The seven projects include a pineapple-juice processing factory, a high-quality farm market, agricultural product preservation factory, fruit-processing factory, a hi-tech agricultural zone in Hậu Giang, the Ngọc Hoàng Ecological Tourism area, and a seafood cultivation project.
Twelve years after being officially separated from Cần Thơ City, the province has seen strong economic growth. As of June this year, it had attracted 500 local and foreign investment projects with total registered capital of VNĐ120 trillion (US$5.4 billion), a 7.4-fold increase compared to 2004.
Since that time, 3,710 companies with total registered capital of VNĐ43 trillion (US$1.9 billion) have invested in the province, according to figures released by local authorities at a conference on investment potential and development held on Monday (July 11) in Hậu Giang.
Each year, the province registers an average of 310 new enterprises, mostly in trade, services and construction. However, investment still remains below potential, with only 27 foreign direct investment projects with total registered capital of US$800 million.
Only 15 of the projects are fully foreign invested, with total of US$650 million. There are 12 joint-ventures with US$165 million registered capital.
At the conference, with 300 provincial government leaders and members of the business community, investment certificates were awarded to four projects with total registered capital of VNĐ4 trillion (US$182 million).
The province also awarded merit certificates to 10 enterprises that have made significant contributions to the province’s development.
The province plans to give priority to advanced technology in agriculture, food processing, trade and tourism.
Lữ Văn Hùng, chairman of the province’s People’s Committee, asked local authorities to work with enterprises and create the most favourable conditions for business.
“Whenever enterprises face difficulty, the administration is available to help,” Hùng said.
Despite facing poor socio-economic conditions, the province is offering enterprises a tax exemption for four years and then a 50 percent tax reduction for nine years. There will also be tax exemptions and reduced taxes for land use and imports.
Like other provinces in the Mekong Delta, Hậu Giang has abundant raw material resources for agriculture and aquaculture, and has a strong labour force.
More than 70 percent of the province’s population is of working age, Hùng said.
Located adjacent to Cần Thơ, the centre of Mekong Delta, Hậu Giang can be conveniently accessed, with the Cần Thơ International Airport, Cái Cui International Airport and major highways.
The province began investing in industrial parks when it was officially established.
It has two industrial parks: Sông Hậu with 83 per cent occupancy and Tân Phú Thạnh with 70 per cent occupancy.
The conference was organised as part of the ongoing Mekong Delta Economic Cooperation Forum.