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Thanks to its efforts to improve the local investment climate, flexibly apply incentive policies and take breakthrough solutions, Ninh Binh has reaped positive outcomes in investment attraction, thereby creating a momentum for the province's socio-economic development in the coming time.
A delegation of Ninh Binh province led by Secretary of the provincial Party Committee Doan Minh Huan on February 29 had a working session with the Ministry of Information and Communications, focusing on innovation and investment attraction in order to turn Ninh Binh into a hub of innovation and creativity.
Competent Vietnamese agencies are formulating additional breakthrough support policies aimed at luring strategic investors amid fierce competition in foreign investment attraction and the imposition of the 15% global minimum tax in 2024, reported Dau Tu (investment) newspaper.
Ninh Binh province has seen positive outlooks in investment attraction thanks to its efforts to improve the local business and investment climate and provincial competitiveness index (PCI) in a bid to attract strategic projects.
Determining that the quality of labor resources is an important factor in economic development and investment attraction, the Department of Labour, Invalids and Social Affairs of Ninh Binh province sped up technical and vocational education and training (TVET) programs to increase the rate of trained workers. The province aimed to create jobs for 19,400 workers annually in the 2021-2025 period and bring the rate of trained workers to 70-72%.
With its right investment attraction approaches and willingness to share and side with businesses, Ninh Binh province has invited many strategic investors to do business in the province to create breakthroughs in economic growth and budget revenue increase. In the coming time, the province will focus on selectively drawing investors and giving priority to projects that are land-effective, energy-effective, technologically advanced, environmentally friendly and highly valued, as well as projects that have strong ripple effects and connect global production and supply chains.
In recent years, Ninh Binh has paid due attention to attracting investment into the province in general and its industrial zones (IZs) in particular. The local IZs have also seen better indicators in terms of occupancy rate, quality of projects, and feasibility and efficiency of projects as compared to other IZs in the nation and in the region.
In parallel with speeding up land clearance and improving infrastructure at local industrial zones (IZs), the Industrial Zone Authority of Ninh Binh has offered advice to the provincial People's Committee to adjust the province's master plan, accelerate administrative reforms and create a favourable investment environment, making these IZs attractive destinations for investors.
Investment attraction of the northern province of Ninh Binh has seen remarkable progress, contributing greatly to its socio-economic growth. This was attributed to the province's provision of mechanisms and policies in favor of attracting investment over the past few years.
Ninh Binh province has in recent years implemented a number of measures to boost its international economic integration. These efforts have brought about positive outcomes for the locality in many fields such as export, investment attraction. However, the process of international economic integration needs more efforts to raise the local economy's competitiveness, thus confirming its position in the international market.
Ninh Binh has urged branches and localities to implement a host of drastic measures to streamline administrative procedures, and provide transparent information related to investment attraction, thereby helping remove difficuties faced by businesses, and especially improve the provincial competiveness index.
With the addition of a foreign capital portfolio in the form of capital contribution and share purchase in the national statistics system, the picture of foreign investment attraction in Vietnam is gradually becoming clearer.
Ninh Binh province has so far licensed 542 projects with a total registered capital of 105 trillion VND (4.6 billion USD), said Nguyen Cao Son, Vice Director of the Department of Planning and Investment.
