Investment

New features in domestic investment attraction

MONDAY, 02/09/2019 14:43:31

Over the past time, there have been many innovations in attraction of domestic direct investment (DDI) in Hai Duong province with increasingly large scale and high quality projects.



The woven PP packaging production project of An Vinh Packaging JSC. is being carried out in An Phat hi-tech industrial zone with a capital of more than VND639.6 billion and expected to come on stream at the end of the year

Large scales

In early April 2019, Tan Hoang Minh Hai Duong JSC. was permitted to build a wooden furniture factory in Ba Hang industrial cluster (Hai Duong city) by the Provincial People's Committee (PPC).

The factory will specialize in manufacturing wooden kitchen cupboards, doors, and floorboards and processing woodwork for export.

With a total investment of over VND2,391 billion, this is a new DDI project with the largest capital at the first time of registration in the province in recent years.

Initially, the company planned to spend more than VND1,000 billion but then decided to increase capital by 2.3 times. The reason is that the investor changed equipment and technology. It imported modern machinery, equipment, and technology from Europe, leading to the rise in the investment value.

The investor aims to build the most modern and large-scale wooden furniture factory in Southeast Asia in Hai Duong,

"In the course of processing procedures to implement the project, our company was supported by authorities at all levels with favorable conditions. As soon as having clean grounds, we will commence the project," said Dang Thuy Nguyen, Director-general of Tan Hoang Minh Hai Duong JSC.

Realizing the ever-increasing potential of applying woven packaging to trades in domestic and foreign markets, An Vinh Packaging JSC. in An Dong industrial cluster (Nam Sach) has proposed investment in an An Vinh packing plastic project in An Phat hi-tech industrial zone (Hai Duong city).

In late May 2019, the Provincial Industrial Zones Authority granted an investment certificate to the enterprise to execute the project with a total investment of more than VND639.6 billion. The project will specialize in producing hi-class woven PP packaging with a scale of 9,386 tons of products of various kinds each year.

According to data announced at the 10th session of the 16th Provincial People's Council last July, the amount of DDI attracted to the province in the first six months of the year was fairly high, reaching VND5,966 billion, a surge of 43% year on year.

The provincial authorities have agreed to investment in 63 new projects with a total capital of VND5,574 billion, up 16% in the number of projects and more than 82% in registered capital compared to the first six months of 2018.

The scale of DDI projects is larger and larger. The average investment in a new DDI project was VND58 billion in the first six months of 2018 and has jumped to VND88 billion this year.

Procedure processing innovation

According to a representative of the Provincial Industrial Zones Authority, since early this year, the attraction of DDI projects to industrial zones in the province has changed markedly.

The amount of DDI attracted in the first six months was six times higher than the plan for the whole year 2019. There were not many projects but the total capital was great and technological content was high.

Over the past time, the provincial authorities have oriented the attraction of new investment projects to the approved industrial zones and clusters.

To create favorable conditions for investors, the Department of Planning and Investment has counseled the PPC to direct many issues related to project appraisal.

The PPC directed departments, sectors, and local authorities to frequently and closely coordinate with each other to process administrative procedures related to project investment appraisal; issued documents regulating the time for departments, sectors, and local authorities to participate in project appraisal; directed the development and promulgation of regulations on the responsibility of departments, sectors, and local authorities in coordination in processing procedures on investment appraisal and granting certificates of land use rights and the ownership of assets and works on land.

Thanks to the drastic guidance of the PPC and active participation of departments, sectors, and local authorities, over the past time, DDI attraction has recorded breakthroughs.

Le Xuan Hien, Head of the Bidding, Appraisal, and Investment Supervision Division (Department of Planning and Investment), a member of the Government's Team for the Enforcement of Enterprise and Investment Laws, said the Department of Planning and Investment had set up an information system between connection officials of relevant departments, sectors, and units and district People's Committees to receive and exchange information during coordination in project appraisal.

The contribution of ideas to project dossiers of investors is made once in writing to create favorable conditions for the investors to quickly complete the project dossiers, thereby shortening the processing time of administrative procedures related to investment appraisal and improving the quality of appraisal.

PHAN ANH

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