Thanh Hóa calls for US$5 billion investment

Pushlic on: 08:24:58 08/06/2017 (GMT+7)

A view of Sầm Sơn City in the central Thanh Hóa Province. The province expects the US$5 billion investment would help them promote healthcare, industry and processing.

 THANH HOÁ — The central province of Thanh Hóa is calling for over US$5 billion in foreign direct investment (FDI) and domestic direct investment (DDI) for 50 projects by 2020.

Of this investment, the smallest project needs $10 million, the province said.

Five key areas that will be introduced at the upcoming Thanh Hóa Investment Promotion Conference to be held on May 19 include processing industry, agriculture, tourism, healthcare, and infrastructure and urban development. This is expected to be the largest investment promotion conference in the province, till date.

The conference, which will be organised by the provincial People’s Committee and the Ministry of Planning and Investment in Sầm Sơn City, will be attended by Prime Minister Nguyễn Xuân Phúc, high-level Government leaders and representatives of international organisations, local and foreign companies, with the presence of some 1,200 delegates.

The conference will introduce the province’s master plan by the US Boston Consulting Group, investment potential, advantages and opportunities, as well as key projects prioritised for investment attraction and related incentive policies. It will also provide the opportunity for local and international businesses to connect in the province.

Lê Thị Thìn, vice chairwoman of the provincial People’s Committee, said the top concerns for investors were the time for implementation of administrative procedures, land clearance and public service.

Thìn said Thanh Hóa had enhanced its administrative reform to abolish burdensome procedures to save time for investors in the locality.

Thanh Hóa is the third largest province in Việt Nam in terms of population, with nearly four million people. It is expected to be one of the 12 key national tourism cities according to the national tourism development master plan through 2020 and with a vision towards 2030. Foreign investors, including Japan, South Korea, Taiwan, and Singapore, have poured $12.7 billion into 60 local projects on heavy industry, oil refinery, coal power and textiles as of May 2016.

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