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| Textile is one of the prioritized investment attraction sectors |
New strength and potential
The planning of Thua Thien Hue for the period 2021-2030, with a vision to 2050, defines the general objective of becoming a centrally-governed municipality by 2025; becoming a distinctive heritage urban area of Vietnam by 2030; one of the large and distinctive centers in Southeast Asia for culture, tourism, and specialized healthcare; and one of the country’s major centers for science and technology, multi-disciplinary education and training of high quality. This orientation partially reflects the opportunities in socio-economic development in general and investment promotion activities in particular.
In fact, as soon as Resolution 54 of the Politburo took effect, the orientation to build Thua Thien Hue into a centrally-governed municipality significantly contributed to changes in the provincial socio-economic development and investment attraction activities.
The quality of investment attraction has increased steadily over the years. The number of newly licensed investment projects remained stable, from 28 in 2021 to 34 in the first 10 months of 2024. The total investment capital called for also increased from 3,700 billion VND in 2021 to 6,123 billion VND in the first 10 months of 2024.
The increase in foreign direct investment (FDI) is also noteworthy, from 3 projects in 2021 to 13 projects in the first 10 months of 2024. This somewhat demonstrates Thua Thien Hue’s international integration capability and attractiveness to foreign investors.
Attracting an increasing number of domestic and foreign investors will help the locality access external resources such as capital, technology, human resources, and management expertise. This will provide additional resources for comprehensive development, boost the economic leadership role in the Central region, and create development momentum for the entire region and the country.
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| The new An Van Duong Urban Area prioritizes attracting urban investment projects |
Mr. Phan Quoc Son, Deputy Director of the Department of Planning and Investment, believes that becoming a centrally-governed municipality will enhance the locality’s external relations position internationally. This is a favorable opportunity for Thua Thien Hue to implement investment, trade, tourism, and cultural promotion programs, and to promote the local image abroad, expand international cooperation, and integrate internationally. This will strengthen the exploitation of bilateral and multilateral economic cooperation projects, creating expectations for a new investment wave and attracting resources for socio-economic development.
Eventually, Thua Thien Hue will have great opportunities to participate more deeply in global supply chains, become an attractive destination for foreign investors, and attract sustainable FDI.
Exploiting the investment potential
Thua Thien Hue has significant investment attraction potential. The highlight is smart transportation and urban infrastructure, and functional zone infrastructure that create competitive advantages in attracting high-quality investment capital. Preparing land funds, especially clean land, to attract investors into infrastructure in industrial parks and clusters lays the groundwork for investors to consider investment projects.
Currently, Thua Thien Hue has planned to develop 2 economic zones, covering approximately 37,292 hectares, and 6 industrial parks spanning about 2,393 hectares. Clean land area in industrial parks ready to attract investors is around 360 hectares, prioritizing sectors with high scientific and technical content, supporting industries, etc.
Additionally, Thua Thien Hue is implementing many investment support policies, such as supporting shipping lines opening container transportation routes and entities with goods transported by container to and from Chan May port; infrastructure, land, and tax support policies…
Ms. Nguyen Thi Bich Thao, Director of the Investment Promotion, Trade Support, and Enterprise Assistance Center, says that after becoming a centrally-governed municipality, Thua Thien Hue will focus on attracting investment in three economic driver centers of the province, allocating resources to create synchronously and effectively the development space.
Specifically, these include developing a marine economy, tourism economy, and heritage economy in a green, digital, and circular direction; enhancing the effectiveness of exploiting Chan May - Lang Co Economic Zone, Phu Bai International Airport, Chan May Deep Sea Port, Lang Co – Bach Ma area, Tam Giang – Cau Hai lagoon, Hue Ancient Capital Relic Complex, economic zones, and industrial parks.
Among these, Chan May - Lang Co Economic Zone is considered a development driver in the coming years. The province will attract many large projects to the area with a total project capital of 59,620 billion VND. Notable projects include Chan May Urban Area (central location) with 1,000 hectares and 35,000 billion VND investment; Chan May Urban Area (along Bu Lu River) with 420 hectares and 14,700 billion VND; Chan May Urban Area (location 2) with over 43 hectares and 1,290 billion VND investment; Chan May Urban Area (location 4) with 71 hectares and 2,130 billion VND investment.
In addition, projects like Lang Co – Lap An Beach Tourism Area covering nearly 20 hectares with 4,000 billion VND investment, and Bai Ca Ecological Tourism Area of 120 hectares with 2,500 billion VND investment will also be prioritized for attraction.
To seize opportunities, the province has developed a selective and adaptive investment attraction plan. This includes building an investment project list, updating priority investment invitation projects, and conducting semi-annual periodic reviews to adjust and supplement the project list, removing projects already with investors or ones that are not in the approved planning.
Furthermore, the province will accelerate administrative reform, simplify procedures, and shorten administrative processing times to ensure maximum convenience for organizations, businesses, and individuals investing in the province. The focus will be on supporting procedures, resolving difficulties to quickly license investments for project groups in the procedural stage, and accelerating the pace to bring licensed projects into operation.