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| Connected transport infrastructure receiving investment, creating advantages in attracting investment |
Abundant fiscal space
In addition to owning beautiful sceneries and being a large and unique cultural and tourist center of Vietnam, Thua Thien Hue also has advantages in economic development since it is located in the key economic region of the Central Region; on the North - South traffic axis, and on the East - West economic corridor. Besides, Chan May deep-water port is the nearest sea gateway for transporting goods, as well as expanding investment, trade and tourism. It also acts as one of the important “in - out” access gates of the East - West economic corridor.
Along with existing advantages, Thua Thien Hue also invests in developing infrastructure and connected transportation, creating favorable conditions to attract investors to invest and do business in the locality.
Recently, Thua Thien Hue has completed upgrading the international terminal at Phu Bai International Airport, with a total construction area of about 22,380 square meters, capable of welcoming 5 million passenger arrivals/year. Chan May Port has also received investment, and the construction of three wharves has been completed with a total length of 910m, capable of welcoming cargo ships with a tonnage of up to 70,000 tons. The province is also applying a number of policies to support shipping lines opening container shipping routes and those with goods transported by containers to and from Chan May Port.
Along with existing commercial infrastructure, Thua Thien Hue is also further expanding commercial facilities to serve the number of tourists currently returning after the pandemic, especially focusing on accelerating the progress of the Aeon Mall Shopping Center (Japan).
Preparing infrastructure and land funds, especially those in industrial zones, to create a premise for investors to research and implement projects is also of concern. Currently, Thua Thien Hue has planned to develop another two economic zones, with an area of about 37,292 hectares, and six industrial zones, with an area of about 2,393 hectares. Among which, the area of clean land in industrial zones ready for calling for investment is about 360 hectares.
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| Provincial leaders regularly inspecting and removing difficulties for businesses |
Currently, Phong Dien Industrial Zone, with a clean land fund of about 80 hectares (40 hectares of which belongs to C&N Vina Korea Industrial Zone; 30 hectares of which belongs to Area B of Phong Dien Industrial Zone; and the remaining 10 hectares belongs to Viglacera Industrial Zone), focuses on attracting factories and enterprises of high-tech industry, light industry, clean industry, with priority given to the sand production and processing industry. Tu Ha Industrial Zone, with a clean land fund of about 20 hectares, attracts mechanical, electronic, textile, footwear, agricultural, forestry, and fishery processing industries, construction materials production and other industries. Phu Bai Industrial Zone, with a clean land fund of about 70 hectares (40 hectares of which belongs to Phu Bai 4 phase 1; 25 hectares of which belongs to Gilimex Industrial Zone), focuses on attracting green, clean general industries, advanced technology, as well as arranging for factories and enterprises of high-tech industry, light industry, and clean industry. La Son Industrial Zone, with a clean land fund of about 40 hectares, prioritizes the arrangement of factories and enterprises of high-tech industry, light industry, and clean industry. Saigon Chau May Industrial and Non-tariff Zone, with a current clean land fund of about 50 hectares, is expected to develop a clean land fund of about 150 hectares to attract clean industry, high-tech industry, environmentally friendly industry and commercial activities.
With a relatively large clean land fund, along with synchronous investment in modern infrastructure in industrial zones, basically, the needs of investors when researching investments in the province’s industrial and economic zones will be met.
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| Investors enjoying a favorable environment to interact |
Favourable policies
Along with investment in infrastructure, the synchronous completion of plans also creates an important foundation for attracting investment. Most recently, the Thua Thien Hue Provincial Planning for the period 2021-2030, with the vision to 2050, as well as the Thua Thien Hue Urban General Planning to 2045, with the vision to 2065, have just been announced. The announcement of these plans partly helps domestic and foreign partners and investors have a more comprehensive view of the potential, strengths and development expectations of Thua Thien Hue Province.
Provincial leaders also pledged to accompany businesses in researching and implementing investment projects. Mr. Le Truong Luu, Member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Council, Head of the Provincial National Assembly Delegation, affirmed at the conference announcing planning and investment promotion of Thua Thien Hue Province in 2024 that Thua Thien Hue Province committed to doing its best to create an equitable, favorable, substantive, and effective investment environment so that potentials and advantages could quickly be turned into specific and practical outcomes, as well as to always listen, share, support and create the most favorable conditions to accompany businesses and investors, with the hope that investors and businesses would join hands with the locality to soon realize the plans.
Thua Thien Hue is also a leading locality in promulgating and implementing business support policies. In recent years, the province has implemented many solutions to improve and preserve the most transparent, public and favorable investment environment for investors. For many consecutive years, Thua Thien Hue has always been listed in the top 10 localities with excellent economic management. Specifically, Thua Thien Hue ranked 8th in 2021, 6th in 2022 and 8th in 2023 in the Provincial Competitiveness Index (PCI) rankings.
Thua Thien Hue focuses on promoting the application of information technology to ensure openness and transparency, reducing time to resolve problems for businesses during operations; building an integrated information data system; fully and promptly updating planning, mechanisms, investment incentive policies, and legal documents of the province; ensuring that the database is sufficiently reliable, comprehensive, and transparent; digitizing all processes and procedures of administrative agencies, promoting online public services, digitizing 100% of results of administrative procedures under the jurisdiction of state administrative agencies in the province; speeding up the preparation, approval and effective implementation of plans; creating many clean land funds as a basis for promoting and attracting investment.
At the same time, the province will continue to maintain contact activities with investors even after completing procedures and implementing investment projects; enhance two-way information exchange and policy dialogue between management agencies and investors to promptly remove difficulties, answer investors’ questions, and promote investors to expand and register additional capital for ongoing projects. It can be affirmed that Thua Thien Hue is fully converging “the right timing, the right place, the right people” in attracting investment.
Perhaps that is why Thua Thien Hue has become a destination for domestic and foreign investors. In the period of 2017 - 2022, the province issued investment policy decisions and investment registration certificates for 259 projects with a total registered investment capital of 86,097 billion VND. In 2023, the whole province granted 25 new projects with a total registered investment capital of 9,374 billion VND (including 8 FDI projects with registered capital of 134.8 million USD, equivalent to 3,219 billion VND). In the first 5 months of 2024, the province granted 20 new investment projects with a total registered capital of 5,326 billion VND.