Authorities of Binh Dinh Province, south-central Vietnam, have pledged to maximally facilitate domestic and foreign investors’ operations in a move to attract more investment to the province, contributing to realizing the goal to make Binh Dinh a major national hub for marine economic and tourist development.

Pham Anh Tuan, chairman of the Binh Dinh administration, made the commitment while addressing the investment promotion conference kicked off on Friday in the province’s Quy Nhon City.

As part of the Amazing Binh Dinh Festival 2024 slated on March 22-31, the conference attracted over 1,000 delegates from the Vietnamese government, the embassies of various countries, international organizations, domestic and foreign enterprises, business associations, and investment promotion organizations.

Billionaire Cyril Dissescou, CEO of Singapore-based Nexif Ratch Energy SE Asia Pte. Ltd. speaks at the investment promotion conference in south-central Vietnam’s Binh Dinh Province on March 29, 2024. Photo: Tan Luc / Tuoi Tre

“The province aims to become one of the leading localities in the central coastal region in manufacturing, processing and tourism services, as well as the country’s key center for marine economic development,” Tuan told the conference. 

In order to draw more investment from both domestic and foreign direct investors as a great resource to make this goal come true, provincial authorities have adopted many preferential policies, said the leader.  

Accordingly, investors will be given the most favorable conditions that ensure they can develop their project efficiently and sustainably.

They will enjoy the highest incentives on land rents and taxes, along with complete electricity, water, transportation, and telecommunications infrastructure in their project areas, said Tuan. 

Investors who face project-related problems will have them resolved as quickly as possible by using the hotline or contacting a special working group of the chairman of the provincial administration, the province’s portal cited Tuan as saying.

The province has prepared cleared land funds in industrial parks and clusters to serve investors’ projects and will apply infrastructure rental rates at around US$25-60 per square meter over 50 years, much lower than in some other industrial parks across the country, Nguoi Lao Dong (Laborer) newspaper reported.

Bader Almatrooshi, UAE Ambassador to Vietnam, talks with a delegate of the investment promotion conference in south-central Vietnam’s Binh Dinh Province on March 29, 2024. Photo: Tan Luc / Tuoi Tre

Tuan also presented a number of facilitations for investors related to administrative procedures for their projects in the province.  

Addressing the event, billionaire Cyril Dissescou, CEO of Singapore-based Nexif Ratch Energy SE Asia Pte. Ltd., evaluated Vietnam as a country rich in terms of renewable energy resources in the Asia-Pacific region.

The country is gradually becoming an important regional manufacturing center and a favorite destination for new factories.

He proposed that Binh Dinh support the acceleration of investment procedures for the company’s wind power projects in the province, to which a capacity of about 143MW of onshore wind power has been allocated by 2030 under the country’s power planning 8.

Representative of the United Arab Emirates (UAE) business delegation in Vietnam, UAE Ambassador to Vietnam Bader Almatrooshi said he was very happy to know that Vietnam has so far attracted nearly $500 billion in FDI from around the world. 

The UAE, one of Vietnam’s largest trade partners in the Middle East, is currently taking steps to boost investment in Vietnam’s localities and many UAE businesses are actively participating in this process, the ambassador said.

Foreign investors are seen attending the investment promotion conference in south-central Vietnam’s Binh Dinh Province on March 29, 2024. Photo: Tan Luc / Tuoi Tre

Highly appreciating the province’s efforts in economic and investment attraction, Prime Minister Tran Luu Quang advised local authorities to leverage Binh Dinh’s own advantages to improve its competitiveness in luring FDI, accompany investors in their projects for mutual interests, and create a good relationship between them and the administration and people of the province.

At the conference, the Binh Dinh administration awarded investment policy decisions, investment registration certificates, and memoranda of understanding on investment to 23 projects. 

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