Strongly Drawing High-quality Investment Flows

Realizing its great aspirations with an Eastward vision, Ben Tre province has robustly promoted and attracted high-quality investment flows and created a favorable business environment for local companies to develop further. This is a keystone issue for the province in the coming time, and at the heart of our interview with Mr. Duong Van Phuc, Director of the Department of Planning and Investment, Ben Tre province.

Ben Tre is making an effort to accelerate public investment disbursement in 2024 and beyond. How is the department helping to promote this process?

The year 2024 marks a period of acceleration, aiming to achieve the goals of the 2021-2025 public investment plan. Disbursement of this plan is important for socio-economic recovery and addressing infrastructure bottlenecks in sectors like transportation, education, and healthcare. The Provincial Party and People's Committee have focused on decisive actions, leading to positive outcomes for Ben Tre by November 2024. The province has made good progress. By November 25, the 2024 public investment plan totaled VND 5,235.19 billion, with an estimated disbursement of VND 5,012.26 billion, reaching 95.74% of the target, a 17.69% increase from the previous year.

In carrying out its state management responsibilities for the public investment plan, the Department of Planning and Investment has proactively advised the Provincial People's Committee on the timely allocation of capital plans to investors and localities, ensuring early implementation from the start of the year. Additionally, we recommended the establishment of working group 1311 to oversee and accelerate the disbursement of public investment capital in 2024, quickly identifying and addressing any challenges or obstacles in project execution.

To date, the working group 1311has regularly reviewed and inspected the progress of key projects under the National Target Programs and advised moving the capital of slow-moving projects to well-disbursed ones.

As the standing agency of the working group, the department has monitored and urged investors to select contractors for projects, deploy and disburse all assigned capital plans, and monitor directive and administrative documents of the government and central authorities for timely implementation.

The Ben Tre Investment Promotion Conference 2024 was a key event for investors. Can you share the specific outcomes and how Ben Tre plans to support investors in launching their projects promptly?

Ben Tre Investment Promotion Conference 2024, themed “Ben Tre - Vision to the East and Potential for Sustainable Development,” took place on October 3, 2024. At the conference, six projects were granted investment licenses with a total registered capital of VND7,985 billion, largely involved in urban development, coconut processing and wastewater treatment. Besides, 23 investors signed memoranda of understanding (MOUs) on cooperation with a total pledged investment fund of VND303,125 billion in new energy, renewable energy, new urban areas, industrial zone infrastructure, seafood processing, tourism and trade - services. This was a good start that later attracted more investors to create momentum for Ben Tre's development in the new phase.

Ben Tre will continue to carry out tasks and solutions to build an open and favorable investment and business environment for projects to be implemented soon. First of all, the province will perfect mechanisms and policies to create a legal corridor for investment, speed up the progress to bring important infrastructure projects into operation soon, expand access to government-based preferential capital sources and support resources; and support labor restructuring and improve human resource quality.

The province will also launch the District and Department Competitiveness Index (DDCI) to stimulate reforms, improve the quality of administration, and support businesses. This will help maintain the Provincial Competitiveness Index (PCI) ranking and enable strong and comprehensive reforms of administrative procedures and digital transformation. When coming to Ben Tre, investors only need to contact the Investment Promotion and Startup Center for support.

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The province will also remove bottlenecks that hinder investment and business activities, especially problems in land recovery, compensation and clearance. Ben Tre is determined to revoke unmoved, sluggish, wrongly purposed and ineffective projects to create opportunities for other investors with good capital potential and management capacity.

Implementing the Ben Tre Provincial Planning for 2021-2030, with a vision to 2050, expands development space and focuses on attracting quality investment and "green" enterprises. What solutions is the Department of Planning and Investment advising and implementing to meet these goals?

