Bac Lieu’s 5 investment pillars to prepare 'nests for the eagles'

Mr. Pham Van Thieu, Chairman of Bac Lieu People's Committee.

With a coastline of 56km and an exclusive economic zone of more than 20.000 km2, a coastal area with strong winds, good climatic conditions, Bac Lieu has attracted a number of large-scale gas and wind power investment projects. The province identifies the development of clean energy, renewable energy, focusing on wind power, solar power and gas power as one of the breakthroughs in its economic growth.

Favorable infrastructure

Bac Lieu has a convenient traffic infrastructure system, with important traffic routes such as: 1A national highway, Quan Lo-Phung Hiep route, South Song Hau national highway. In particular, the 2 upcoming highway Can Tho-Bac Lieu-Ca Mau and Ha Tien-Rach Gia-Bac Lieu will connect with Xa Xia border gate, expanding border trade with Cambodia and other Southeast Asian countries.

Additionally, the waterways also contribute to the circulation of goods, such as: Bac Lieu-Ca Mau canal route, Quan Lo-Phung Hiep canal route, Ganh Hao river, Ganh Hao-Ho Phong canal connecting to the East Sea, etc. Other important seagates such as Ganh Hao, Cai Cung, Nha Mat are transshipment places of many economic establishments inside and outside the province.

Furthermore, the Government has approved the development of Ganh Hao-Dong Hai, a mixed deep-water seaport of 3.5ha wide, with a tonnage of 30,000-100,000 DWT. Together with Hon Khoai port (Ca Mau), they will help promote industrial development and export goods not only to Bac Lieu but also to the Mekong Delta region.

Over the past time, with the determination of the whole political system and the companionship of businesses and investors, Bac Lieu has implemented synchronous solutions in attracting investment, carrying out administrative reform, improving the investment environment towards transparency and openness, contributing to improving the province's CPI.

At the same time, the provincial leaders are always paying attention and organizing working sessions, meetings with businesses and investors in order to have prompt solutions to help them of any difficulties.

With the goal of sustainable economic and social development and environmental protection, Bac Lieu focuses on attracting investment in the fields of clean energy, renewable energy, high-tech, etc, to welcome investors with potential and prestige, ready to invest in the province.

With these efforts, Bac Lieu province is considered an investment bright spot not only in the Mekong Delta region, but the whole country.

An investment bright spot

In 2020, Bac Lieu had a positive investment attraction status. The province has approved the investment policy, issued Investment Policy Decisions Investment Registration Certificate for 32 projects, with a total registered capital of 110.64 trillion dong.

In particular, the province has attracted the Bac Lieu liquefied natural gas (LNG) power plant project under the Bac Lieu LNG Thermal Power Center with a total registered investment capital of 93.6 trillion VND, (about 4 billion USD). This is one of the country’s largest FDI projects in 2020. In addition, the province has attracted 5 more investment projects in the field of renewable energy (wind power) with a capacity of 270MW and a total registered capital of more than 12,000 billion VND.

The above projects are considered as a driving force, contributing to Bac Lieu's rapid and sustainable development, becoming the economic center of the region and the whole country in terms of clean energy and renewable energy in the coming time.

Accumulated to the end of 2020, there are 161 projects in the province (147 domestic projects, total registered investment capital is 39.74 trillion VND; 14 foreign projects, total capital is 4.489 billion USD).

Over the past years, Bac Lieu's economy has always achieved rapid and sustainable growth, averaging 7.16% per year in the period 2016-2020, it reached over 10% in 2019 alone. The scale of the provincial economy in 2020 reached 49.66 trillion VND. GRDP per capita reached 54.37 million VND/person.

By continuing to bolster its advantages, making focused investment, concentrating on developing key economic sectors, Bac Lieu can achieve the economic growth target of 9-10% in 2021.

Right bodies, sufficient policies, fast procedures

Against the backdrop of strong international economic integration, Bac Lieu, like all provinces and cities, needs to attract a lot of resources for socio-economic development, especially from abroad. Under this view, as well as the guidance of the Prime Minister, over the past time, the province has implemented the policy of attracting and inviting large businesses and investors.

In that spirit, the province always implements the motto “right bodies, sufficient policies, fast procedures”. When businesses and investors come to Bac Lieu, they will enjoy the most favorable investment policies and support. In addition, investors will be supported by local authorities in handling administrative procedures in the fastest time possible.

Over the years, many businesses have come to explore investment opportunities in the province, such as: Vingroup, FLC Group, Viet-Australia Group, and Kosy Group, etc.

In the coming time, with a number of important incoming infrastructure projects like Trung Luong-My Thuan highway, My Thuan-Can Tho highway, My Thuan 2 bridge will open up favorable conditions for promoting investment attraction of provinces in the Mekong Delta, including Bac Lieu.

The signing ceremony of a MoU on the building of a 3,200MW liquefied natural gas-fired power plant in Bac Lieu. (Photo: Nhat Ho)

Five-pillar attraction

Over the past time, many important infrastructure projects in the Mekong Delta are synchronously invested. With this, both the region and Bac Lieu to promote investment attractions, especially investment projects on the basis of regional linkages.

In order to take advantage of these favorable conditions and promote the available potentials and strengths, Bac Lieu has set 5 investment pillars including hi-tech agriculture; renewable energy; tourism; commerce, services, education and high-quality health; and maritime economy in line with the consolidation of defense and security.

Capitalizing on the results, improving the efficiency of attracting investment following the 5 pillars, Bac Lieu will focus on implementing key solutions such as: Completing the planning of Bac Lieu province period 2021-2030, with a vision to 2050; Formulating resolutions on infrastructure development; Developing the northern region of National Highway 1A; Making Bac Lieu city into a grade I urban center by 2025; Making investment attraction list based on the province’s 5 socio-economic pillars; Reforming administrative procedures, improving the investment environment; Promoting the investment and business environment and strengths of the province to potential domestic and foreign investors.

Ha Giang: A province with great investment potential Ha Giang’s GDP in the first 6 months of 2021 was estimated at VND 6,286.2 billion, up 3.81% over the same period last year. The ...

Foreign investment poured in Viet Nam despite COVID-19: Digitimes Despite the impacts of the COVID-19 pandemic, Viet Nam is still attracting foreign investment in its electronic industry, Digitimes has reported.

Ba Ria-Vung Tau expanding IPs to welcome investment New waves of investment coming to the southern province of Ba Ria-Vung Tau will push up demand for land rentals at local industrial parks (IPs), ...