VietNamNet Bridge - The investment promotion conferences recently held by provincial authorities all have been ‘more successful than expected’ with registered investment capital worth billions of dollars. However, it’s unclear how many projects will actually occur .


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Vietnam attracts foreign investors



Commitments

This is a time for the ‘investment promotion conference season’. 

Hanoi held a conference in mid-July with 71 projects granted investment certificates, including 11 foreign invested ones, with total investment capital of $5.4 billion.

The foreign invested projects include the Japanese Smart City project in Hai Boi commune of Dong An district and the South Korean $600 million Lotte Mall Hanoi.

Prior to that, at the investment promotion conference held by the Bac Lieu provincial authorities, investors committed VND110 trillion worth of capital. These include the solar power project registered by SY Group fro South Korea, capitalized at $450 million.

According to the Bac Lieu Planning & Investment Department, the solar power project in Long Dien commune is the largest project of this kind, covering an area of 400 hectares with capacity of 300 MW.

The investment promotion conferences recently held by provincial authorities all have been ‘more successful than expected’ with registered investment capital worth billions of dollars. However, it’s unclear how many projects will actually occur .

Bac Lieu has licensed 10 out of 20 projects registered in the fields of wind power, solar power, shrimp farming, hospital, hotels & restaurants and shopping malls.

Most recently, the Can Tho investment promotion conference was organized on August 10, where the local authorities handed over investment certificates to 10 projects which have total committed capital of VND8 trillion. 

The province’s leaders also signed cooperation agreements with investors to implement some projects capitalized at VND85 trillion in total.

New records in the number of registered and licensed investment projects were made but then broken. Tien Giang province granted investment licenses to 22 projects and agreement in principle to another nine projects, totaling VND16 trillion. The figures are $5.4 billion for Soc Trang and $1 billion for Binh Phuoc.

Dau Anh Tuan from VCCI said that as the government is building a new-generation FDI attraction strategy, local authorities have to become choosier in licensing projects, not try to lure investments at any cost.

Implementation

As one of the provinces attracting high investment capital through investment promotion conferences, the Nghe An provincial People’s Committee in early 2018 held a meeting with investors. At least 26 projects with total capital of VND13.152 trillion have been licensed.

After the meeting, Nghe An’s leaders repeatedly urged investors to implement registered projects and asked them to start projects by June 20 this year at the latest.

However, CafeF reported that only several projects have kicked off, including the Hermaraj IZ.


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