Domestic investment up over 37 percent in Hai Duong hinh anh 1A garment factory in the Lai Vu Industrial Park of Hai Duong province (Photo: VNA)
Hai Duong (VNA) - The northern province of Hai Duong secured more than 14 trillion VND (606.9 million USD) in domestic investment in 2020, a year-on-year rise of 37.2 percent, according to the provincial Department of Planning and Investment.

The provincial People’s Committee granted approval to 285 investment projects last year, including 190 new projects and 95 others adding to existing capital. There were only 142 newly-registered projects and 71 projects adding capital in 2019.

Le Xuan Hien from the department said the province has enhanced its management and supervision over public, domestic, and foreign projects, while quickly removing bottlenecks for investors in key projects.

He described local efforts to improve administrative procedures as an important factor in attracting investment, adding that the province sharpened its focus on simplifying procedures regarding business registration and investment inspection.

In 2021, the province will outline regulations on domestic and foreign investment attraction this year and continue to prioritise the development of public-private partnership (PPP) projects.

Along with handling challenges relating to land, construction, and environmental procedures, it will also promote regional cooperation to step up the building of regional facilities.

Hai Duong has improved its investment climate over recent years. It moved up eight places in 2019 to 47th in the Provincial Competitiveness Index (PCI), with 63.85 points. Six indices were higher than in 2018, such as market participation, access to land, transparency, support services for businesses, and human resources training.

During 2020-2025, the province targets improving its business environment further, attracting large enterprises and supporting small-and medium-sized enterprises (SMEs) and start-ups.