Ben Tre, one of Vietnam's 28 coastal provinces, benefits from its proximity to major economic centers and an open coastal corridor connecting the eastern coastal provinces, particularly from Ho Chi Minh City to the Mekong Delta. The provincial planning for Ben Tre from 2021 to 2030, with a vision to 2050, approved by the Prime Minister, aims to fully leverage these advantages through specific plans and strategies, most notably positioning Ben Tre as a coastal hub. By 2030, Ben Tre aspires to be a relatively developed province and a desirable place to live by 2050, with a modern, smart urban system and a green, clean environment. The province seeks to become a special-grade urban administrative unit and a satellite city of Ho Chi Minh City. To achieve these objectives, Ben Tre is prioritizing strong development towards the East, with a key initiative being the 50,000-ha sea reclamation project to expand development space and create clean land to attract high-quality investment resources beyond the public budget.

The Provincial People's Committee also issued a set of criteria to serve as a basis for appraising and approving investment projects in the province, including the “green business” element with environmentally friendly modern technology. Determined to complete the announced goals and tasks, the Department of Planning and Investment will closely coordinate with agencies and localities to implement the following solutions:

First, in implementing the Ben Tre Provincial Planning for the 2021-2030 period, with a vision to 2050, the province will not add polluting industries to new industrial zones and integrate green growth goals into socioeconomic development strategies and plans.

Second, effectively implementing startup and innovative business support policies, paying attention to supporting high-tech imports from developed countries.

Third, synchronously deploying solutions, mobilizing resources to implement investment programs and projects in Plan 3686/KH-UBND dated June 30, 2023 of the Provincial People's Committee on concretizing Resolution 04-NQ/TU of the Provincial Party Committee on Ben Tre Eastward development.

Fourth, developing coastal transport infrastructure; developing renewable energy, new energy, seaports, logistics, processing and manufacturing; developing all-inclusive urban - service areas and high-tech agriculture; building the Eastern region into a dynamic marine economic zone and a new driving force.

Fifth, coordinating and deploying many energy-saving solutions and policies, diversifying public transport; focusing on modern means and using clean energy to move towards the goal of building a green, clean and beautiful city and a low-carbon emission transport system.

Sixth, enhancing the effective approach to signed free trade agreements; taking advantage of mechanisms and policies to facilitate trade and mutual recognition of goods and services to promote and encourage the development of circular supply chains and distribution systems.

What do you think about the current implementation and effectiveness of business support plans and projects in Ben Tre province?

Following the success of the Ben Tre Co-Startup and Business Development Program in 2016-2020, on December 24, 2021, the Provincial People's Committee announced the renewed program for the 2021-2025 period. At the same time, the committee also carried out some other plans and projects such as the plan for developing 5,000 new businesses and building 100 leading businesses, the plan for supporting small and medium enterprises in 2023-2025 and the Program 49-CTr/TU on the implementation of Resolution 41-NQ/TW.

The above plans are indispensable to the overall success of Ben Tre. From 2021 to November 2024, as many as 179 business households were converted to enterprises, 466 startups were established, and 2,177 new enterprises were founded. However, in general, new corporate formations remain small while the quality of business activities has improved but not much, especially innovative startups. The foundation for developing science and technology companies is still weak.

To make projects and plans more effective, we must first continue to change the awareness and thinking of the entire political system about business development; create an open investment and business environment, facilitate enterprises to reform, apply science and technology, and digital transformation to open up new steps; and continue to mobilize all resources, attract all economic sectors to deploy the plan for implementation of the Co-Startup and Business Development Program in 2021-2025. Provincial departments and agencies need to flexibly and appropriately apply business support policies; strengthen the connection between businesses and sci-tech firms and digital transformation entities to apply research results to production and business practices. The province will strongly foster the role of the Ben Tre Business Association, the Ben Tre Young Entrepreneurs Association, the Ben Tre Women Entrepreneurs Association, and especially the Ben Tre Leading Business Club.

Thank you so much!

By Song Uyen, Vietnam Business Forum