Business development – The story in Quang Nam province

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(QNO) - Quang Nam has recently become a reliable destination of investment when a lot of big companies such as Truong Hai Automobile Joint Stock Company and Nam Hoi resort choose Quang Nam for their investment.

The leaders of Quang Nam and THACO signed a cooperation agreement at the Quang Nam Investment Promotion Conference 2017.
The leaders of Quang Nam and THACO signed a cooperation agreement at the Quang Nam Investment Promotion Conference 2017.

In spite of the difficult economic state, the province has constantly received more and more big investors such as Chau Tai Phuc Group, VinaCapital Group and Sun City Group in the USD 4 - billion project of Nam Hoi An resort; Truong Hai Automobile Joint Stock Company (THACO) with the VND 30 thousand-billion projects of the Chu Lai-Truong Hai Automobile Mechanical Industrial zone expansion and two roads linking Tam Hiep port to the expressway and the industrial zone; the Panko company with the project of the Tam Thang Garment, Textile and Dyeing factory invested USD 30 million for the first phase of construction; the Korean One Woo company in the USD 6 million project of a garment factory; etc. At the same time, Quang Nam keeps on its preparations to be ready for the next investment waves.

Impressive figures

The report from Quang Nam shows that only in 2016, there were 1,050 new enterprises established, up 20% compared to 2015, pushing the total number of enterprises working in the province to 4,700. 30 domestic investment projects with a total registered capital of over VND 3.405 trillion and 17 foreign-invested projects with nearly USD 122.8 million of registered capital were licensed. To date, the total number of foreign investment projects in force in the province is 135 with a total registered capital of nearly USD 2 billion. As a result, provincial budget revenue in 2016 increased by over VND 19,450 billion, surpassing 40.5% of the estimate. The gross regional domestic product (GRDP) was the highest within 10 recent years, up 14.73%. The non-agricultural sector accounted for 88.1%. The GRDP was over VND 53 million per person, an increase of VND 6.7 million per person compared to 2015.

Creating attractiveness

At the Quang Nam Investment Promotion Conference 2017, 32 investment projects of urban development, industrial production, tourism, hi-tech agriculture… were licensed with a total registered capital of over USD 15.8 billion. It is expected that there will be 1000 more businesses in 2017, raising the total number of operating enterprises to 5,700.

The goal of Quang Nam is the nucleus of the Central key economic zone. Therefore, according to Director of Quang Nam Department of Planning and Investment Le Phuoc Hoai Bao, the building of clearer and more attractive mechanisms for attracting investments will always be the main orientation of Quang Nam in the coming time. Besides, the regular meetings and dialogues between enterprises and the provincial authorities are still kept on to timely remove difficulties enterprises have in the process of investment and production in the province. They will provide businesses with necessary support information; give supports of labour training, approaching sources of land and capital to businesses.

The immediate duty is that Quang Nam will step up the development of infrastructure, prioritizing important transport routes, developing the seaports, airports and the connecting infrastructure between urban and rural areas. Besides, the development of social infrastructure (health and education), the building of the rural and mountainous infrastructure and new rural areas are also paid more attention.

Quang Nam will continue to attract investment into the supporting industries of automotive mechanics, garment, footwear and leather; promote investment into services and tourism, agriculture and rural development in order to solve the problems of labors and sustainable poverty reduction.

In brief, the improvement of the investment and trading environment, the administrative reform, the development of human and skilled labor resources are still considered very important now on.