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| Conference on announcing planning and investment promotion of Long An province, July 25, 2023. (Source: Long An Newspaper) |
Long An is a locality with a favorable geographical location, the gateway connecting the Southeast region with the Mekong Delta region. Not only is it crossed by two vital highways of the Southern region, the Ho Chi Minh City - Trung Luong Expressway and the Ben Luc - Long Thanh Expressway, Long An province also has a 134 km long border with Cambodia, an international border gate, an international seaport, especially adjacent to Ho Chi Minh City - the country's major economic center. These are favorable conditions to promote industrial and urban development and agricultural exports.
Aiming for the goal of becoming the industrial "capital" of the Mekong Delta
Long An has many potentials and strengths for development, with the socio-economic infrastructure of the province and the region being gradually invested in and completed, especially road and waterway traffic, promoting regional and inter-regional connectivity, facilitating investment attraction; developing industry, agriculture, tourism, services, logistics (Long An has the largest economic scale in the Mekong Delta and ranks 12th/63 nationwide); is a bright spot in attracting FDI investment; has a developed industrial foundation with the main industry being processing and manufacturing (accounting for over 90%); has a large business community (over 16,000 enterprises); has great potential for tourism development; has comparative advantages in developing service industries, especially logistics, and forming a regional agricultural export coordination center.
Taking advantage of its favorable geographical location, in recent times, Long An has implemented an investment promotion strategy towards effectively and synchronously exploiting the province's outstanding advantages and potentials. Striving to fulfill its role and responsibility as a dynamic and active member of the region, Long An has always maintained its position in the top group of the country and the top of the Mekong Delta in attracting foreign direct investment (FDI).
In the first 10 months of 2023, Long An granted investment certificates to 95 FDI projects (an increase of 47 projects), with newly granted investment capital of 556.6 million USD (an increase of 235.2 million USD); adjusted capital for 60 projects, with an increased investment capital of 91.2 million USD. Most FDI projects are encouraged to be accepted into the province's industrial parks (IPs) and most of them come from Korea, Japan, and Singapore, accounting for a high proportion of investment capital. Up to now, Long An has received 1,228 FDI projects, with a total capital of more than 10.5 billion USD.
Currently, Long An has 34 industrial parks and 44 industrial clusters (ICs) established, with a total area of 11,432 hectares; of which, there are 26 operating IPs with about 6,000 hectares, with an occupancy rate of about 66% and 17 ICs with about 1,000 hectares with an occupancy rate of about 83%. In the period from now to 2030, 17 more IPs and 28 ICs will be established with a total area of about 4,989 hectares.
Attracting a significant number of FDI projects shows that Long An is making good use of its strategic transport infrastructure and dense industrial park network. The orientation of focusing on developing and expanding industrial parks helps the province gradually move closer to its goal of becoming the industrial “capital” of the Mekong Delta region and the whole country.
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| 7 Wonders of the World Park in Duc Hoa district, Long An province. (Source: VNA) |
Always open to welcome investors
Identifying innovation in investment promotion and calling activities as one of the important breakthroughs to successfully approach and attract domestic and foreign investment capital, contributing to the successful implementation of the province's socio-economic development goals. Over the past time, the province has always innovated, proactively changed investment promotion methods flexibly, suitable to the actual situation to adapt to the shifting trend of investment waves in the world. In addition to continuing to maintain traditional markets and partners, the province has also promoted the expansion of investment promotion activities to new, potential markets such as the United States, Singapore, European countries, etc. to diversify investment capital sources in the province.
In order to approach and attract large investors from key countries, the province has successfully organized investment promotion delegations to Korea, Japan, and Taiwan (China). Through these working trips, initial positive results have been achieved, with a series of large corporations and investors coming to learn about and invest in the province. In addition, during the investment promotion trips, Long An province has connected and signed about 20 memorandums of understanding and cooperation contracts between enterprises of the province and enterprises of other countries.
At the Conference to announce the Planning and Investment Promotion of Long An province in July 2023, the province widely announced the contents of the Planning for the period 2021-2030, with a vision to 2050. On this occasion, the leaders of Long An province awarded investment policy decisions and investment registration certificates to 9 investors with 9 projects, with a total registered capital of about 40,400 billion VND (equivalent to 1,720 million USD). In addition, the province also signed a Memorandum of Understanding on investment research with 10 investors in the fields of infrastructure, industry, urban areas, environment, entertainment complexes, social housing, and high-tech agriculture.
The provincial planning clearly defines the goal that by 2030, Long An will become a dynamic, effective and sustainable economic development center. Forming regional economic corridors, economic - urban - industrial development centers. Closely connected with Ho Chi Minh City and the Southeast region, an important cooperation and trade hub with Cambodia.
The priority sectors and fields for attracting investment must be consistent with the general development trend, able to participate in the global value chain and effectively exploit the province's advantages such as high-tech industry, smart urban areas, modern trade and service infrastructure. In the coming time, Long An will focus on inviting international investors to learn and research investment in areas such as electronic components, semiconductor chips, manufacturing industry, healthcare, high-tech agriculture, etc.
With the “Aspiration to Rise”, Long An province commits to always open its doors to welcome and accompany domestic and international investors. The province’s viewpoint is to always consider “people and businesses as the subject, the center of service; businesses as the driving force and resource for the development process”. Investors and businesses will be given the most favorable conditions to successfully implement projects and develop sustainably in Long An province.
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