Thua Thien-Hue emerges as attractive investment destination

Thua Thien-Hue (VNA) - The central province of Thua Thien-Hue is becoming a destination for large corporations which produce high-economic-value products in various areas, contributing to enhancing its position in both domestic and international arenas.

The provincial Department of Planning and Investment reported that the province now has 117 FDI projects, with a total registered capital of 4.34 billion USD.

Despite difficulties in foreign investment promotion in 2021, the province granted investment registration certificates to eight FDI projects, with a total investment capital of 231.9 million USD.

Some typical projects include AEONMALL Vietnam, with an investment of 169.67 million USD, JA Vietnam garment manufacturing project, 34.5 million USD and SCAVI underwear and sportswear plant, 25 million USD.

Amid difficulties due to the pandemic, FDI enterprises still posted strong development. Many have expanded production scale and taken advantage of local labour resources to create breakthroughs in production and business activities, contributing to ensuring security amid difficulties caused by the pandemic.

The FDI sector posted total revenue of over 1.45 billion USD in 2022, up 21% compared to 2021 and contributed 145 million USD to the local budget, up 26% over 2021 and accounting for 27% of the province’s total budget revenue. Carlsberg Beer Vietnam Co., Ltd., accounted for 68.4% of the total budget revenue of FDI enterprises.

Besides contributions to the budget, FDI enterprises have also created jobs for a large number of local workers, contributing to improving people’s living standards. More than 25,000 employees worked in the FDI sector in 2022, with the largest number of employees working in textile and garment companies.

The FDI sector has also contributed to improving the technology level and is an important channel to help Thua Thien-Hue and Vietnam in general integrate more deeply into the world.

One of the biggest successes in Thua Thien-Hue’s investment promotion is that the province has developed a friendly business environment and reduced informal costs for businesses by improving indicators of the business environment and competitiveness, such as the Provincial Competitiveness Index (PCI), the Vietnam Provincial Governance and Public Administration Performance Index (PAPI), and Public Administration Reform Index (PAR).

In 2022, it ranked among the top 10 provinces and cities with the highest PCI scores in Vietnam, first in the PAPI Index, fourth in the PAR Index, and second in the digital transformation index (DTI).

Deputy Director of the provincial Department of Planning and Investment Phan Quoc Son said that the province always focuses on supporting FDI projects, creating favourable conditions for FDI enterprises to expand, connecting them with the local business community, and calling for capital for innovative and start-up projects throughout the province.

Thua Thien-Hue has successfully organised an investment promotion conference for Chan May port container shipping lines. The development of Chan May port, especially attracting container shipping lines to handle goods at Chan May port, is a prerequisite for the industrial development of the province, as well as the central region.

At the conference, the People’s Committee of Thua Thien Hue province gave a nod to seven investment projects and granted investment certificates for other projects./.