xuan Thien Group, which have laid the foundation for shifting the economic structure towards modernity and sustainability.

The province also focuses on completing infrastructure, including promoting investment in key transport projects, effectively connecting regions, creating favorable conditions for enterprises to deploy production and business activities. A number of key transport infrastructure projects have been completed and put into use, such as: The coastal road section through Nam Dinh province; the development axis connecting the Nam Dinh marine economic zone with the Cau Gie - Ninh Binh expressway (phase I); provincial roads 487B, 488C; Nghia Hung canal cluster (Day - Ninh Co); Ben Moi bridge. A number of large projects and works of strategic and long-term significance are being implemented, which when completed will contribute to shifting the economic and labor structure, creating momentum for the province's socio-economic development, such as: Phase II of the project to build a development axis connecting the Nam Dinh marine economic zone with the Cau Gie - Ninh Binh expressway; New road route Nam Dinh - Lac Quan - Coastal road (with a total length of 33km, 8 lanes, total investment capital of nearly 9,000 billion VND from the provincial budget, expected to be completed in August 2025); construction of a bridge over the Day River connecting Nam Dinh and Ninh Binh provinces (part of the Ninh Binh - Nam Dinh - Thai Binh - Hai Phong expressway). Deploying site clearance preparations to implement the Ninh Binh - Hai Phong expressway project (section through Nam Dinh province); investment preparation procedures for the pre-feasibility study report preparation for the Ha Nam - Nam Dinh expressway construction project (CT.11), phase 1 from Phu Ly city, Ha Nam province to Nam Dinh city; coordinating with the Ministry of Transport to prepare procedures to start construction of Ninh Cuong bridge.

Along with that, the province promotes capital mobilization from enterprises and social resources to invest in technical infrastructure, waste treatment, clean water supply, and development of industrial parks and clusters, contributing to improving the quality of life and promoting sustainable development.

Positive outlook

With a total social investment growth rate of 18%, the province has a strong driving force to achieve the target of high GRDP growth in 2024, with an expected rate of 10.35% (the highest ever and higher than the national average). Investment capital poured into large projects has promoted the strong development of industry, agriculture and services, helping the province increase the state budget revenue in 2024 to 14 trillion VND, 34% higher than the previous year. Not only that, key projects also play an important role in sustainable economic development, increasing exports, improving people's lives and narrowing the gap between urban and rural areas.

Nam Dinh not only stops at current achievements but is also aiming to become a bright spot in economic development in the Red River Delta region. Therefore, the province continues to seek support from the Government, ministries, central branches, and sponsors to attract capital from the central budget and other supporting capital sources to invest in major projects on transport infrastructure, economic and social infrastructure in the area. Promote administrative reform, continue to implement effective solutions to attract many large domestic and foreign investors to key development projects and expand international cooperation to improve competitiveness, promote investment towards sustainable development and comprehensive modernization.

Article and photos: Thanh Thuy

Source: https://baonamdinh.vn/kinh-te/202411/huy-dong-hieu-qua-nguon-von-dau-tu-toan-xa-hoi-dong-luc-phat-trien-ben-vung-7742c93/