The Hanoitimes - The northern province of Thai Nguyen wants to become one of the localities with the best investment environment in the country by 2020.
The province aims to enter and maintain its ranking in the top 10 of the Provincial Competitiveness Index (PCI) with annual average economic growth of 10 percent, industrial production expansion of 15 percent and per capita average income of 86 million VND (3,775 USD).
Workers in a Thai Nguyen's factory
According to Director of the provincial Department of Planning and Investment Hoang Thai Cuong, to improve the investment environment and increase provincial competitiveness, authorities have stepped up administrative reform and publicised socio-economic development plans, especially regarding urban development, transport, industrial areas and tourism.
Apart from offering investment incentives, the province has worked to cut time spent on administrative procedures, he added.
Under a local plan to improve investment climate and increase its PCI ranking, the province has used science technology to build an e-government system and implement the one-stop-shop model for investment licenses.
Planning schemes on transport connectivity and technical infrastructure investment for large-scale projects have also been revised, Cuong said.
The province hopes to improve quality of human resources and vocational training and encourage investment in agriculture, he added.
The investment climate and competitiveness index of Thai Nguyen have significantly improved over the past five years, helping boost annual economic growth of 16.5 percent and generating jobs for about 23,800 workers.
Per capita average income in 2017 was estimated at 68 million VND (2,992 USD). Total import-export turnover reached 37.5 billion USD in 2017, up 44 times against 2013.
Thai Nguyen was among the top 10 cities and provinces nationwide in PCI in 2014 and 2016. In 2017, it was 15th out of the 63 cities and provinces.