Ninh Binh has potential to cooperate with partners from G7

WVR - Based on the orientation of Ninh Binh to become a province with relatively advanced, comprehensive, fast and sustainable development, in the coming time, the province wants to cooperate and attract investors from G7 countries.

Efforts to renew the process

Ninh Binh is located in the South of the Red River Delta, more than 90 km from Hanoi's capital and 106 km from Hai Phong Port, with an acreage of nearly 1,400 km2. The province is holding a particularly important strategic position and belongs to the economic growth quadrangle in the Ha Noi - Hai Phong - Quang Ninh - Ninh Binh region, associated with Thanh Hoa province, which is the southernmost gateway area in the Northern Delta region and the southernmost province.

The province is the hub of many important traffic routes. After more than 30 years of re-establishing the province, Ninh Binh has continuously made efforts, proactively and innovatively, determined to develop into a province with a strong economic structure, positively shifting towards industry and services.

Right after being re-established, Ninh Binh was once a province with a small-scale purely agricultural economy, with a slow and unstable growth rate, relying only on self-providing and self-sufficiency with a backward agricultural development, small and fragmented industry, and underdeveloped trade and services.

Thanks to the suitably right orientation, in the spirit of solidarity, unity, creativity, innovation, daring to think and daring to do, Ninh Binh province has gradually overcome difficulties and determined its development orientation and implement solutions for transforming growth models, and restructuring sectors and fields.

Notably, the internal restructuring of the economic sector has been carried out towards the direction of green development, applying science and technology and creating big value; focusing on investment in infrastructure construction and investment attraction and promotion solutions to attract strategic investors and large projects that make great contributions to the country's economic growth and local development.

FDI - an important driver of socio-economic development In 2022, as the COVID-19 pandemic was under control, the economy was restored to new normalcy, and the GRDP growth rate reached 8.62%.

The province's economic scale is constantly expanding. By the end of 2022, the province's GRDP reached over 81 trillion VND, an increase of 9 trillion VND compared to 2021, 120 times higher than the GRDP in 1992. State budget revenue in the province reached 23,300 billion VND. The year 2022 is also the first year that Ninh Binh Province becomes one of 16 provinces and cities nationwide to balance their budgets with the central budget regulation rate of 9%.

The above-mentioned achievements are thanks to the important contributions of the FDI sector. In 2000, the first FDI projects began to "land" in Ninh Binh. Up to now, there have been 93 FDI projects in operation, with a total registered investment capital of 1,578.82 million USD, including 61 projects outside industrial zones with total investment capital of 962.74 million USD, 32 projects inside the industrial park with total investment capital of 616.08 million USD.

In addition, FDI also contributes significantly to the socio-economic development of the province. The industrial production value of products of FDI enterprises accounts for about 30% of the total industrial production value of the province. Total export turnover from FDI enterprises in 2022 reached USD 2,300 million, accounting for 65.58% of the export turnover of the province, contributing to the state budget of 24.24 million USD.

Foreign investment has also promoted economic restructuring towards industrialization and modernization. Currently, 38.83% of total FDI is concentrated in the manufacturing industry, contributing to the formation of a number of key industries in the province.

FDI enterprises contribute to creating jobs for local workers, helping people increase their incomes, improving living standards, and ensuring social security. The FDI sector creates jobs for about 60,000 workers, of which, the number of workers in industrial zones (IZs) is more than 38,000 people.

In addition, the FDI sector is also an important technology transfer channel, contributing to improving the technological level of the province's economy. These outcomes are obtained thanks to the close attention and effective direction of the Provincial Party Committee, the People's Council and the Provincial People's Committee.

Concerned agencies at all levels and sectors always pay due attention to the province's investment promotion and attraction. The province focuses on key areas such as reforming administrative procedures, improving the business investment environment and building investment policies and mechanisms to support, creating opportunities and the most favorable conditions for businesses and investors.

Gian Khau Industrial Park, Gia Vien District, Ninh Binh Province.
Gian Khau Industrial Park, Gia Vien District, Ninh Binh Province.

Since the beginning of 2022, provincial leaders have organized working groups to visit enterprises in industrial
zones and clusters. Every month (on the last Thursday of the month), the Chairman and Vice Chairman of the
Provincial People's Committee participate in dialogues with enterprises. In June 2022, a dialogue conference with FDI enterprises in the province was organized to recognize and acknowledge the contributions of foreign enterprises to the province.

In addition, concerned agencies effectively convey the province's viewpoints and orientations on investment attraction and socio-economic development of the province, at the same time, listen to opinions and aspirations, grasp difficulties and problems, exchange views, answer questions and encourage enterprises to continue their efforts to overcome difficulties and challenges in the time being.

Attract selective, quality investment

Based on the orientation of Ninh Binh to become a province with relatively advanced, comprehensive, fast and sustainable development, in the coming time, the province wants to cooperate and attract investors from the G7 countries.

With regards to the industrial sector, with the province's policy of developing tourism to become a spearhead economic sector, and develop a center for automobile production and assembly for the whole country, the province prioritizes attracting supporting industries, automobile manufacturing and assembly industry, logistics for electronics, manufacturing and automobile industries, etc.

Regarding the fields of tourism, services and trade, the province wants to attract experienced investors who have the financial potential to invest in tourist sites, thereby, developing tourism into a spearhead economy of the province.

With regards to the agricultural sector, the province wishes to attract investment in the agricultural sector in the direction of green, clean and organic in association with tourism development.

Create the most favorable conditions for investors

In order to achieve the above - mentioned investment attraction goals, in the coming time, Ninh Binh will continue to promote administrative reform, strive to improve the business investment environment, focus on reviewing, amending and supplementing regulations on administrative mechanisms and procedures to create a better, more synchronous and open legal corridor for businesses and investors to come to study feasibility and invest in the province.

At the same time, the province will well prepare the necessary conditions, such as infrastructure, land, industrial zones, industrial clusters, and human resources; to apply information technology to seize opportunities attracting external resources, and to anticipate the wave of FDI capital movement.

In addition, Ninh Binh continues to innovate and improve the efficiency of investment mobilization and promotion, support and create favorable conditions for investment and business activities of enterprises in the province. From there, it creates trust and a bridge to attract and call on new investors to invest in the province.

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