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Thanh Hoa calls for US$5 billion investment

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

Thanh Hoa calls for US$5 billion investment

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

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

Five key areas that will be introduced at the upcoming Thanh Hoa 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 Sam Son City, will be attended by Prime Minister Nguyen Xuan Phuc, 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.

Le Thi Thin, 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.

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

Thanh Hoa is the third largest province in Viet 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.