For years, Long An has led the Mekong Delta region in foreign direct investment (FDI) attraction. So far the province has lured nearly 7,900 enterprises with registered capital of over VND189 trillion ($8.4 billion), and 1,259 domestic investment projects with total registered capital of VND139.84 trillion ($6.2 billion).
Thirty seven nations and territories have invested in Long An over the last few years. The province currently has 772 FDI projects registered at $5.1 billion, accounting for 60 per cent of the region’s total investment projects.
Long An province is considered to have an attractive investment environment thanks to its proximity to Ho Chi Minh City, the major financial and commerical hub of Vietnam. The province is also a gateway connecting southern key economic zones and the Mekong Delta. In all, Long An has favourable conditions with which to develop industry, service, and agriculture sectors.
Recently, the land area for industrial development in big cities is becoming increasingly limited. This, coupled with stricter environmental protection policy, forces industrial firms out of the city, towards the outskirts and neighbouring provinces. As a result, Long An is rising as a potential destination for investors.
Long An’s land area for industrial development is 15,500 hectares by 2020, including 5,000ha of clear land ready for new projects. The province has attracted 28 industrial parks with a total area of 10,216ha, and 32 industrial clusters with a total area of 3,368ha.
Not far from Ho Chi Minh City, Long An provides investors with convenient access to economic and technical infrastructure, services, and utilities from the country’s most dynamic city. Particularly, investors can enjoy more incentives because the majority of districts and towns in Long An are among localities already facing socio-economic difficulties.
What stands out is the transparent and flexible investment climate. Over the past few years, Long An has stepped up its efforts to improve its investment climate, creating favourable conditions for project implementation and business activities in the locality.
Every year, the province has detailed plans to increase its provincial competitiveness index. The province focusses on administrative reform in the fields of land use, investment licensing, and tax and customs procedures. Local leaders often meet with investors and businesses to solve their problems in project implementation directly.
Long An is also active in improving the infrastructure surrounding industrial parks and the transport network linking the province to Ho Chi Minh City. The move aims to provide better access for investors to economic and technical infrastructure, and a growing labour force in the municipal city.
Long An is crossed by four national highways as well as an expressway link to other regions. The province has three major rivers including Vam Co Dong, Vam Co Tay, and Soai Rap. The central government is looking to invest in another two railway lines crossing the locality. Ring roads and shuttle bus services connecting the province with Ho Chi Minh City are also planned for the near future to cut travelling time.
Long An boasts a labour force of one million, with 900,000 people working in economic sectors, accounting for 70 percent of the local population. Sixty per cent are skilled labourers, meeting the high demands of businesses.
According to Nguyen Van Tieu, director of the provincial Planning and Investment Department, Long An is continuing its efforts to improve the local investment climate, and solve difficulties faced by investors and enterprises. Long An is committed to developing dynamic and efficient authorities, promoting trust amongst investors and the wider business community.
“We will take measures to accelerate investment promotion, and promote transparency, while reducing the processing time of administrative procedures,” Tieu said. “The province will complete infrastructure development, especially electricity, water, and transport to serve industrial development. So investors will find the necessary conditions to implement projects effectively in Long An.”
Source: Vietnam News Agency