Tien Giang expects to welcome a new wave of investment from ASEAN.

Thanks to its open investment attraction policies, improved business investment environment, and favorable geographical location, Tien Giang has experienced spectacular development in recent years thanks to billions of USD in foreign direct investment (FDI).

My Tho Marina. (Source: VNA)

Prime location

Tien Giang is a favorable region with outstanding development due to its strategic location, being "close to the market, close to the river, and close to the road." Located in the Tien River basin and within the Southern key economic zone, Tien Giang enjoys a prime location for trade, circulation, transportation of goods, and for the production and business activities of domestic and foreign investors.

Here, the water and land transportation network is well-developed with key routes connecting the entire region, such as: the Trung Luong-My Thuan Expressway, the Trung Luong- Ho Chi Minh City Expressway, National Highway 1, National Highway 30, National Highway 60, National Highway 50, the Tien River, the Soai Rap River, the Cho Gao Canal, etc.

In particular, the locality has paid close attention to investing in infrastructure to attract investment and businesses; industrial zones and clusters with complete infrastructure have been planned in locations convenient for trade, with easy access to ports and waterways.

The province has a 32 km long coastline and is receiving investment in numerous projects to develop its marine economy, connect international maritime trade, and accommodate ships with a tonnage of 3,000 tons at My Tho Port. Furthermore, Tien Giang borders Ho Chi Minh City and Long An province, making it very favorable for the development of industry, urban areas, and services.

Furthermore, with the advantage of being a region specializing in fruit cultivation and having an abundant workforce, the province is also an ideal destination for investment in agricultural processing and the formation of high-tech agricultural zones.

Seizing opportunities for cooperation with ASEAN

In the first six months of 2023, Tien Giang province attracted 12 projects, a 50% increase compared to the same period last year, with a total registered investment capital of approximately VND 4,072 billion. The province also saw 415 newly established businesses, reaching 50% of the plan. Foreign direct investment (FDI) enterprises generated revenue exceeding US$1.83 billion.

As of early July 2023, the province's industrial parks had attracted 110 projects. These included 81 foreign direct investment (FDI) projects with a total registered investment capital of US$2,428.11 million and 29 domestic investment projects with a total registered investment capital of VND 4,865.86 billion. The leased land area was 524.26 hectares, accounting for 69.6% of the total industrial land available for lease.

Sound and highly effective investment strategies in transportation and industrial infrastructure, along with many reasonable investment attraction policies, are factors that help Tien Giang province consolidate its strategic position and attract the attention of large-scale investors.

Long Giang Industrial Park, Tien Giang Province. (Source: Tien Giang Newspaper)

Over the years, the province has consistently focused on removing obstacles to promote investment and business development, improving the investment and business environment, enhancing the Provincial Competitiveness Index (PCI), the Provincial Public Administration Performance Index (PAPI), and the Satisfaction Index on Administrative Services (SIPAS)... while also promoting entrepreneurship and encouraging eligible business households to boldly establish enterprises; expanding production and business scale, and contributing to the local socio-economic development.

In addition, the province is actively reviewing land, planning, and legal frameworks to ensure that investors have sufficient legal basis to quickly implement approved investment projects after completing the necessary investment procedures. It is also issuing and updating a list of projects inviting investment, ensuring feasibility and alignment with the province's development orientation for the 2021-2025 period and the 2030 vision.

Since the Covid-19 pandemic, Tien Giang has actively implemented a comprehensive set of solutions to create an equitable and friendly ecosystem; including support for startups, technological support, digital transformation solutions, human resource development training, and sound policies to attract investment and expand production and business for enterprises.

Furthermore, the province proactively provides planning information, ensures transparency in land use, publicly discloses information on investment projects, and assigns knowledgeable staff to support investors. It also regularly assists businesses in recruiting and training workers to meet the needs of the economy, especially in areas with foreign investment.

The province's upcoming goal is to continue attracting domestic and foreign investment into key industrial zones to enhance added value and promote sustainable development in the Southeast Tan Phuoc and Go Cong areas. It will leverage its land resources to attract investment in real estate and housing, social infrastructure, commerce, and services.

To achieve the above goal, the province is focusing on attracting investment from ASEAN countries. Currently, ASEAN is entering a new phase of development with the establishment of the ASEAN Economic Community (AEC), which promises to open new doors for attracting FDI to Vietnam, and Tien Giang wants to seize this opportunity, opening a new chapter of cooperation with countries in this region.

Source: https://baoquocte.vn/tien-giang-ky-vong-don-song-dau-tu-moi-tu-asean-252769.html