Big investment pledges made for Nghe An

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SaigonTimes English - 36 month(s) ago 11 readings

HCMC – Local and foreign investors have pledged to invest trillions of Vietnamese dong in the central province of Nghe An while the investment picture in the country remains bleak.

Big investment pledges made for Nghe An

By Quoc Hung - The Saigon Times Daily

HCMC – Local and foreign investors have pledged to invest trillions of Vietnamese dong in the central province of Nghe An while the investment picture in the country remains bleak.

At a meeting between around 400 investors and the province’s leaders on Sunday in Vinh City, Thailand’s Royal Food Co. signed an agreement with the provincial government to invest in three projects in Dong Nam Economic Zone, according to a news report on the website of Nghe An Province Radio and Television station.

With total investment capital of VND840 billion, the three projects are a fish processing and canning plant worth VND420 billion, a VND210-billion fish powder and fried fish paste factory, and a VND210-billion commercial center.

The provincial government awarded investment licenses to three other projects worth a total of over VND825 billion – a VND630-billion electronic and telecom equipment factory of South Korea’s BSE, a VND120-billion plastic plant of Tien Phong Co. and a VND76-billion white limestone crushing plant of Nghe An Mineral Co.

BIDV signed at the meeting credit agreements with enterprises wanting to make investments in the province such as Civil Engineering Construction No. 4 with Vinh City’s bypass upgrade project and Ban Ve Hydropower Co. with the Nam Mo hydropower project.

Nghe An licensed 99 projects last year, with a total registered investment of over VND24.3 trillion, with 95 of them involving local businesses with capital pledges of over VND23.3 trillion and four invested by foreign firms with VND687.71 billion equivalent.

The province’s local and foreign investment attraction has increased in both number and value in recent years.

Several large-scale projects include TH True Milk dairy farm, Ban Ve hydropower plant, Saigon-Song Lam and Hanoi-Nghe An breweries, Cua Lo Golf Resort, Bai Lu Resort, Sabeco packaging plant, Tan Thanh cement plant.

Previously, Japan’s Kobe Steel Co. developed a US$1-billion sponge iron plant in the province’s Dong Hoi Industrial Park.

Nghe An Province has committed to continue to improve the business environment to attract more investments.

Foreign direct investment (FDI) approvals in January in Vietnam fell sharply to a mere US$37.3 million, representing a small fraction of 2.5% of the figure achieved a year ago, show figures of the Ministry of Planning and Investment’s Foreign Investment Agency.

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