Illustrative image (Source: VNA)
Thua Thien-Hue (VNA) – The central province of Thua Thien-Hue targets becoming a transparent and attractive business destination in the foreseeable future, said Chairman of the provincial People’s Committee Nguyen Van Cao.

In coordination with the Bank for Investment and Development of Vietnam (BIDV), the province held an investment and tourism promotion conference in August, during which the bank pledged to offer financial support to businesses, predominantly those operating in industry, trade and services, and high-tech agriculture.

As a result, BIDV signed credit agreements and contracts worth over 4.55 trillion VND (206.8 million USD) and committed 7 billion VND (318,000 USD) to the local tourism master plan.

The provincial authorities granted 16 investment licenses worth in excess of 7.74 trillion VND (351.8 million USD) and signed six cooperation agreements with partners and investors.

In the field of garment, Thua Thien-Hue is home to six industrial parks accommodating 50 textile firms with 300 sewing lines. Under the garment master plan for 2016-2020, more than 6.6 trillion VND (300 million USD) is assigned to build the province into one of textile hubs in the central region.

In the near future, Cao said the locality will expand domestic and foreign markets, towards developing a fashion industry in tandem with environment protection.

He suggested pitching for investment from the US, the Republic of Korea and Canada to manufacture high-quality materials, adding that the province is considering the construction of a modern wastewater treatment system

According to him, up to 45 percent of local firms are running on small and medium scale with registered capital below 1 billion VND (45,000 USD).

The province currently records 6,802 businesses, including 492 new ones with a total registered capital of more than 1.56 trillion VND (70.9 million USD). The number of newly-established firms is expected to increase to 650 capitalising at 3 trillion VND (136.3 million USD).-VNA