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Thua Thien-Hue FDI rises six-fold
Thua Thien-Hue Province has attracted foreign direct investment (FDI) worth more than US$2.3 billion this year, six times last year’s figure.
Investors have disbursed around US$300 million so far, according to the province’s Department of Planning and Investment.
The strong rise is attributed to the improvement in the province’s investment environment and administrative procedures and its economic potential. Thua Thien-Hue has been the most attractive destination in the central region this year.
Most of the investments have gone into hospitality with investors from Republic of Korea, Taiwan, Hong Kong, Singapore, Japan, US and Germany proposing to build a range of resorts.
Among the larger projects are South A, D&C Co.’s US$428 million resort complex to be finished in 2016.
A number of projects are also being expanded, including the US$25 million Conic Lang Co resort complex and the US$312.5 million Lap An golf and resort complex.
The province has granted a license to the Singapore-based Banyan Tree Group for a US$276 million hospitality project in Phu Loc District. The complex will have a five-star hotel, an exhibition and conference center and villas.
To attract investment, Thua Thien-Hue has built and put into use many large infrastructure projects in recent years like the Phu Bai International Airport, Chan May Seaport and Hai Van Tunnel.
The province plans to further improve its investment environment until 2020 to attract more FDI and has called for more investment in hospitality and high-tech industries in the Chan May-Lang Co economic zone, Phu Bai Industrial Park and Bach Ma Tourist zone.
Foreign investments have created around 8,000 jobs so far.
The Vietnam Chamber of Commerce and Industry last year ranked Thua Thien-Hue 15th on the competitiveness index out of the 64 cities and provinces.
Le Dinh Khanh, deputy director of the provincial Department of Planning and Investment, says the province hopes to climb to 12th or 13th this year.
VOV
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