Quang Nam and FDI projects

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(QNO) - Five is the number of new FDI (foreign direct investment) projects licensed in Quang Nam in the 1st quarter of 2018. The total investment capital of these projects is nearly USD 12.4 million, which is thought not to be adequate to the local development needs, potential, and advantages.

Truong Hai Auto Corporation, the major revenue of Quang Nam
Truong Hai Auto Corporation, the major revenue of Quang Nam

There are more than 6,000 enterprises in Quang Nam now. Many of them are at the national and regional levels and are participating in the global value chain. The total number of FDI projects in Quang Nam is 153 with USD 5.58 billion of registered capital. South Korea is the leading country of FDI projects in Quang Nam with over USD 250 million from 31 projects.

Hoi An ancient town, one of the advantages to attract FDI into tourism
Hoi An ancient town, one of the advantages to attract FDI into tourism

According to economic researcher Nguyen Le Dinh Quy, Quang Nam’s infrastructure, roads, airports and seaports, and abundant labour force are competitive advantages that can attract more FDI projects to major economic sectors such as supporting industries (mechanical engineering, automobile, electricity and electronics...); the industry of consumer goods, household goods, agriculture- forestry- fisheries, building materials; and high-tech agriculture. In addition, tourism in Quang Nam also has much potential of heritages, beautiful landscapes and cultural diversity to attract more FDI.

Therefore, Quang Nam should focus on the improvement of its business and investment environment, synchronizing its infrastructure, and training high-quality human resources to meet the demands of enterprises. It is more important that Quang Nam should determine the local focus of socio-economic development in order to have apt strategies to call for suitable and qualified FDI projects.