Ninh Binh steps up investment attraction in industrial zones

As of January 2020, Ninh Binh province was home to seven IZs, covering a total area of 1,472 hectares.

The provincial People's Committee issued a list of mechanisms and policies and deployed many investment promotion programmes to call for domestic and foreign investors to invest in infrastructure development and production projects in these IZs.

In particular, the provincial Industrial Zone Authority has paid heed to attracting investment into prioritized fields such as environmentally-friendly, high-tech projects.

With these efforts, Ninh Binh has attracted many investors, with dozens of new projects invested in the local IZs each year. The IZs with high occupancy rates include Khanh Phu, Gian Khau, Tam Diep I.

To date, the IZs have housed 112 valid investment projects with total registered capital of 60.82 trillion VND (2.62 billion USD), including 28 FDI projects worth 516.44 million USD (equivalent to approximately 10.93 trillion VND).

Most of the projects have been put into operation and have made great contributions to the province's socio-economic development such as Thanh Cong Hyundai Automobile Factory and The Vissai Cement Plant. Revenues and export value of the IZ-based enterprises have seen steady growth in the past few years, greatly contributing to the province's budget.

Hoang Duc Long, Head of the provincial Industrial Zone Authority, said that Ninh Binh's IZs have seen outstanding achievements in terms of both scale and quality of projects as compared to neighboring provinces such as Ha Nam and Nam Dinh whose IZs cover up to 2,500 hectares and 2,600 hectares, respectively.

Enterprises in the IZs have helped boost the province's industrial production, import-export and state budget collection in addition to creating stable jobs and incomes for over 40,000 workers. However, the attraction of investment in the IZs has failed to catch up with the province's potential.The reality shows that the demand for investment in the province in general and in the local IZs in particular is increasing.

Many factories and companies want to expand production, prompting the expansion of other supporting industries. However, the area of unoccupied land in the IZs is limited while the province's investment incentives for investors are no longer suitable, remarkably affecting its investment promotion activities.

To achieve better results in calling for investment in the coming time, the provincial Industrial Zone Authority will soon complete the planning and development of IZs, establish new IZs, and expand the existing IZs.

Besides, the Industrial Zone Authority will adopt new regulations on investment incentives and encouragement policies, replacing the Decision No 28/2012/-QD issued by the provincial People's Committee on November 23, 2012 in a bid to raise the attractiveness and competitiveness in attracting investment into Ninh Binh and its IZs in particular.

The authority will also improve infrastructure, accelerate administrative reforms and create the most favourable conditions for investors when making investment in Ninh Binh province.

Translated by Nguyen Thuy