Economy

Hai Duong – spotlight of northern key economic region

THURSDAY, 26/09/2019 09:43:08

With remarkable socio-economic achievements, Hai Duong province has become an economic spotlight in the Red River Delta and northern key economic region.



A view of Hai Duong. Photo: Hai Duong Newspaper
 
In the first half of this year, the provincial economy grew about 7.2 percent. The industry and construction sector expanded 10.1 percent, contributing 5.8 percentage points to the locality’s gross regional domestic product (GRDP).

The service sector increased 6.5 percent, contributing 2 percentage points to the GRDP.

Turnovers from transportation and warehouse services went up 7.1 percent; retail, up 6.6 percent; and consumption services, up 7.8 percent, respectively.

However, agro-forestry-fishery decreased 4.9 percent and crop cultivation was down 4.3 percent.

Besides, foreign investment attraction in Hai Duong province saw an increase.

Statistics from the Ministry of Planning and Investment’s Foreign Investment Agency show that the province lured 450 million USD in foreign direct investment (FDI) in the first half of this year, ranking 10th among the 46 localities that received FDI in the period.

Of the total, 326 million USD came from 38 newly licensed projects while the remainder was added to 14 projects already in operation.

As of June this year, Hai Duong was home to 438 foreign-invested projects with capital totalling more than 8.15 billion USD, retaining its position as one of the top ten localities in the country in terms of attracting foreign capital.

In early August, the provincial People’s Committee granted in-principle approval for seven new projects valued at more than 267 billion VND (11.6 million USD) in total.

Among these projects are a 97 billion VND convention centre and office project, to be financed by the Phu Thai trade and investment company; a 50 billion VND project producing electronics components to be funded by the HTV investment and development company; and a petroleum trading project, to be developed by the Anh Khoi trade and service company at a cost of 36 billion VND.

Nguyen Van Dinh, General Secretary of the Vietnam National Real Estate Association, said investors are turning their eyes to markets with high growth rates like Hai Duong.

It is noteworthy that Prime Minister Nguyen Xuan Phuc issued a decision last May, recognising Hai Duong city as the first-tier city, which has also contributed to spurring the development of the local property market.

These above-mentioned factors have created a firm foundation for the development of the local real estate market, making it more attractive in the eyes of investors.

Given the shortage of luxurious property projects in Hai Duong, investors have poured capital into the segment.

The most outstanding project is Apec Mandala Wyndham Hai Duong of Apec Group that has invested in a series of luxurious projects in Mui Ne, Bac Ninh, Phu Yen, Hue and Lang Son.

Apec Mandala Wyndham Hai Duong is a complex of condotels, officetels and a five-star commercial centre, meeting demands for shopping, cuisines, entertainment and leisure of locals and holiday-makers.

Managed and operated by Wyndham Hotel Group – the world’s largest hotel company - the project has been seen as an attractive investment opportunity in Hai Duong in 2019.

Other projects with schools, bars, clubs, commercial centres and shop-houses, and guaranteed security and safety will promises high-quality living standards for residents.

In order to lure more investment capital, the province should continue working on administrative reforms, especially in the fields of taxes, fees, land and social insurance, as well as reducing the burden on enterprises during inspections, experts said.

They also highlighted the need to improve business consultations and promote the role of provincial business associations to consolidate the trust of the business community, adding provincial leaders and localities need to hold more dialogues with business communities to solve pressing problems quickly.

VNA

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