Ha Tinh attracts $9.7 bln in new registered investment

The central province of Ha Tinh on Sunday granted in-principle approval or investment registration certificates to 15 projects worth over VND9.6 trillion ($408.8 million), along with memorandums of understanding on investment cooperation worth VND219 trillion ($9.3 billion) to 25 investors.

The province is calling for investment in ecology, leisure and adventure tourism, trade, real estate, industrial park infrastructure, manufacturing, agricultural production, cultivation, animal husbandry, processing, aquatic farming and processing, forest economy, afforestation, and wood processing, Ha Tinh Chairman Vo Trong Hai told a conference to announce the provincial master plan and promote investment in the province.

To support investors, Ha Tinh has vowed to cut the time and costs for administrative procedures and apply maximum incentives in terms of taxes and land use fees. “It will also increase dialogues with businesses to ensure their legitimate rights and interests,” Hai noted.

Ha Tinh has already attracted a series of investors and large projects, including the Formosa steel plant by Taiwanese-invested Formosa Ha Tinh Steel Corporation; the Vung Ang I and Vung Ang II thermal power plants by PV Power of Petrovietnam; two electric vehicle battery production plants by Vietnam’s largest private conglomerate Vingroup; and investments by Hoanh Son Group and Ha Tinh Minerals and Trading JSC.

Under the provincial master plan for 2021-2030, with a vision to 2050, Ha Tinh aims to become a development hub in the north-central region.

The province will strive to become a new-style rural province by 2025, one of the localities with the highest gross regional domestic product (GRDP) in the country by 2030, and a modern industrial province with comprehensive development in the region and the whole country by 2050.

In order to fulfill these targets, Ha Tinh should continue to implement resolutions and directions issued by the Party, the National Assembly (NA), and the Government, while focusing on boosting steel manufacturing and power generation; agriculture, forestry and fisheries; logistics; and tourism, said NA Chairman Vuong Dinh Hue while attending the event.

“Ha Tinh should strive to enhance its productivity and provincial competitiveness, and roll out measures to complete the targets set in its master plan,” he said, adding that it needs to publicize the approved master plan to draw investors while supervising the implementation of the scheme.

Last year, the province’s local economy was valued at nearly VND93 trillion ($3.96 billion), while its GRDP per capita hit VND70.5 million ($3,000).