Quang Binh awaits investment rush

 Last week, the Quang Binh Provincial People’s Committee and the state-owned commercial bank BIDV had a meeting with investors including Vietnam National Garment and Textile Group (Vinatex), Vietjet Air, Sun Group, FLC Group, Hanoi Beer, Alcohol and Beverage Joint Stock Corporation and Truong Thinh Group. This led to a commitment to devote large amounts of investment capital to the province.

At the meeting, Dang Minh Truong, general director of Sun Group, which specialises in tourism and real estate, said that over the past two months, Sun Group has conducted field research in Quang Binh. Early next month, the group will do the final stage of research. With participation from foreign consultants they want to further understand the local tourism potential. Truong stressed the group’s determination to invest in tourism in Quang Binh.

Pham Duy Hanh, deputy general director of Vinatex, the country’s leading textile and garment maker, stated that the group planned to develop a garment factory in the Le Thuy commune of Quang Trach district. Vinatex also asked the local authority to provide at least 500 hectares of land for the purpose of piloting cotton farming in the area employing new Israeli technology.

Budget carrier VietJet Air is researching the opening of a route between Ho Chi Minh City and Quang Binh’s Dong Hoi city. Pham Nguyen Tung, director of Vietjet Air, said he expected this to become operational in June. Besides Sun Group, Vinatex and Vietjet Air, some other faces such as FLC Group and Truong Thinh also committed to invest in real estate projects in the province. On April 5, in collaboration with BIDV, Quang Binh will open its first investment promotion workshop in the province.

Le Van Phuc, director of the Quang Binh Provincial Department of Planning and Investment, said that during 2014-2015, the province would invest in 40 projects focusing on six attractive sectors, namely infrastructure network, industrial park infrastructure, tourism and trade, industry, agriculture, healthcare and education.

BIDV has partnered with the province in securing investment. Phan Duc Tu, general director of BIDV said the bank would supply loans with the best rates and for the longest term to encourage large scale investment in the province. BIDV and the local authorities expect to have seven or eight investment agreements signed between investors and the province at the investment promotion workshop on April 5.

“The Foreign Investment Agency (FIA) will help invite foreign investors to seek investment opportunities in Quang Binh in the future,” said Dang Xuan Quang, FIA’s deputy director.