Attracting FDI to integrate quickly and effectively
Updated : Tuesday, June 05, 2018 3:45 PM (GMT+0700)

Withthe objective of promoting foreign direct investment (FDI) for Phu Yen tointegrate both quickly and efficiently, Mr. Le Van Thu, Deputy Director of theDepartment of Planning and Investment, has recently launched the project of "Measuresto promote foreign direct investment in Phu Yen province to 2020, vision to2030”.

KCP Vietnam Industrial ltd. Co. is an FDI enterprise operating effectively in Phu Yen.
In the photo: refined sugar production at Son Hoa KCP Sugar Factory

In the context of deepeninginternational economic integration and fierce competition among localities inthe whole country, especially in the central region in attracting FDI, Phu Yenstill has not had many FDI projects which have positive impact on attractingcapital from domestic sectors to promote the socio-econo development of theprovince.

Phu Yen is strategicallylocated in the central key economic zone, with many advantages such as thenorth-south railway, the national route 1 passing through the province, the nationalroute 25 and 29 linking Phu Yen to Highlands provinces, Vung Ro deep waterport, Tuy Hoa airport... However, these potentials have not been properlyexploited. In recent years, measures to attract FDI have shown many limitations,for example, the amount of attracted capital is not worthy with potentials ofPhu Yen, the sector structure is not reasonable...

To achieve the objective ofattracting foreign direct capital, the authors have investigated and researchedto clarify the situation of attracting FDI in the province in the period of 2000-2015,the achievements, causes and experience; analyzing and forecasting factorsinfluencing FDI attraction in the province; analyzing the international anddomestic contexts affecting FDI attraction in the province in the coming time;proposing scientific arguments on FDI attraction and experience from somecountries in the region and some localities which have succeeded in attractingFDI capital…

According to Mr. Le Van Thu,the attraction of investment capital is necessary to supplement capital forsocio-econo development; contributing to promoting export and internationaleconomic integration; promoting economic restructuring in modern way; raisinglevel of science and technology, promoting human resource training andmanagement; contributing to enhancing the competitiveness of the economy.

Through investigation andresearch, the authors have made an overview of situation of attracting foreigndirect investment capital in the province from 2000 to 2016 and identifyinggroups of factors influencing FDI attraction ranking from strong and weakinfluences, including: policies supporting investment, local infrastructure andhuman resources. Based on analysis and assessment of FDI attraction, the authorsof the project have proposed 8 basic solutions to achieve objectives andorientation to attract FDI into Phu Yen province. Particularly, the province'sorientation to attract FDI is to encourage investment in fields of industry -petrochemical, information technology, electronics, biotechnology, clean energyfrom developed countries such as United State, EU, Japan; continuing attractingFDI into areas with advantages in the east of the coastal area, encouraging andFDI investment in disadvantaged areas and focusing on attracting FDI intoindustrial zones; diversifying investment partners in Phu Yen, especially thosewith strong capital potentials and technology. After attracting FDI capital,there will be measures to strengthen the state management of FDI. Specifically,improving the quality of examining and appraising of application dossiers forinvestment licenses; strengthening management of FDI projects after havinginvestment license; strengthening inspection and control of FDI enterprises.

Source:Phu Yen Newspaper

Translatedby KHUONG THAO

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