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Vietnam seeks investment in economic zone near Kingdom

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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

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