Investment booms as Soc Trang improves business climate
20 Feb 21 Vietnam Investment Review Source Soc Trang province's efforts to improve its business climate is paying off with more and more investors, both domestic and foreign, coming since 2016.
Hanoi – Soc Trang province's efforts to improve its business climate is paying off with more and more investors, both domestic and foreign, coming since 2016.
The Mekong Delta province has worked with hundreds of potential investors seeking to invest in areas where the province has strengths like hi-tech agriculture, tourism and wind and solar power.
It approved 116 projects with a total investment of 27.3 trillion VND (1.18 billion USD) in 2016-20, 5.5 times the amount in the previous five years.
Nine of them are FDI projects.
Soc Trang authorities have been making efforts to improve the investment climate and provincial competitiveness by focusing on infrastructure and providing lands for projects.
They are keen on projects that are sustainable and environment-friendly.
Nguyen Thi Thuy Nhi, deputy director of the province's Department of Natural Resources and the Environment, said her department had been reforming administrative procedures, boosting the province's competitiveness in terms of attracting investment and business climate.
One key infrastructure project is the upgrade of Tran De deep-water port, which will reduce logistics costs for exports from the Mekong Delta.
The recently approved Chau Doc - Can Tho - Soc Trang highway will connect to the port, aiding goods transportation and improving links with the rest of the country.
The province is also creating a start-up eco-system with development assistance, incubation programmes and sponsorship for creative small and medium-sized businesses.
In the last five years 1,900 new businesses were set up, a 47.2 percent increase from 2011 – 15. Many companies have invested in manufacturing in the An Nghiep Industrial Park, creating tens of thousands of jobs.
In 2021 – 25 Soc Trang seeks to further improve its business climate and competitiveness, focusing on business assistance services, labour training and helping investors start projects smoothly.
There are 3,300 registered businesses in the province with a total charter capital of 33 trillion VND.
Soc Trang's economy grew by 6.75 percent in 2020./ VNA