The provincial government has pledged to continue to foster administrative reform, speed up land clearance and support in personnel training as move to encourage foreign investment, the provincial People’s Committee chairman, Nguyen Ngoc Thien, told the forum.

Short of potential

The chairman stated that Thua Thien-Hue had already attracted four Korean-invested projects, capitalised at US$700 million, mostly in infrastructure construction of industrial zones (IZs), tourism and service.

These figures, however, fall short of estimated potential for investment, the Viet Nam Chamber of Commerce and Industry Chairman, Vu Tien Loc, told the participants, which included 60 Korean enterprises operating in the country, a representative from the South Korean Embassy in Viet Nam, the Korean Trade Investment Promotion Agency along with provincial authorities.

Loc urged Korean investors to seize investment opportunities in the province, which arise from its advantageous location in the central economic zone, from its access to the East Sea, its plentiful human resources and increasing efforts from the local authorities in trying to attract foreign direct investment.

Deputy minister of Planning and Investment Nguyen Chi Dung agreed that Thua Thien-Hue could be a promising investment destination for Korean investors, especially those who wished to make investment in infrastructure construction of IZs and new urban areas, information and technology, electronics, service and tourism.

The province is now leading the race to attract foreign direct investment in the country’s central region, with 67 projects having a total value of $2.3 billion.

Investors have disbursed around $300 million so far, according to the planning department.

Most of the investments have gone into hospitality with investors coming from South Korea, Taiwan, Hong Kong, Singapore, Japan, the US, and Germany proposing to build a range of resorts.

Thien said that the province plans to call for more investment in the hospitality and high-tech industries in the Chan May-Lang Co Economic Zone, Phu Bai Industrial Park, and Bach Ma Tourist Zone.