Receiving investors with open arms
Investment in the central province of Quang Tri is on the rise. But without adequate preparation, Central Coastal Region Development Cooperation Advisory Team head Tran Du Lich warns, businesses could miss out on “a golden opportunity” to set up shop in this emerging destination.
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| The advantages of investing in Quang Tri are copious, with opportunities to match |
Quang Tri enjoys a strategic position, part of national arterial routes National Highway 1A and Ho Chi Minh Highway, and host to the north-south railway and important waterways. It adjoins the central region’s key economic zone and is part of the East-West Economic Corridor. This constitutes the region’s advantages, helping the province to push up economic, trade, tourism, and investment co-operation and development, particularly with ASEAN members and those in the Greater Mekong Subregion. In the past years, with active support from the state and the government and through applying a raft of incentive policies, the province has scored enviable achievements.
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The infrastructure system is developing rapidly and is increasingly capable, laying groundwork to attract domestic and foreign investors. Recently, the prime minister green-lighted the establishment of the Southeast Quang Tri Economic Zone (EZ), together with the planned La Lay Border EZ.
To greet this investment wave, Quang Tri authorities have completed Southeast Quang Tri EZ’s functional zoning, which includes an 11,469-hectare central planning area, where priority will be given to calling investment into pivotal projects: My Thuy Port, the EZ’s infrastructure, a power centre, and offshore gas exploitation. These all have brought the province prominent advantages in attracting investors.
According to economist Tran Du Lich, the inclusion of the route linking La Lay International Border Gate to My Thuy Port into Vietnam’s road transport development planning for 2020 and the establishment of the Southeast EZ provide the province with enormous advantages for future development.
Another big advantage is associated with the province’s huge available land fund to satisfy investors who need 300 hectares or more of cleared space. This should help expedite projects for resort complexes, premier golf courses, logistics, wind farms, and solar energy development.
“With inherent advantages in geographical position, natural resources, the availability of long-lasting and famous historical and cultural relic sites, paired with new emerging potential with respect to infrastructure, transport, human resources, and the quality of administrative procedure reforms, Quang Tri possesses competitive advantages compared to other locations in luring investors,” Lich commented.
Strong commitments
Besides the aforementioned advantages, Quang Tri is doing its utmost to turn its latent potential into practical opportunities for development. In the provincial investment and tourism promotion conference last April, Chairman of the Quang Tri People’s Committee Nguyen Duc Chinh stressed the local authorities’ stance “Business development will propel provincial development.”
The province, therefore, has focused on consistently improving the local business climate to attract investors, giving priority to the development of several processing industries, supporting industries, and environmentally-friendly and energy-efficient industries, along with building infrastructure.
On behalf of the Quang Tri administration, Chinh has presented strong commitments to supporting the business community.
First, investors will receive investment proposal approval from the provincial management authorities within 10 days from the submission of their required documents.
Second, investors will be supported in site clearance and the application of government incentive policies in taxation and rental rates.
Third, foreigners will receive work permits in at most four days from the submission of their required documents.
Fourth, continuity and quality will be assured in the water supply, and dedicated supply systems will be installed at the sites of investment projects in urban areas, IZs, and EZs.
Fifth, investors will be given cleared land for building housing complexes for their workers.
Sixth, labourers and labour training units will be supplied for the province-based businesses.
Seventh, the power grid will reach the site of investment projects in the province’s IZs, EZs, and industrial clusters.
Eighth, provincial leaders will directly tackle difficulties facing businesses, through the hotline number for the Quang Tri People’s Committee’s Chairman.
And finally, provincial leaders commit to willingly meet and listen to problems investors face at anytime, including on weekends and off-work hours.
“Quang Tri commits to further improving the local investment environment, and providing the utmost support to businesses and investors in the province, either in the process of searching out investment opportunities or during project execution,” Chinh stressed.
