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Tien Giang calls for $10.6 billion investment
A conference on investment in the southern province of Tien Giang has noted that provincial authorities need to do more if they are to realistically achieve their goal of raising VND192 trillion (US$10.6 billion) for 117 projects.
It's the biggest investment target ever set by the province, with authorities planning to use the targeted funds in projects that will be implemented from now to 2020.
Chairman of the provincial People's Committee Tran The Ngoc said the province aims to secure 20 per cent of the targeted capital by the end of this year, but to persuade local and foreign investors to pour more than $10 billion into the province in coming years, Tien Giang must effectively implement investment attraction policies this year.
Nguyen Duy Quoc Tung, Deputy Chairman of the Vinh Long Seafood Trading Company, said that as a potential investor, he had found it difficult to get enough information on investment in the province.
"I planned to invest in a factory producing bio-fuel worth tens of millions of dollars, and I came to the conference to get information on investment preferences for renewable energy projects such as solar and bio energy," Tung said.
"However, the province has not supplied the necessary information."
Deputy Minister of Planning and Investment Dang Huy Dong also highlighted the importance of sufficient information provision to investors, including information of preferential areas for investment.
"After getting more details about a project in the north with an initial investment of $230 million, a Japanese investor successfully persuaded his parent company to raise its investment to $450 million," said Dong.
Administration reform was also a way to provide investors with clearer and more adequate information, he said.
Dong said land clearance and allocation also played an important role in luring investment as land in HCM City and southern Ba Ria - Vung Tau, Dong Nai and Binh Duong provinces was increasingly difficult to secure.
"Therefore, Tien Giang Province would be the place to receive waves of investment in the future," he said.
Dong said the province had several advantages in luring investment, including its role as a connection point between industrial zones around HCM City.
Excluding problems related to administration reform and land allocation, Dong asked Tien Giang Province to pay much more attention to trade promotion to seek more markets for agricultural, forestry and seafood products, which were the province's strengths.
Thai Van Xuan, Investment Director of the Phuong Trang Real Estate and Transport Services Company, said the company was willing to invest in Gia Thuan and Binh Dong industrial zones but still faced obstacles in procedures to compensate people who lost land.
Xuan said the province should have specific support policies so that enterprises and people could work more effectively together in deciding which plots of land was used for new investment projects.
Last year, the Prime Minister approved the overall planning for socio-economic development of the province till 2020. The plan would be the foundation for the growth of the province and its contribution to the development of the Mekong Delta region.
Tien Giang Province is the second province in the country to organise an investment promotion conference this year, following the southern province of Binh Dinh.
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