Attracting FDI continues to be a bright spot

According to the report on the implementation of the economic development plan at the regular meeting of the Nghe An Provincial People's Committee in November 2023, the growth rate of the province's gross regional domestic product (GRDP) in 2023 is estimated at 7.3%. Of which, agriculture, forestry and fishery is estimated to increase by 4.45%; industry - construction is estimated to increase by 7.68%; services are estimated to increase by 8.5%; product taxes minus product subsidies are estimated to increase by 6.0%.

FDI attraction results in 2023 continue to be a highlight. As of November 15, the province has newly granted (approved investment policy/issued investment registration certificates) to 104 projects with a total registered investment capital of VND 39,634.2 billion. 151 projects have been adjusted, of which 42 projects have adjusted their total investment capital with a total increase of VND 6,455.6 billion. The total newly granted and adjusted capital is VND 46,089.8 billion, 1.38 times higher than the set target. Notably, in 2023, Nghe An province continues to be in the top 10 localities attracting the largest FDI in the country with a total newly granted and adjusted capital of more than 1,298 billion USD.

Event - Nghe An: Attracting FDI continues to be a bright spot — Meeting scene. Photo by Pham Bang.

State budget revenue is estimated at VND 17,771 billion, equal to 112.07% of the estimate, equal to 79.02% of the 2022 implementation; of which, domestic revenue is estimated at VND 16,600 billion, reaching 113.8% of the estimate, equal to 78.45% compared to the 2022 implementation. Budget expenditure in 2023 is estimated at VND 35,661 billion, equal to 107.5% of the estimate.

The industrial production development index is estimated to increase by 9.5% over the same period. Total retail sales of goods are estimated at VND 90,000 billion, up 3.87% over the same period. Total export turnover is estimated at USD 2.88 billion, up 13.51% over 2022. Total tourist arrivals are estimated at 8.36 million, up 24.22% over the same period, of which overnight guests are estimated at 5.28 million, up 19.67%; tourism service revenue is estimated at VND 7,800 billion, up 39.24% over the same period.

As of November 20, 2023, the total public investment plan for 2023 has disbursed VND 6,004,592 billion, reaching 66.47%; It is expected that by the end of 2023, the total disbursed public investment capital will reach 95.11% of the plan,...

In addition to the achieved results, the socio-economic situation in 2023 also has many difficulties and limitations that need to be focused on overcoming such as: GRDP growth target has not reached the set target, creating great pressure on completing the targets of the entire period 2021-2025, production and business activities still face many difficulties.

The speed of disbursement of public investment capital for some programs and projects is still slow, the lives of a part of the people are still difficult, state management in some areas still has many shortcomings, and although administrative work has had positive changes, it still fails to meet the requirements.

Faced with such difficulties, the province also sets out tasks and solutions in the coming time. Effectively restructure the economy in conjunction with renewing the growth model in the direction of mainly relying on science and technology, innovation and digital transformation. Develop effective and sustainable agriculture in the direction of modern, green, clean and ecological agriculture. Prioritize the development of a number of key industries, new technology and high technology. Actively and proactively exploit and expand markets, strengthen trade promotion and encourage domestic consumption, and boost exports.

Event - Nghe An: Attracting FDI investment continues to be a bright spot (Figure 2). — FDI attraction reached more than 1.298 billion USD, including many large-scale projects. Photo: BNA.

Mobilize, manage and effectively use investment resources, increase the attraction of social investment, high-quality FDI capital, public-private partnerships to invest in infrastructure development, especially key infrastructure; focus on implementing 2 strategic transport infrastructure projects of the province (Deep-water Seaport and Vinh International Airport). Implement more drastically and effectively the disbursement of public investment capital and effectively implement 03 national target programs in the province. Prepare to develop a medium-term public investment plan for the period 2026-2030 on schedule, ensuring quality and efficiency. Well perform the task of state budget revenue and expenditure in 2024.

Focus on removing bottlenecks, difficulties and obstacles in investment, production and business. Innovate and improve the effectiveness of investment promotion activities in a focused and key direction.

Strengthen support, urge to speed up the progress of documents and procedures, implement investment projects, especially large projects in the Southeast Economic Zone and industrial parks. Continue to maintain a regular dialogue mechanism with investors and enterprises to promptly support, handle and remove difficulties and obstacles; continue to promote and improve the effectiveness of investment attraction.

Continue to review and handle suspended projects, slow-progress projects, and projects using land for the wrong purpose in the province,...

Minh Tam - Ha Hang

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