Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnam seeks investment in economic zone near Kingdom

Vietnam seeks investment in economic zone near Kingdom

Content image - Phnom Penh Post
The Cambodian side of the Prey Vor-Binh Hiep international border checkpoint, in Svay Rieng province’s Bavet town. CAMBODIAN TRANSPORT MINISTRY

Vietnam seeks investment in economic zone near Kingdom

The Vietnamese Cuu Long (Mekong) Delta province of Long An will work to further attract investment in its border economic zone, according to the latter’s management board.

The Long An Border Gate Economic Zone on the Cambodia-Vietnam border has an area of over 13,080ha, straddling Kien Tuong town and Moc Hoa and Vinh Hung districts.

It includes the Binh Hiep International Border Gate and Long Khot Sub-Border Gate, Binh Hiep International Border Gate Industrial Park, a trade and service area, and an area for high-tech agriculture.

Its strategic location makes the zone an attractive investment destination, which could help promote the locality and region’s socio-economic development.

Nguyen Thanh Thanh, head of the province’s economic zones, said the zone serves as a bridge between Ho Chi Minh City and 12 provinces in the delta, and a trade hub linking the Greater Mekong Sub-region.

It has far attracted two foreign direct investment (FDI) projects – a $65 million apparel project by Tainan Enterprises Co Ltd, and a $10 million project by Victory International Co Ltd for producing high-end fashion shoes for women – and also two Vietnamese projects, he said.

The Management Board of Long An’s Economic Zones said a lack of a convenient transport system is keeping away investment, and wanted authorities to rectify that.

Provincial People’s Committee chairman Tran Van Can said Long An would push forward with administrative reform and create a favourable business environment to attract investment in industrial parks and economic zones.

The province has for long been listed among the top 10 localities in the provincial competitiveness index (PCI) rankings and public administrative reform index (PAR INDEX) rankings, proving it has taken effective measures to improve administrative procedures and serve the public and businesses, he said.

In addition, Long An’s leaders pay attention to taking care of investors, he said, adding that the provincial authorities often hold dialogues with investors to listen to their concerns and address any problems.

The province currently focuses on attracting investment in a number of fields such as high-tech and supporting industries, mechanical engineering, electronic components, processing, sustainable industry, renewable energy, urban development and real estate, and others.

Thanh said that to encourage businesses to invest in the border economic zone, the province offers many attractive incentives such as a low 10 per cent corporate income tax for 15 years, or waiver for the first four years and 50 per cent reduction of corporate income tax for the next nine years for certain projects.

Victory International (Vietnam) Co Ltd human resources director Chen Ponien said the local government offers optimal conditions for his company.

The Covid-19 pandemic has been controlled, and his company has resumed normal operations with around 1,200 workers, he said.

If nothing changes, it would invest in building one more plant as planned and increase the number of workers to 2,000-2,500.

The plan was postponed due to the pandemic, he said.

Tainan Enterprises (Vietnam) Co Ltd director Eric Chen said the company has resumed production and has orders for until the end of the first quarter of 2022.

If there are enough human resources supply and convenient infrastructure and transport system, it would definitely expand its operations, he added.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • Nestle’s debut may spur dairy market

    Leading confectionery manufacturer Nestle plans to invest in Cambodia by setting up an operation in the near future, a move majorly hailed by local dairy farmers as a means of boosting the fresh milk market in the Kingdom. During a visit by a delegation led

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement