Strictly implementing the Government's Resolution No. 02 on improving the business environment, Tay Ninh has applied the one-stop mechanism in business establishment to shorten the time for implementing administrative procedures, create a favorable business environment, support effective start-ups, and improve competitiveness of local businesses.

Tay Ninh's investment environment has become more attractive in the eyes of domestic and foreign investors. Tay Ninh has been moving forward in the Provincial Competitiveness Index (PCI) in recent years. Compared to the previous period, the number of newly registered enterprises in Tay Ninh and the investment capital attracted by the province have both risen.

Workers at a foreign-invested factory.

As of April 2021, Tay Ninh had lured $427.54 million in foreign capital, up 28% over the same period of 2020. Specifically, the province granted investment registration certificates for seven projects with a total investment capital of $74.25 million – equivalent to 78% of the number of projects and 22% of the registered capital over the same period of last year. Six FDI projects increased capital with a total amount of $357.18 million - an increase of 128% in registered capital year on year; and 3 FDI projects reduced capital, totaling $3.88 million. Cumulatively, Tay Ninh had 338 foreign investment projects with registered capital of $8 billion by April 2021.

As of April 2021, the authorities of Tay Ninh Province signed international cooperation agreements with the cities of Gimhae and Chungju in South Korea and the provinces of Svay Rieng, Prey Veng, Tboung Khmum, Kampong Cham in Cambodia to promote comprehensive cooperation in the fields of economy, culture and society, mainly focusing on the potential and strengths of the two sides such as agriculture, trade, science and technology, and cultural and sport exchange.

Foreign investment projects are operating evenly across all districts and towns in the province. Trang Bang town has attracted the highest number of FDI projects, with 203 projects, accounting for 62.1% of the total FDI projects in Tay Ninh, followed by Go Dau district with 67 projects, accounting for 20.4% of the total FDI projects.

Choosing FDI projects selectively

According to the Department of Planning and Investment in Tay Ninh province, thanks to the implementation of the open-door policy and policies to attract foreign investment, the foreign-invested economic sector has increasingly promoted its important role and made significant contributions to the local economy and the country’s socio-economic development in general. The attraction and use of foreign investment over the past time has basically met the goals of attracting capital, creating jobs, increasing labor productivity, and absorbing technology.

FDI projects in Tay Ninh province are stable, with indicators as revenue, export and import earnings of FDI projects rising gradually year by year. The FDI sector has significantly contributed to creating jobs for the local workforce, raising incomes and improving people's lives.

Tay Ninh continues to strongly improve its investment environment.

According to the Department of Planning and Investment in Tay Ninh province, in order to diversify investment and mobilize capital sources to promote fast and sustainable socio-economic development, in the coming time, the province will strongly support connections, transfer of technology and value chain linkages between local and foreign-invested enterprises.

In addition, the province will invest in road and waterway systems, create conditions for the transport of goods between industrial parks, economic zones and provinces and cities; continue to develop infrastructure at industrial zones and industrial clusters; and improve efficiency of logistics to reduce transportation costs, input costs, and improve competitiveness for businesses.

Tay Ninh will choose reputable investors and corporations with international brands, taking quality, efficiency, technology and environmental protection as the main criteria for evaluation of FDI projects. The province prioritizes attracting large investment projects with advanced technology, green projects, projects with modern management, high value-added content, spillover effects, and connections to global production and supply chains.

The People's Committee of Tay Ninh Province issued Decision No. 586 dated March 26, 2020 on the implementation of the Action Program No. 217 of the Provincial Party Committee to realize Resolution No. 50 of the Politburo on orientations for improvement of institutions, policies, the quality and efficiency of foreign investment cooperation until 2030, which concretizes the tasks assigned to each department, agency and locality in the province.

In the coming time, Tay Ninh province will continue to carry out comprehensive and synchronous administrative reform in association with strongly improving the investment environment towards transparency and high competitiveness; and innovate and improve the quality and efficiency of investment promotion. The province will promote the application of information technology and modernize public administrative services, thereby drastically improving the PCI.

In recent years, the province's average economic growth has exceeded the target set by the Resolution of the 10th Party Congress for the period 2015-2020, reaching 8.04% per year. Its industrialization pace has been very fast, with industry and services accounting for 75.5% of the GRDP at present. Particularly, the industry contributes the highest to local economic growth, reaching 38.7% in 2020.

In the 2015-2020 period, the province attracted 145 FDI ​​projects with total registered capital of nearly $4.4 billion. It was listed among the provinces and cities with a high foreign investment attraction rate.

M.M