Long An – a bright spot of investment and business in Vietnam

Update: 08:00 | 26/06/2020
TGVN. Reasonable infrastructure investment policies and policies have helped Long An become a bright spot to attract foreign direct investment.
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Long An is assessed to have a lot of potential for development.

Long An plays an important role and is a bridge between the country's largest economic and financial center - Ho Chi Minh City, to the provinces of the Mekong Delta in the South. Being both located in the Mekong Delta region, and located in the Southern key economic region, Long An is assessed to have a lot of potential for development.

Thanks to geographical location and favorable natural conditions, smooth transport infrastructure in the direction of North-South, East-West, today Long An has become a dynamic economic development corridor connecting the Southeast and the West. The southern region, is an important urban satellite of Ho Chi Minh City.

Long An has Soai Rap estuary facing the East Sea with Long An international port has been put into operation, capable of receiving ships with a capacity of 50,000 DTW; Dong Thap Muoi has a large area with a long tradition of agricultural production, shares a border with the Kingdom of Cambodia of 133 km long with Binh Hiep international border gate - Kien Tuong commune, My Quy national border gate West - Duc Hue district.

In 2019, the province's economic growth rate will reach 9.58%. In particular, area 1 of agriculture - forestry - fishery is about 2.64%, area 2 of the industry - construction is 14.4% and area 3 of trade - service - tax is 6.6%. The total State budget revenue in the province reached VND 18,242 billion. The provincial competitiveness index (PCI) Long An reached 68.82/100 points, an increase of 0.73 points compared to 2018 in the "Good" group, ranked 8/63 provinces and cities of Vietnam.

Vietnam - attractive, safe investment destination: Official

Vietnam - attractive, safe investment destination: Official

Among the gaining indexes of Long An this year, the legal institution index and the dynamic index are the two highest gainers (up 1.07 and 0.99 points). Determining the PCI index is an important criterion in evaluating capacity, business environment, over the past time, Long An province continues to implement synchronous solutions to improve the investment environment and promote production, export and trade in the area. In particular, the focus is on reforming administrative procedures, proactively creating favorable conditions for enterprises to implement projects.

With efforts to maintain the PCI growth rate, Long An is one of the localities with good economic management quality, ranked in the Top 10 in the country. On that basis, Long An became a bright spot in attracting foreign investment. Up to now, the total number of registered FDI projects in the province is 1,059 projects, attracting investors from nearly 40 countries and territories, with a registered capital of 6,496 billion USD, of which 585 projects come in operating with a total implemented capital of about 3,624 billion USD. In the province, there are 32 industrial parks that have been synchronously planned with an area of ​​11.523,14 hectares and 62 industrial clusters with an area of ​​3,106 hectares, of which 16 industrial parks and 21 industrial clusters are operating with occupancy rates. reaching 87.4% and 89.7% respectively.

The above figures show that Long An is moving strongly and is a testament to a dynamic, active and proactive locality in exchange activities, international cooperation and seeking development opportunities. Just recently, right after the COVID-19 pandemic was repelled in Vietnam, Long An was ready for the key project of Viet Phat Industrial Park (with an area of ​​over 1,800 hectares), in order to catch the "wave" of chain shift in global supply in the post-COVID-19 period.

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Outstanding in recent years, the locality has always focused on improving the investment environment, administrative reform and major investment in infrastructure, connecting the main transport axes of Ho Chi Minh City, industrial parks and seaports. Regarding the policy, the leaders of the province, all levels, sectors and localities in the province always create the most favorable conditions for investors and businesses of foreign countries to invest, do business and trade cooperation. Long An Province is committed to accompanying businesses, considering the difficulties of businesses as well as the difficulties of the Province, the success of businesses is also the success of the locality.

In the field of trade and services, the locality continued to maintain stable growth, with an average annual growth of about 7.05% during 2016-2019. The network of distribution facilities, supermarkets, shopping centers, convenience stores, markets are expanding, serving the increasing consumer demand among the people, actively contributing to promoting production and changing. Changing the face of trade and service industry of the province towards modernization.

Logistics services are focused on developing, Long An port is initially put into effective operation. Trade promotion and market development are paid attention, especially connecting agricultural consumption with businesses in Ho Chi Minh City. Export turnover in 2019 will reach about US $ 5.9 billion. The market is constantly expanding and has exported to markets with high requirements.

In the past time, Long An province has always paid attention to and enhance friendship and cooperation with countries in the world and the region. Up to now, the locality has established cooperative relations with 8 foreign localities from Cambodia, Laos, South Korea, Thailand, Japan, the United States and Germany. However, the current issue that the provincial leaders still have many concerns about is the effectiveness of cooperation, especially the attraction of investment from the ASEAN region has not been commensurate with the local potential. This will be the focus of foreign affairs, promoting local investment in the near future in order to enhance economic connectivity and attract investment from ASEAN countries to Long An province.

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