In the context of the world economy and Vietnam recovering strongly after the pandemic, Tay Ninh has emerged as a bright spot in attracting investment, especially foreign direct investment (FDI). With continuous efforts, the province has achieved outstanding achievements in the first 10 months of 2024, creating a foundation for sustainable development and affirming its position in the Southeast region.
FDI attraction results
According to the People's Committee of Tay Ninh province, in the first 10 months of 2024, the province has granted 1 new FDI project with registered capital of 3 million USD. Since the beginning of the year, the province has granted 27 new projects with a total registered capital of 145.4 million USD. At the same time, the province has made 19 capital increase adjustments, adding 158.1 million USD to existing projects.
However, not all FDI projects have achieved the expected results. This year, 3 projects have adjusted their capital down, with a total value reduction of 14.2 million USD, and the province has also recorded 2 capital contributions and share purchases with a registered capital of 2 million USD.
Phuoc Dong Industrial Park (IP), located in Go Dau district (Tay Ninh), has emerged as a leading investment attraction in the Southern region.
At the same time, eight FDI projects with an investment capital of 113 million USD were revoked and terminated due to various reasons, including low economic efficiency or failure to meet sustainable development requirements. In addition, two FDI projects were converted into domestic projects with a total registered capital of 3.2 million USD.
As of October 15, Tay Ninh province had 387 valid foreign investment projects, with a total registered capital of 9,981 million USD. This figure clearly demonstrates the province's success in maintaining its attractiveness to international investors.
Attracting domestic investment
Along with FDI capital, Tay Ninh has also achieved remarkable results in attracting domestic investment. In the first 10 months of the year alone, the province has granted 2 new domestic investment projects with a total registered capital of 62 billion VND, and at the same time, there was a project with an adjusted capital increase of 20 billion VND.
Since the beginning of the year, the province has granted 17 new domestic investment projects with a total registered capital of VND5,386 billion, and made 11 capital increases with a total added value of VND777 billion. However, the province has also revoked and terminated 5 projects with an investment capital of VND517 billion, showing that there are still difficulties that need to be overcome.
As of October 15, the province had 710 valid domestic investment projects, with a total registered capital of VND136,517 billion. This is an important resource, contributing to the sustainable development of the province's economy, while actively supporting FDI projects.
To achieve the above results, Tay Ninh province has implemented many policies and solutions to improve the investment environment, creating the most favorable conditions for businesses and investors.
Tay Ninh province promotes investment in Jiangsu province, China in August 2024. (Photo: Viet Khoa)
Tay Ninh Provincial People's Committee said that from now until the end of the year, the province will focus on supporting businesses to remove difficulties and obstacles to boost production and business. Departments, branches and localities are assigned to closely coordinate to ensure the progress of project implementation, while promoting strategic solutions such as:
Administrative procedure reform: Simplify and shorten procedure processing time, ensure transparency and publicity in the approval and licensing process.
Developing industrial park infrastructure: Increasing investment in technical and transport infrastructure, improving connectivity between industrial parks and strategic routes such as National Highway 22 and international border gates.
Human resource training: Promote cooperation with universities and colleges to provide high-quality labor resources to meet the increasing needs of businesses.
Incentive policies: Apply preferential policies on tax and land to encourage long-term investors in the province.
Opportunities and challenges in attracting investment
Tay Ninh has many advantages in attracting investment thanks to its strategic location, close to Ho Chi Minh City and an important gateway connecting Vietnam with Cambodia through the Moc Bai and Xa Mat international border gates. This is an important factor helping the province attract FDI projects in the fields of industrial production, logistics and international trade.
However, Tay Ninh also faces many challenges. Some FDI projects are not operating effectively, failing to meet requirements on technology and environmental protection. In addition, the province needs to compete fiercely with other localities in the Southeast region such as Binh Duong, Dong Nai and Ho Chi Minh City, which have more developed investment ecosystems.
Tay Ninh identifies high-tech agriculture as an economic pillar, creating favorable conditions for businesses to invest and develop modern, sustainable and effective production.
Based on the positive results in the first 10 months of 2024, Tay Ninh aims to continue to maintain its attractiveness to domestic and foreign investors. The Provincial People's Committee expects that with the determination of the local government and the consensus of businesses, the province will overcome all challenges and make the most of opportunities for development.
In the coming time, Tay Ninh plans to focus on potential sectors such as processing, manufacturing, logistics and renewable energy. Continuing to develop industrial zones, improving service quality and ensuring the progress of strategic infrastructure projects will be the foundation for the province to not only maintain but also enhance its position on the national investment attraction map.
Tay Ninh, with its relentless efforts, is gradually affirming its role as an ideal investment destination, contributing to promoting sustainable socio-economic development for the entire Southeast region and the whole country.
Source: https://vtcnews.vn/tay-ninh-day-manh-thu-hut-dau-tu-fdi-voi-muc-tieu-phat-trien-kinh-te-ben-vung-ar907850.html
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