Ninh Binh works to promote investment amid COVID-19 pandemic

To conform with reality, Ninh Binh has built orientations and a list of projects calling for investment in the 2021-2025 period; and orientations to attract investment into industrial zones in the same period. It has also issued a list of projects appealing foreign direct investment (FDI) into agriculture, forestry, and aquaculture fields in the 2021-2025 period.

Based on these orientations, the province has adjusted investment promotion plans by paying heed to promotion on the spot and establishing an information system and a database related to investment incentives and supporting in the province.

In particular, Ninh Binh has reviewed and abolished investment incentives and supporting mechanisms and polices which are no longer suitable. It has also sped up administrative procedure reform, improved the Provincial Competitiveness Index (PCI) and enhanced investment attraction capacity.

To provide more information about Ninh Binh for investors, local authorities have built and updated a database on the government's and the province's investment incentives and supporting policies.

At the same time, the province's potential and strengths in all field are also published on the portals and websites of provincial departments and sectors.

Thanks to its practical solutions, the province has witnessed positive signals in its investment promotion. In the first eight months of 2021, Ninh Binh had 569 newly established firms with total registered capital of over 10.07 trillion VND, representing a 3.2-fold rise from the same period last year.

However, many investment promotion activities have not been carried out as planned due to the COVID-19 pandemic. 

Because of a lack of connection and coordination between departments, agencies and sectors, the investment promotion work has seen low effectiveness, making it difficult for the province to lure big projects.

Besides, Ninh Binh has lacked cleared land plots in industrial parks for investors, while the prolonged site clearance has affected the progress of projects.

In order to accelerate investment promotion activities in 2021, Ninh Binh province continues to speed up administrative procedure reform to remove difficulties for businesses and improve the efficiency of investment attraction.

At the same time, provincial authorities also direct departments and agencies to build a database providing adequate information for firms who wish to survey investment potential in the province; support firms to seek investment opportunities and business partners and want to participate in global production and supply chains; boost the application of technologies in investment promotion and management.

The province continues to innovate and diversify investment promotion contents and methods. It will focuses on promoting investment on the spot and traditional markets and expanding new markets. 

It will increase communications, popularisation and introduction about the province's investment climate, policies, potential and opportunities through domestic conferences, seminars, fairs, forums and seminars.Provincial authorities will also step up investment promotion via mass media outlets and work with  the Vietnamese embassies in EU countries, Japan and the Republic of Korea to call for investment into the province.

Translated by Nguyen Thuy