Nghệ An ranks fourth in attracting FDI in first half

VGP - The central province of Nghệ An licensed 39 investment projects totaling over VND 33.84 trillion in the first half of this year, reaching a 250.34% growth rate over 2009, reported the provincial Department of Planning and Investment.

July 14, 2010 3:05 PM GMT+7

Afforestation project worth VND 1.02 trillion is among the biggest projects in the central province of Nghệ An

Out of these 39 projects, 34 are domestic investment ones (DDI) with the combined capital of VND 14.7 billion, increasing 109.63% against 2009 and realizing 98% of the target set for 2010.

Vinh Smart City new urban area, worth of VND 2.2 billion, rubber planting project, VND 704 billion, and afforestation project, VND 1.02 trillion, are the biggest DDI projects.

The province attracted five foreign direct investment (FDI) projects with the total registered capital of over VND 19.14 trillion, 166 times higher than the whole year of 2009.

The biggest include a direct reduction iron project of Japanese company Kobe (US $1 billion), BigC supermarket project by Metro Cash&Carry (US $4 million), banana planting project by the Republic of Korea’s Global Farm Company (US $4 million).

The province is ranked fourth among FDI receivers nationwide in the first 6 months.

The local authorities will continue giving incentives and assistance to businesses in licensing investment projects outside the economic and industrial zones to help increase investment, especially in producing construction materials, farm product processing, auxiliary industry, and tourism.

Investors will not only benefit from the common incentives set by the Government but also the province’s favorable treatment in terms of site clearance, infrastructure, and labor training.

By Ngọc Vân