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Thai Binh - an attractive destination for investors

Production activities at Tra Ly Fiber Joint Stock Company. Photo: Ngoc Tram

As a coastal province in the Red River Delta, in recent years, Thai Binh has made new changes with a fairly and comprehensive economic growth in all fields, creating a prominent mark: Growth rate of gross domestic product. The average GRDP in the period of 2016 - 2020 is about 9%/year, of which in 2020 GRDP and per capita income are estimated to be 1.7 - 1.8 times higher than 2015. For that success, one of the important factors is that the province has made efforts to attract investment, improve the investment and business environment, and become an attractive destination for domestic and foreign investors.

Lots of potentials and advantages

Thai Binh is a province with a convenient road, river and sea transportation system for economic exchange and development; natural gas sources on the continental shelf with reserves of over 10 billion m3 have been exploited, leading to the coastal area of ​​the province with an average output of 200 million m3/year; with flat terrain, fertile land, over 100,000ha of agricultural land and a 54km long coastline, which is very convenient for the development of agricultural production and farming and processing of agricultural products; has abundant and high-quality human resources, has 2 universities, 4 colleges, 26 vocational training institutions with a training scale of over 33,500 people/year, which is very convenient for training and teaching association with employers. In the province, there is Thai Binh Power Center with 2 thermal power plants with a total capacity of 1,800MW connected to the national grid to meet the electricity demand for Thai Binh and neighboring provinces... 

Over the past time, Thai Binh has always maintained and promoted those advantages to attract more and more corporations and businesses to invest in the province. Along with that, Thai Binh was also approved by the Prime Minister of the Prime Minister for the construction of Thai Binh Economic Zone with an area of 30,583 ha located in a coastal area with a very convenient location, connecting to countries around the world through Cat Bi airport and Lach Huyen port (Hai Phong); This is one of the economic zones of the country with general functions including high-quality industrial parks, service zones, commercial and modern coastal urban areas.

Efforts to improve the investment and business environment

With the view that successful investors in the province are the driving force of the province's development, over the past time, Thai Binh has made efforts to improve the investment and business environment, creating the most favorable conditions for businesses to feel secure in long-term production and business investment. Along with the promulgation, drastic implementation and effective implementation of Resolution No. 01-NQ/TU, dated May 5, 2016 of the Provincial Party Committee on strengthening the leadership of all levels of Party committees and organizations. In order to improve the investment and business environment of Thai Binh province by 2020, Thai Binh also issued a project on administrative reform, improving competitiveness and improving the investment and business environment in Thai Binh province until 2020 and the following years, which clearly defines the responsibilities of each department, branch and locality in reforming administrative procedures, improving the investment and business environment, and enhancing competitiveness. Up to now, 100% of provincial departments and branches with 100% of administrative procedures have been implemented according to the "5 on-the-spot" option at the Provincial Public Administration Service Center. Departments, branches and localities also regularly review and cut the processing time of administrative procedures compared to current regulations, apply information technology to speed up the process of handling dossiers, thereby creating favorable conditions and significantly reduce costs for businesses and people. Along with that, the province also actively builds and promulgates many effective mechanisms and policies to encourage investment and business such as: policies to support agricultural production machines and equipment; policies to support investment and management of new rural infrastructure works; preferential policies, supporting investment in rural clean water supply works; policies to support investment in Thai Binh Economic Zone... Investment in the construction of infrastructure, especially connected transport infrastructure, is directed by the province. In the context of difficulties due to the impact of the Covid-19 epidemic, the province still drastically implemented solutions to speed up the disbursement of public investment capital, site clearance, and handover of clean premises to investors to invest in the implementation of projects, especially key projects such as investment projects on construction of coastal roads in Thai Binh province; project to renovate and upgrade road 221A; the project of a road route from Thai Binh city to the Thousand Bridge; investment project on construction and infrastructure business of Lien Ha Thai industrial park; investment project to build and trade infrastructure of Thaco - Thai Binh industrial park... In addition, the province also focuses on solving and promptly removing difficulties and obstacles for businesses. Every year, the Provincial People's Committee and functional departments and branches organize a dialogue conference with the business community, on that basis, listen and promptly remove difficulties and obstacles in the process of investment and production, carry out the business in the area.

Tan De Company expands export markets to the US and Canada.

One of the clearest proofs of Thai Binh's efforts in improving the business and investment environment is that in 2020, the province's provincial competitiveness index (PCI) increased by 3 places compared to 2019, ranked 25th out of 63 provinces and cities and ranked 5th out of 11 provinces and cities in the Red River Delta region. With that result, Thai Binh has had 4 consecutive years of increasing its rank in the PCI rankings with many component indexes having an increased rating compared to 2019 such as: market entry, time cost, competitiveness, equality, legal institutions. For the Provincial Governance and Public Administration Performance Index in Vietnam (PAPI), in 2020, Thai Binh continues to be in the group of medium-high provinces with two indexes of citizen participation at grassroots and assume accountability to the people who are of the highest group of provinces.

Welcoming the wave of investment

Thanks to promoting the potential and advantages of the locality, and at the same time making efforts to improve the investment and business environment, in recent years, the investment wave in Thai Binh has tended to increase rapidly in both registered quantity and capital. By the end of the first quarter of 2021, the province has nearly 1,100 registered investment projects with a total registered investment capital of more than 136,000 billion VND, including 92 foreign direct investment projects with a total registered investment capital of over 830 million USD. Particularly in the first 3 months of 2021, despite being affected by the Covid-19 epidemic, the province has 6 newly licensed projects, 3 adjusted investment policies with a total newly and additionally registered capital of over VND 4,771 billion, 3 times higher in investment capital compared to the same period in 2020. Many investors have invested in Thai Binh with large-scale projects and advanced technology such as Hoa Phat Group, Thaco Group, and Loc Troi Group...

Tien Hai Industrial Park has now attracted 45 businesses to invest in 70 projects with a total registered capital of nearly VND 13,200 billion. Photo: Thanh Tam

The Resolution of the 20th Provincial Party Congress has clearly indicated that one of the most important tasks of the province in the period of 2021-2026 is to attract investment and develop businesses. Therefore, in the coming time, Thai Binh will continue to accompany businesses, constantly innovating to create an attractive environment for investors, thereby contributing to promoting growth and transforming the local economic structure in the direction of industrialization, modernization and improvement of people's living standards.




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