What do you see from the '2 best' investment project?

On the first day of August 2023, the People's Committee of Nghe An province held a ceremony to grant the Investment Registration Certificate to a foreign direct investment (FDI) project by Innovation Precision Vietnam Co., Ltd., a member of Shandong Innovation Metal Technology Group (China), with a total investment of 165 million USD in Nghe An, in VSIP Nghe An Industrial Park, part of the Southeast Economic Zone.

This project is considered to have two best qualities: It is the project with the fastest time to complete investment procedures; from the time of survey to being granted the Investment Registration Certificate is only nearly 2 months; from the time of submitting the application to being granted the Investment Registration Certificate is only 5 working days.

Chairman of the Provincial People's Committee Nguyen Duc Trung presented the Investment Registration Certificate to Shandong Innovation Metal Technology Group. Photo: Pham Bang

The special assistant to the Chairman of Shandong Innovation Metal Technology Group expressed surprise, saying, “In the 20 years since its establishment, no project of the group has had such a fast processing time.”

The second best thing is that this is a project with a very high investment rate per land use area, with 328.74 billion VND/ha, the highest currently for FDI projects in the province. Besides the two best things mentioned above, Nghe An is the first province that Shandong Innovation Metal Technology Group has chosen to expand its investment in the Vietnamese market.

The above project specializes in producing aluminum alloys for the consumer electronics and green energy industries; producing semi-processed castings and castings of all kinds from aluminum alloys to support the electronics manufacturing industry; forging, stamping, pressing and rolling metals; producing advanced aluminum processing parts to support the electronics manufacturing industry with a capacity of 100,000 tons/year. From August 2023, the project will start building the factory and it is expected that by October 2024, the project will officially come into operation, employing 1,500 workers.

VSIP Nghe An Industrial Park - where Shandong Innovation Metal Technology Group invested in the project. Photo: Thanh Cuong

The above event once again demonstrates the positive results in investment attraction that the Party Committee, Government and People of Nghe An have jointly implemented. This is an achievement that recognizes the combined strength of the leadership of Nghe An province in innovating and improving the investment environment, accompanying and creating the most favorable conditions for investors from the beginning of the survey until the project comes into operation. This is the consensus of local people in giving up land and clearing the ground for industrial development, with the expectation that there will be more job opportunities and income for children and local workers.

More encouragingly, in the difficult situation after the Covid-19 pandemic, Nghe An is being surveyed and selected by many foreign enterprises as a reliable place to invest. In 2022, Nghe An ranked 10th out of 63 provinces and cities nationwide in attracting foreign investment. By August 2023, Nghe An ranked 8th out of 63 provinces and cities nationwide in attracting FDI, with capital attracted over 890 million USD (in industrial parks and economic zones alone with more than 70 investors from 14 countries and territories).

In many conferences and forums, provincial leaders, departments, branches and localities in Nghe An have always committed to actively accompanying businesses and investors to contribute to promoting socio-economic development, increasing employment opportunities for workers, increasing income for people and increasing revenue for the budget. The investment attraction results to date are the result of the "run-up" process over many years. That is the planning work; building preferential policies through each period and the entire political system participating, mobilizing people's consensus, creating a clean ground for the development of industrial parks and economic zones. Then, in Nghe An, there are industrial park infrastructure investors such as: VSIP, WHA, Hoang Thinh Dat... and 8 other industrial parks in districts, cities and towns, with clean ground, built roads, electricity, water, wastewater treatment systems, ready to welcome investors.

Diagram of spatial development orientation of Nghe An Southeast Economic Zone to 2040. Photo: TD

Chairman of the Provincial People's Committee Nguyen Duc Trung once emphasized: "Nghe An will focus on implementing 5 tasks called 5 readiness. First, is readiness in terms of investment premises; second, is readiness in terms of essential infrastructure; third, is readiness in terms of human resources; fourth, is readiness in terms of innovation, reform, and substantial improvement of the investment and business environment; fifth, is readiness in terms of support". Along with the above 5 readiness, Nghe An province is completing plans to adjust the overall master plan for the construction of the Southeast Economic Zone to 2040, building plans to develop industrial parks and integrated economic zones in the provincial planning for the period 2021-2030, with a vision to 2050, including expanding the Southeast Economic Zone to about 80,000 hectares...

In particular, in July 2023, the Politburo issued Resolution 39 on building and developing Nghe An to 2030, with a vision to 2045. This is one of the important bases for Nghe An to continue implementing solutions to accelerate socio-economic development, including promoting investment attraction, improving the efficiency of resource use for development, creating a solid foundation for the coming years.

In the period of 2021-2025, Nghe An strives to attract investment from 100 - 120 projects with a total registered capital of about 75,000 - 90,000 billion VND, of which foreign investment capital is about 2.26 billion USD; Creating jobs for about 80,000 - 100,000 workers by 2025. It is expected that budget revenue in the Southeast Economic Zone and industrial parks by 2025 will account for about 20 - 25% of the total budget revenue in the province.

Source: https://baonghean.vn/thay-gi-tu-du-an-dau-tu-2-nhat-post274351.html