Monday, 18 Dec 2017

Hung Yen invites investors to infrastructure projects

Updated at Saturday, 18 Nov 2017, 16:22
The Hanoitimes - The northern province of Hung Yen is speeding up land clearance to construct three more industrial parks, Pham Thai Son, Director of the province’s Industrial Zones Management Board, said.
Hung Yen plans to develop a 3,000-hectare urban industrial park which is close to the Hanoi-Hai Phong Highway and the new Road 39 to attract more investment,” Son said, adding that the province is calling on Vietnamese, Japanese, and the Republic of Korean firms to invest in the local infrastructure.
“We hope to draw American and European investors whose investment in the province remains modest,” Son added.
The province currently has four industrial zones, which attract about 380 projects. Around 70 percent of these industrial parks have been filled, thanks to their favorable location.
Nguyen Duc Thang, director of Thang Long Industrial Park II Company of the Japanese Sumitomo Group which has been operating in Hung Yen since 2006, said that his company invested in Hung Yen because of its favorable geographical location and developed transport infrastructure.
Caption: The Nestlé Vietnam factory in Hung Yen province’s Thang Long Industrial Park II.
The Nestlé Vietnam factory in Hung Yen province’s Thang Long Industrial Park II.
“It’s easy to go to Hanoi or to major sea ports in the north including Hai Phong and Cai Lan. We have received much support from the provincial People’s Committee, particularly in land clearance,” Thang said.
Hung Yen has particularly focused on luring high tech and environmentally friendly projects and those on mechanics, electronics, and support industry.
Son said that every year since 2014 Hung Yen has attracted $300 to $350 million worth of foreign investment. They include high tech projects from Japan’s Nikiso Group, Hoya Glass Disk Vietnam, and TOTO Vietnam Company with registered investment capital of between $70 and $100 million each. Some Vietnamese companies including Hoa Phat Group and Nutifood have invested in Hung Yen.
By September, FDI projects in Hung Yen came from 17 countries and territories with a total registered investment capital of more than $3 billion.
Japan is the biggest investor with 107 projects worth more than $2 billion, followed by the Republic of Korea with 37 projects worth more than $412 million.
The achievements are attributed to the province’s specific solutions to create a favorable environment for investors. Hung Yen has invested in electricity, transport, water supply, and drainage, and speeded up administrative reforms.
Thang praised local support for enterprises, saying that the province has created favorable conditions for Japanese investors in Thang Long Industrial Park II. They talk with businesses every year to promptly address problems and difficulties encountered by enterprises in the production and business process.
Besides, the provincial People’s Committee has also supported investors with streamlined administrative procedures, Thang said, adding that it takes only one to three days to get an investment license or business establishment certificate.
Phuong Thao
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