Plans to boost Hue’s foreign investment

Nguyen Ngoc Thien, chairman of Thua Thien - Hue Province People’s Committee, talked with Sai Gon Giai Phong about the province’s plans to boost foreign investment and to turn Hue, capital city of Thua Thien-Hue, into a modern urban center.

As a city of cultural heritage, Hue is striving for rapid but sustainable urban development. Local authorities are paying special attention to protecting landscapes and environment, and to the preservation and promotion of cultural values while building the country’s largest cultural and tourism center. It also strives to be an international tourist city.

Over the past few years, Thua Thien - Hue has made significant achievements in attracting foreign investment to boost economic growth. The 27.108 hectare Chan May – Lang Co Economic Zone, began in 2006, is the new “economic face” of Thua Thien – Hue.

Located in the southwest of Thua Thien Hue Province, in Phu Loc District, 36km north of Phu Bai Airport and 32km south of Da Nang Airport, Chan May- Lang Co Zone is the bridge that connects Hue with Danang.

It is planned to be developed into a modern city, having a deep sea port on an international scale, a tourism and resort center on a national scale. The city also hopes to attract modern and hi-tech industries.

The Chan May- Lang Co Zone, in other words is being built to become the most comprehensive, interdisciplinary and multi-sector economic zone of the Central regions, as per the strategic development plan approved by the Prime Minister Nguyen Tan Dung.

In 2008, Thua Thien – Hue was considered a leading province in the Central Key Economic Zone that attracted nearly $1.7 billion from FDI projects. This achievement will help pave the way for the province’s further breakthroughs in economic growth next year.

To gain such an achievement, the province has taken a series of measures to attract foreign investors, including conferences for investment promotion, developing infrastructure, issuing new incentive policies and simplifying administrative procedures.

In 2008, Thua Thien – Hue ranked fifth among 63 provinces and cities throughout the country on the list of provincial competition index (PCI), this is up five places compared with the previous year.

The PCI 2008 report was conducted by interviewing more than 7,820 businessmen and managers from small to medium-sized enterprises (SMEs) in 64 provinces and cities nationwide.

Designed by the Viet Nam Competitiveness Initiative, jointly organized by USAID and the Viet Nam Chamber of Commerce and Industry, PCI is used to assess economic development and judge favorable conditions for the private sector.

To continue creating more favorable conditions for investors in the province in 2009, Thua Thien – Hue will speed up land acquisition procedures for investment projects. It will organize forums where investors can exchange information, as well as discuss perspectives of the investment environment.

The forums will also allow any problems related to investors’ business in the province to be directly solved by the chairman of the province, if it falls within his competence. (Sai Gon GP)