The north central province of Thanh Hoa is making concerted efforts to become an attractive and sustainable investment destination for domestic and international investors, according to provincial authorities.

Thanh Hoa has recently ranked among the top ten of the provincial international economic integration index, the Provincial competitiveness index, and the Viet Nam Provincial Governance and Public Administration Performance Index , evidence of its promising progress towards favourable investment conditions.

In 2014 alone, the province granted licences for 152 new projects, including 10 FDI projects, with a combined registered capital of 27 trillion VND (1.27 billion USD), 2.5 times that of the previous year. Seven FDI projects also increased their capital by 107.6 million USD.

Among those projects, many are large-scale projects like the International Golf Course and Resort project in Sam Son or the Holstein Farm in Thanh Hoa 2.

But with a relatively low occupancy rate of the Nghi Son economic zone, which has an area of 19,000 hectares, and five concentrated industrial parks, with a combined area of 3,100 hectares, more efforts are still needed in the years to come.

Hoang Anh Tuan, Deputy Director of the province’s Department of Planning and Investment, said Thanh Hoa will speed up the implementation of licensed projects as well as key projects funded by the State budget and Government bonds.

The department, he continued, will advise the provincial People’s Committee to address any difficulties and obstacles encountered to ensure land clearance for projects.

The province will also properly implement new laws taking effect in 2015, such as the Public Investment Law, the Construction Law, the Enterprises Law, and the Investment Law, as well as streamline administrative procedures to make it easier for investors to rapidly carry out projects.

Besides the Government’s preferential policies, Thanh Hoa developed additional incentive policies for local and international investors, such as offering a 10 percent subsidy for the cost of land clearance for investors in the industrial zones number 3, 4, and 5 at the Nghi Son economic zone.

The province also reviews and revises mechanisms and policies to maximise their suitability and relevance.

Key transport projects such as the Nam Song Ma Avenue, the Tho Xuan Airport, the road connecting Tho Xuan Airport to the Nghi Son economic zone, seaports in the Nghi Son economic zone and the National Road 217 will be accelerated to ensure timely completion.-VNA