Prime Minister Nguyen Tan Dung has ratified the overall plan on socio-economic development for the Red River Delta's Nam Dinh province by 2020 with a vision towards 2030, according to Vietnam Government Portal.

The overall plan aims to develop the local economy, transform economic structure towards industrialisation, agricultural modernization and new rural building.

The province will strive for a growth rate of around 13.3 percent in 2011-20 period; 13 percent in 2011-15 and 13.5 percent in 2016-20.
By 2015, the agro-forestry and fishery sector would account for 26 percent; industry 39.5 percent and service 34.5 percent. Income per capita would touch approximately 39-40 million VND.

Nam Dinh would improve investment promotion activities and offer favourable investment environment to lure large-scale, high-tech and friendly-environmental projects so as to make breakthroughs in its economic restructuring.

According to the provincial social and economic development planning towards 2020, Nam Dinh will become an above-average province in the Red River Delta, and in recent years Nam Dinh has created good policies, conditions and mechanisms for investors and enterprises to do business effectively.

The province has focused on implementing solutions to facilitate and assist enterprises to access support policies of the government and the province; reducing, exempting taxes and rescheduling tax payment for enterprises; supporting them to build quality management systems and renovate technologies; accelerating industrial and trade promotion; facilitating access to credit sources; facilitating access to land funds, and supporting human resource training for enterprises, Pham Quoc Khanh, Deputy Director of the Nam Dinh Department of Planning and Investment, told Vietnam Business Forum.

As a result, in 2012 and in the first nine months of 2013, Nam Dinh drew many domestic and foreign investment projects. Particularly, the province licensed 45 projects with a total investment of 7,716 billion VND and 64.2 million USD which registering to employ 5,576 workers and leasing 57.6 ha of land.

The province also allowed to existing projects to scale up their investment capital by 12.8 million USD. Some projects have the investment capital of over 500 billion VND like Thai Binh Minh Export Garment Factory (1,165 billion VND), Thien Nam Sunrise Textile Dyeing Factory (504 billion VND), Hoa Xa Export Wood Processing Plant - phase 2 in Hoa Xa Industrial Park (1,807 billion VND), Bao Minh Export Wood Processing Factory (523 billion VND), and Nam Dinh water supply and countryside sanitation project (793 billion VND).

In the target of socio-economic development in 2013, Nam Dinh determines to use all resources and strives to keep stable economic growth in a reasonable level and improves the efficiency and sustainability of the development. The province also implements asynchronous solutions to promote production, business and industrial development, and improve the quality of services.-VNA