Thriving Domestic Investment Attraction

SATURDAY, 02/01/2021 13:40:12

While attracting foreign direct investment was of negative growth, domestic investment project (DDI) has made a breakthrough, becoming a bright spot in the economic picture of Hai Duong in 2020.

In 2020, Hoa Phat Hai Duong Steel Joint Stock Company invested an additional amount of VND 2,000 billion in the project of Hoa Phat Cast Iron and Steel Production Complex, phase 1, 2 and 3

Strong breakthroughs

Last year, Hai Duong once became one of the hot spots in the country for Covid-19 epidemic. The authorities at all levels have promptly directed and drastically, synchronously and effectively implemented the epidemic control tasks for socio-economic development. Thereby, the situation was promptly stabilized, enterprises were supported to overcome difficulties, to restore and promote production and business. While the Covid-19 epidemic  is still complicatedly going on, a series of DDI enterprises are pouring large investment funds into Hai Duong.

By the end of July 2020, Thuong Dinh Electric Wire and Cable Joint Stock Company (Hanoi) was approved by the provincial People's Committee to invest in the Project of Electric Wire and Cable Factory No. 2 in Cam Dien commune (Cam Giang) with a total investment capital of over 1,000 billion VND. According to the investor's report, when put into operation, the Project will create jobs for about 500 local workers and contribute about VND 10 billion to the budget each year.

As a large enterprise, Hoa Phat Hai Duong Steel Joint Stock Company has contributed to raise the total capital for attracting DDI investment in Hai Duong in 2020. The Company has several times added capital for the Project of Hoa Phat Cast Iron and Steel Production Complex, phase 1, 2 and 3 in Hai Duong with a total additional investment of nearly 2,000 billion VND. The company invests more funds to purchase and install machinery and equipment to optimize technology for operation and production so as to increase the production capacity of iron, steel billet and construction steel rolling.

Trung Kien Joint Stock Company currently has 3 packaging manufacture factories in Kim Thanh district. The products of the company have affirmed their brand name in the domestic market and in nearly 10 countries around the world. By the end of 2020, this enterprise has added an additional VND 265 billion to build warehouses and auxiliary workshops for Factory No. 2.  "During the implementation of the investment project in Hai Duong, the enterprise has always received the attention and support from the authorities at all levels. The recent pandemic has made us more confident in our choices. Hai Duong is really a safe and attractive destination for businesses", affirmed by Mr. Le Trung Kien, General Director of Trung Kien Joint Stock Company.

According to the Department of Planning and Investment, by 2020, the provincial People's Committee has approved the investment for 155 new DDI projects; adjusted 80 projects with a total investment capital of VND 12,800 billion, increasing by 11% compared to 2019. This proves that Hai Duong’s measures to response and epidemic control are effective. Investment attraction policies have been well implemented. The business and investment environment of Hai Duong is stable and sustainable.

Heading for big goals

Along with the invested projects, Hai Duong has many large domestic investors such as: Sun Group, FLC Group, TH Group, T&T Group researching and investing with big, bold and comprehensive ideas, including idea of developing urban economy to economic under forest canopy, ecological urban, resort and tourism.

In 2020, the Party committees and authorities of the province always determined that promoting the improvement of the investment and business environment, and improving competitiveness is one of the top key tasks in direction and administration. The province has stepped up the promotion and calling for investment, especially large projects with advanced and modern technology. Last year, a number of key projects, regional and inter-provincial traffic works have been speeded up, completed and put into operation, creating a driving force for socio-economic development, creating favorable conditions for attracting domestic and foreign investment.

The Resolution of 17th provincial Party Committee Congress has determined that strongly improving the investment and business environment; attracting large enterprises to invest in the province and focusing on supporting the development of small and medium enterprises, digital technology enterprises to creatively start-up is one of the three breakthroughs in the 2020 – 2025 period. In the series of articles "Soon put the Resolution into Action for a breakthrough and sustainable development of Hai Duong" published in Hai Duong Newspaper in early December, Mr. Pham Xuan Thang, the Secretary of the provincial Party Committee has clearly analyzed the opportunities for development as well as specific difficulties and challenges for Hai Duong. As for the investment attraction of the province in the coming time, the Secretary of the Provincial Party Committee affirmed: "The biggest opportunity is to attract foreign and domestic investment, especially large projects to accelerate the progress of industrialization and modernization, soon building Hai Duong into an industrial province towards modernization".

With existing platforms and untapped potentials, Hai Duong promises to be an ideal destination for investors and large corporations in the near future. However, the Secretary of the provincial Party Committee also frankly specified: "In order to turn aspirations into reality, Hai Duong still has many great things to be successfully done and many difficulties and challenges to overcome, requiring the unanimous synergy of both the political system and all classes of people ".


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