Nam Dinh widens gate to welcome investors
With the available potentials and advantages, Nam Dinh is immensely improving the business environment, enhancing competitive capability and accommodating to the ever-increasing investment needs of domestic and foreign enterprises.
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Nam Dinh is a coastal province situated in the center of the South Red River Delta region, with a natural area of nearly 1,700 km2 and the population of nearly 2 million people, including 9 districts and city. Nam Dinh has a 72 km coastline and a river system covering Red River, Day River, Ninh Co River which is conducive to waterway transport and marine economic development. It is also a transit hub and traffic gateway with a simultaneous, cutting- edge and favorable transport network in connection with Hanoi and other economic centers (130 km from Noi Bai airport, 100 km from Hai Phong port).
Stable socio-economic development
In recent times, Nam Dinh has concentrated intensively, simultaneously and inclusively in implementing various measures to facilitate investment attraction and creating resources for local socio-economic development.
In 2022, regardless of multifold difficulties, the socio- economic situation of Nam Dinh province kept stabilizing and significantly developing, with 12/14 targets completed and surpassed the plan. Total product GRDP is estimated to increase by 9.07%, which is the highest ever (it went up by 6.97% in 2020 and reached 7.7% in 2021); the national budget in the area achieved 7,750 billion VND, equaling 117.4% of the estimate.
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| Panoramic view of IP Bao Minh - Nam Dinh Province. |
Industrial production index rose by 14.3%, goods exports attained 3.0 billion USD, increased 12.5% compared to 2021. Credit growth is evaluated to uplift by 15% in comparison to the initial year’s phase. The total social development investment capital in the province grew by 16.5% compared to 2021. Total retail sales of goods and service revenue rose by 14.4% over the same period. Agricultural and fishery production increased by 3.9% compared to 2021. The province also disbursed 100% of 5,556 billion VND of the assigned public investment capital plan in 2022.
In addition, Nam Dinh province has also focused resources on operating pivotal projects. These strategic and long-term projects will be the driving force for the province's development such as: coastal road, with a total length of 66 km, a total investment of nearly 2,700 billion VND; the development trunk road connecting the marine economic zone of Nam Dinh province with the Cau Gie Ninh Binh highway with a total length of 46 km and an entire investment of over 5,300 billion VND (completed stage 1)... Total investment from key projects is approximately 25,000 billion VND and the projects are expected to be finalized in between 2023 and 2025.
Upgrading infrastructure, reinforcing attraction of investment
Nam Dinh currently has industrial zones (IZs) which are quite close to Vietnam's key airports and seaports; having advantageous conditions of infrastructure and human resources which accommodates to the needs and scale of production investment from domestic and foreign investment enterprises.
In order to attract investors, Nam Dinh province has facilitated the mobilization of the non-state budget capital to invest in infrastructure construction of industrial zones (CCNs) contributing to creation of a supply foundation for secondary businesses carrying out production and business projects.
At the same time, focusing on mobilizing maximum resources to gradually and simultaneously invest in the socio-economic infrastructure, especially traffic infrastructure and industrial zones’s infrastructure; concentrating in accelerating the construction of a synchronous and modern transportation system in connection with the national key traffic axis and the southern provinces of the Red River Delta.
The locality has established a Center for public administration, investment promotion and business support to help, advise and create the most favorable conditions for investors who want to grasp opportunities in the province and quickly deal with administrative procedures.
Recently, Nam Dinh has been actively attracting new investors with a series of conducive and intriguing conditions. Particularly, Nam Dinh province proactively organizes and effectively implements planings; urgently completing the Provincial Plan from 2021 to 2030, vision to 2050, which has scientifically and synchronously integrated all the component plannings such as electricity, water, telecommunications, system infrastructure system to serve the citizens and meet the demand for investment, construction of production and business projects according to the planning.
During the first 5 investment months in 2023, Nam Dinh province has attracted 3 new FDI projects and adjusted to increase investment capital with a total newly and additionally registered capital of 126.7 million USD. In particular, the Investment Registration Certificate for the project of computer manufacturing factory from Quanta Group (Taiwan) was granted with a registered capital of 120 million USD.
Up to now, Nam Dinh province has 130 valid FDI projects with a total registered investment capital of 3,845 million USD. Foreign investors currently investing in the province come from 22 countries and territories. Most investment projects belong to textiles, footwear, mechanics, electronics sectors... Taiwan (China), the Republic of Korea, China and Japan are among the countries and territories having multiple investors implementing investment projects in Nam Dinh.
Road transport infrastructure, railways and waterways are being enhanced by Nam Dinh province. In particular, road traffic in the next 3 years will be relatively completed in connection with airports and seaports of regional and national centers which is very advantageous for investors. Nam Dinh is also among the localities having the best supply quality in the country regardings electricity and telecommunications infrastructure. Some industrial zones still have land funds to attract secondary investors, including: Rang Dong Textile and Garment, Bao Minh Expansion, My Thuan, Trung Thanh, Hong Tien...
At the same time, Nam Dinh province also focuses on solving bottlenecks, strengthening competitiveness capacity to attract investment, accelerating the completion of infrastructure in certain industrial zones to intrigue secondary investors involving production and business; creating a clean land fund to attract projects with large capital and environmentally friendly technology.
In particular, over the past time, Nam Dinh province's leaders have actively met and worked with embassies of other countries and potential large corporations to introduce potentials, strengths, mechanisms, preferential policies and support the province's businesses to attract big and potential investors.
Expectation of making breakthroughs
Nam Dinh aims to become an above-average province in the country by 2030. In order to achieve this goal, in the coming time, the province will focus on directing and implementing the site clearance of pivotal construction in accordance with regulations, ensuring progress, thereby facilitating investment promotion, calling investors to invest in industrial zones that have been implemented and planned.
In order to reform administrative procedures and attract investment, on one hand, Nam Dinh continues to improve the role of leadership, direction, administration, dynamism and pioneering of leaders at all levels and sectors in reforming administration, boosting competitiveness capacity, promoting and attracting investment. On the other hand, the province needs to implement good planning works and planning management; improving the quality of planning works and planning management to serve the needs of economic development.
In addition, mobilizing maximum resources to invest in the construction of socio- economic infrastructure; focusing on mobilizing maximum resources to invest in developing socio- economic infrastructure in a synchronous and modern direction; prioritizing capital sources for investment and soon completing a number of key and strategic long- term transport projects; simultaneously improving the business investment environment, enhancing competitiveness, innovating promotion activities and attracting investment...
