(VOV) - The industrial zones (IZs) management board in the northern province of Hoa Binh has introduced provincial investment incentives and administration reform.
The IZs management board, which is often responsible for directing companies to strictly follow regulations on environmental protection and fire prevention and fighting, claims that the reforms will speed up new projects.
Since 2007, the northern province of Hoa Binh has granted 52 investment licenses, including two with capitalisation of more than VND70 billion in the first half of this year.
Currently, the province has 49 projects with a combined registered capital of US$334.8 million. 26 projects have been put into operation with a total revenue of VND3,000 billion, exports of US$47 million, and imports of US$23 million. Collectively, these contributed VND80 billion to the provincial budget and generated nearly 4,000 jobs for local people.
Do Hai Ho, the head of IZs management board said during 2011, despite impact of the economic downturn, the provincial IZs attracted three direct foreign investment projects worth nearly US$100 million.
Ho added that in spite of such achievements, IZs development is still hindered by obstacles, such as slow implementation of projects.
Administration reform will cut preparation time for businesses, and allows project’s to become operational quicker, Ho said.
In addition, only a few IZs which have been invested into infrastructure came to fruition.
To help these IZs run effectively in the future, the province will select potential and feasible projects which are of high-added values, make a significant contribution to the provincial budget and ensure social welfare and environmental protection. It will build houses and provide social services for workers.