Investment prospects in Thai Binh

Tien Hai Industrial Park has currently attracted more than 60 enterprises to invest.

Affirmation of advantages

In addition to the advantage of being a coastal plain province, located in the coastal economic corridor connecting with the economic zones of the Northern Delta, over the years, Thai Binh is also known for its topography. Flat, fertile land, 54km long coastline, agricultural land area of ​​more than 100,000 ha and have abundant and high quality human resources with the number of working people over 1 million people, of which more than 50 % of workers are trained. Not only that, over the past time, Thai Binh has also been known for being a locality that has always cared and devoted many resources to building socio-economic infrastructure, thereby bringing a new face to the city and rural countryside. From the state budget, socialization funding and other capital sources with the total investment capital for social development in the period of 2016-2020 is estimated at 235,500 billion VND, nearly 2 times higher than the period of 2011-2015, increasing average of 7.8% / year, in which the proportion of state budget capital gradually decreases, accounting for about 9%, Thai Binh has focused on building key infrastructure, infrastructure of industrial parks and infrastructure of new rural floors, traffic infrastructure connected to key traffic axes connecting urban areas in the province with regional economic centers and neighboring provinces and cities such as Hanoi, Hai Phong, Quang Ninh, Ha Nam , Hai Duong, Hung Yen. In addition, Thai Binh also actively implements projects in the form of public-private partnerships (PPP) to reduce the burden on public investment, thereby contributing to creating a synchronous and modern infrastructure system in the whole province. In the period of 2016-2020, the province has implemented 12 investment projects in the form of PPP with a total investment of nearly 16,960 billion VND, of which the state capital is 10,206 billion VND, investor's equity and capital mobilized from investors was nearly 6,754 billion VND. In particular, in 2020, despite the impact of the Covid-19 epidemic, Thai Binh always attaches great importance to the disbursement of public investment capital in order to speed up the implementation of projects and works in the province, especially key projects, works have important implications for the development of the province, thereby promoting investment attraction in the province.

One of the important events that bring advantages to the province in attracting investment is that Thai Binh Economic Zone has been signed by the Prime Minister to establish and approve the master plan with the area of more than 30,583 ha, in which maximum land fund is reserved for industrial development planning, creating new positions and conditions for the province to exploit potentials and advantages of coastal areas to strongly develop industry, services and tourism and sea-facing urban areas in the coming years. In order to speed up the implementation progress, the Provincial Party Committee and Provincial People's Committee have focused on leading, directing and synchronously implementing the construction of functional subdivision planning, detailed planning; promoting the construction of a number of important technical infrastructure projects according to the planning; thereby attracting many domestic and foreign investors to register for researching, proposing project planning and participating in investment and development of production and business in Thai Binh economic zone. Up to now, the Provincial People's Committee has approved the policy of sponsoring construction zoning products at the rate of 1/2,000 for 26 functional areas in Thai Binh economic zone. Along with the economic zone, Thai Binh also focused on directing to speed up the implementation of the project of Thaco - Thai Binh specialized agricultural industrial park in Quynh Phu district. According to the investor's report, it is expected that by the end of 2020, infrastructure items of the industrial park will be completed, including leveling, roads, electrical systems, drainage systems and concentrated wastewater treatment.

Clam processing in Thai Binh Clam Company Limited.

"Opening" in attracting investment

Not only affirming the advantages of the locality, over the past time, Thai Binh also promptly issued and implemented synchronous mechanisms and policies to encourage and attract investment and develop production and business in the province, complied with the Government's regulations and the actual situation of the locality. Typically, mechanisms and policies for investment incentive in areas such as: support for new rural infrastructure construction, agricultural and rural sectors; collection and treatment of domestic waste; investment in management of rural clean water supply works; industry, trade and service ... In particular, encouraging investment in Thai Binh Economic Zone, the province also issues preferential policies and investment support in the period from 2020 to 2030 such as: preferential land policies, support for technical infrastructure to the foot of the fence, support for leveling, building a centralized wastewater treatment system of industrial parks, industrial clusters, support for labor training and administrative procedure.

Production activities at the Sport Goods Production Joint Stock Company.

The administrative reform has also been concerned and drastically directed by the province. The province has established the Public Administration Service Center of the Province which came into operation from October 1, 2019, implementing administrative procedures under the "5 on-site" plan including: receiving, evaluating, approving, stamping records and returning results. Up to now, 100% of provincial departments and branches with 100% of administrative procedures have been implementing the "5 on-site" procedure at the Public Administration Service Center of the Province. Departments, branches and localities also regularly review and reduce the time for handling administrative procedures compared to current regulations, greatly facilitating and reducing costs for businesses and people. Along with that, the province also regularly coordinates with departments and branches to organize dialogue conferences on the basis of promptly removing difficulties and problems for businesses in the process of investment in production and business; At the same time, urging investors of infrastructure projects of industrial parks and clusters in the province to urgently complete the construction of infrastructure, ready to welcome secondary investors to learn and invest in real estate development.

On the Provincial Competitiveness Index (PCI) ranking published annually by the Vietnam Chamber of Commerce and Industry, Thai Binh has had 5 consecutive years of increasing the PCI score from 2015 to 2019 (2019 increased by 7.74 points and 10 grades compared to 2015). That is a testament to the province's efforts to improve the investment and business environment, thereby making the province an attractive destination for many investors.