An Giang province works hard to lure more investments

An Giang (VNA) – Accelerating administrative reforms, improving business climate, and enhancing competitiveness are parts of the Mekong Delta province of An Giang’s efforts to attract more investments.

According to Director of the provincial Department of Planning and Investment Le Van Phuoc, domestic and foreign investors have registered 45.35 trillion VND (1.9 billion USD) in 211 projects in the province during 2015-2020, up 1.2 times in capital and 20.75 percent in the number of projects as compared to the 2011-2015 period.

However, Phuoc said that the figures are a far cry from the locality’s potential which has not been taped for agriculture and tourism development.

In the past time, besides flexible tax and land lease policies, the local authorities have created the best conditions for investors to complete business procedures, and supported them with site clearance as well as capital and human resources access.

The duration of processing an administrative procedure is shortened to 16 working days instead of 35 days as regulated. Meanwhile, time for granting an investment licence is only one working day, and it takes investors only one day to complete business establishment procedures.

Regarding the agriculture development policy, the province has backed investors in renting land from local residents to carry out large-scale agricultural projects. Investors will also enjoy exemption of land use fees for a couple of years before returning to the locality for high-tech agriculture development.

The business support boards at provincial and district levels have been established to remove bottlenecks for local firms. Furthermore, business dialogue model is maintained twice a year, and the “businessmen coffee” event is held weekly, helping local authorities and investors exchange urgent issues for timely settlement.

The province is ramping up activities in preparation for the investment promotion conference scheduled for December 15 to advertise local potential and competitive edges. At the event, the local authorities plan to present investment decisions to 23 projects worth around 32.4 trillion VND (1.38 billion USD). The projects will be carried out in 2018 or early 2019.

Also, the province has signed investment commitments with giant investors like FLC Group, Phu Cuong Group, TH Group, and T&T Group, who hold strengths in agriculture, tourism and urban development.

Phuoc said that investment capital plays an important part in local socio-economic development. Private and foreign investments account for 48 percent of the total social investment and triples public investment. Large-scale projects in agriculture and processing industry have been put into use, serving as a motive to promote economic growth and economic structure shifting.-VNA