Long An Province in southern Vietnam has rolled out multiple programs aimed at attracting foreign capital, particularly from South Korea, Japan, and Australia.

Many of these initiatives center on the provincial government’s drive to fulfill its responsibilities toward its citizens and the belief that local enterprises can drive the region’s economic growth.

Connecting with businesses in Australia

Nguyen Van Duoc, secretary of the provincial Party Committee, alongside Vietnam’s Ambassador to Australia Nguyen Tat Thanh, and Laura Burke, regional manager - Southeast Asia at Global Victoria, the trade facilitation and promotion agency in the Australian state of Victoria, attended a memorandum of understanding (MoU) signing ceremony regarding investment cooperation between the Long An Department of Planning and Investment and the Vietnamese Business Association of Australia in late September of this year in Melbourne, Australia.

The ceremony was held in conjunction with an investment promotion conference hosted by Long An – the first time the event had been held in Australia.

More than 150 representatives of Australian and Vietnamese enterprises active in Australia attended the conference.

At the event, Australian investors and Vietnamese businesses shared positive outlooks for Long An’s business climate and ability to attract foreign investment.

The conference also featured two signing ceremonies. 

One of these ceremonies was a contract signing between Vietnam’s Nam Long Group and Australian firms Conybeare Morrison and White Corp. to develop urban projects in Vietnam.

Under the deal, the two Australian companies will invest VND15 trillion (US$614 million) in Long An's 355-hectare Waterpoint residential development project.

The second signature ceremony involved IMG Phuoc Dong Joint Stock Company and Elenberg Fraser Australia Company signing an MoU for the latter to provide consulting services for the Phuoc Dong smart urban area project – a 190-hectare residential project in Long An.

Attracting FDI

In early September, Nguyen Thanh Hai, deputy Party chief of Long An, led a Vietnamese delegation to Tokyo, Japan to attend an investment promotion conference which had attracted more than 100 Vietnamese and Japanese entrepreneurs.

Among the nearly 40 countries and territories currently investing in Long An, Japanese firms account for a combined $480 million in investment capital spread across over 130 projects, making Japan the fourth-largest investor in this Vietnamese locality.

Three MoUs and four cooperation deals were signed at the event in Japan.

South Korea is currently the second-largest investor in Long An thanks to the 200 foreign direct investment (FDI) projects worth a combined $870 million.

Aside from its efforts to attract foreign investment, Long An regularly holds seminars to discuss issues linked to bilateral partnership in various fields between local firms and businesses from South Korea and Japan.

According to Nguyen Minh Lam, vice-chairman of Long An, the province continues to create optimal conditions for foreign investors to run their businesses.

Through September of this year, Long An licensed 43 new foreign-invested projects with a combined pledged capital of $307.8 million, up two projects compared to 2021.

The province approved capital adjustments valued at $274.1 million across 55 foreign-invested projects.

In its history, Long An has recorded 1,152 projects with foreign investments worth over $9.96 billion. Of these, 588 projects worth over $3.62 billion have been put into service.

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