Thanh Hoa: Accelerating the Attraction of FDI

DNHN - According to figures recently released by the Foreign Investment Agency (Ministry of Planning and Investment), among the 10 localities attracting the most FDI in 2023, Thanh Hoa was named along with other economic powerhouses of the country.

These figures show the province’s rapid acceleration. According to statistics from the first 10 months of 2023, registered FDI capital in Thanh Hoa ranked 19th among provinces and cities with registered FDI capital. However, with only 2 months remaining, Thanh Hoa has surged ahead, surpassing many localities to enter the top group.

In the newly registered FDI projects, the processing and manufacturing industry has a quite large investment capital. This is a manufacturing industry that makes a sustainable contribution to the development of the province’s much-needed economy. Along with attracting new capital sources, the FDI disbursement rate in the country as a whole, and Thanh Hoa province in particular, in 2023 also reached a high figure, showing that the attraction of this capital flow is very large.

Thanh Hoa not only has advantages in terms of land resources, technical economic infrastructure, and a suitable labour force but also has competition from the quality of the business investment environment. This is very noteworthy in the context of the increasingly fierce race to attract investment, not only domestically but also globally.

Other advantages are that, in addition to the mechanisms and policies to promote investment attraction issued by the province before, there have been new mechanisms and policies issued, and some mechanisms have been revised to increase attractiveness. Along with that are the continuous efforts in administrative reform with many investment procedures being streamlined and appropriately reduced. The province has directed the land clearance work to be carried out methodically and decisively. During the year, the Standing Committee of the Provincial Party Committee and the Provincial People’s Committee led many investment promotion delegations abroad; received and worked with, introduced the potential and advantages of the province to many foreign investors and economic organisations when they visited and explored investment opportunities in Thanh Hoa.

It is noteworthy that the Thanh Hoa Provincial Planning for the 2021-2030 period, with a vision to 2045, was approved at the beginning of the year, becoming a “framework condition”, providing data for investors to assess and choose investments.

It can be seen that Thanh Hoa province is becoming more and more proactive and professional in investment promotion, especially in “taking care” of FDI projects. These factors give us confidence, but not complacency, so that in 2024 Thanh Hoa will continue to be successful in attracting foreign capital, creating momentum for the province’s development in the coming time.

Minh Hien