Friday, March 1, 2024 10:20:30 PM - Markets open
VN-INDEX 1,258.28 +5.55/+0.44%
HNX-INDEX 236.43 +0.97/+0.41%
UPCOM-INDEX 91.16 +0.53/+0.58%
Coastal economic zones need breakthrough policies to attract investment
Vietnam News - 12/5/2023 1:17:06 PM
 (0 ratings. You must sign in to rate.)
Coastal economic zones need breakthrough policies to attract investment and promote their role in accelerating socio-economic development.
Statistics from the Ministry of Planning and Investment show that there are 19 coastal EZs in Việt Nam, 11 of which are in the central part of the country.
Coastal EZs have contributed significantly to the region’s socio-economic development but there exist limitations which must be tackled comprehensively to make coastal EZs a driving force for regional development.
According to Hoàng Hồng Hiệp, acting Director of the Institute of Social Sciences of the Central Region, the institutional framework and development model of coastal EZs are still incomplete.
The infrastructure system inside and outside the zones has not been invested synchronously with limited connectivity with regional economic centres.
Projects in these coastal EZs are mostly in light and labour-intensive industries such as textile, footwear, and assembly while there is a lack of investment projects in industries and services using high technology.
Hiệp added that policies designated for coastal EZs to attract investments were still not favourable enough, making it difficult to attract foreign investment and direct investment in tackling social issues at EZs, such as education and training, social security, social welfare and housing for workers.
Some coastal EZs were even struggling with attracting investment, resulting in the mindset of attracting investments at all costs without paying attention to environment and ecology protection, he said.
“In the context that the central part of Việt Nam is facing strong impacts of climate change, marine environmental pollution incidents coupled with post-COVID pandemic difficulty, especially when the Government is developing planning for the region, it is necessary to review the investment influx into the coastal EZs and raise policies to promote their development towards sustainability,” Hiệp emphasised.
Bùi Quang Bình from Đà Nẵng University of Economics said that the Government was drafting the planning for the North Central and Central Coast regions in 2021-30 period with a vision to 2050.
Bình said the planning should thoroughly define the role of coastal EZs in the region’s socio-economic development.
“Innovation is important. The planning of coastal EZs should be integrated with the planning of the national marine space and other regional and provincial planning,” he said.
A strong legal framework for coastal EZs was needed to ensure their development is synchronous and sustainable, he said, adding that policies should be raised to further attract private investments in coastal EZs.
The Government should give priority to investing in coastal transport infrastructure, infrastructure of EZs, national port system, human resource development and environmental protection, Bình stressed.
Lê Văn Hùng from the Institute of Regional Sustainable Development, said Việt Nam should study policies to promote the development of groups of EZs which would enable to focus resources on improving the infrastructure system, social services and ecological environment protection to create sustainable coastal EZs.
Coastal EZs should go green and specialise in a specific group of industries, Hùng said.
According to Lê Minh Dương from the Investment Promotion Centre, South Việt Nam, localities should improve the efficiency of investment promotion for EZs with a focus on attracting strategic investors, multinational corporations with high and clean technologies to participate deeply in the global value chain.
Besides, it is necessary to promote the development of part-supplying industries to create a tight and cohesive ecosystem with FDI companies.
Dương cited statistics that coastal EZs in the central region attracted around 500 projects with a total registered capital of US$38.67 billion, or 60.5 per cent of the total registered investment in the region which runs from Thanh Hoá to Bình Thuận.
Average investment was $77 million per project, 2.6 times higher than the average level of the central region. — VNS
Read original article here
Newer News
15:40 Việt Nam's trade surplus reaches $4.72 billion in Jan-Feb
15:39 PM sets deadline for completion of Long Thành airport in first half of 2026
15:38 Tết shopping spree pushes up CPI by 3.98 per cent in February
15:37 Việt Nam moves up significantly in economic freedom ranking while global average falls
15:36 Việt Nam pours capital into 17 new investment projects overseas in Jan-Feb
15:35 International financial hub to be established in Đà Nẵng
29/02 FDI inflow increases by 38.6 per cent in two months
29/02 Auto market expected to make a breakthrough in H2
29/02 Exporters must actively engage and adapt to EU's CBAM
28/02 Falling rice price is only short-term, upward trend to continue: experts
Older News
04/12 Hà Nội’s CPI rises 4.72% in 11 months
04/12 Việt Nam's industrial production surges in 11 months
04/12 Retailers anticipate business to pick up in year-end shopping season
01/12 Capital city's GRDP forecast to expand by 6.11% in 2023
01/12 Agro-forestry-aquatic trade surplus up nearly 34% in 11 months
30/11 Foreign investment flows into Việt Nam go up 14.8 per cent in 11 months
30/11 November’s CPI grows 3.45 per cent
30/11 Vietnamese export goods face increasing trade defence measures in CPTPP markets
30/11 Local companies as buyers, a positive sign for M&A market: forum
28/11 PM asks central bank to ensure sufficient credit flow for the economy
Newsletter Signup
Top Stories
Vietnamese stock market rapidly advancing towards global standards: Prime Minister
VN-Index fails to sustain upward momentum despite multiple attempts
Market remains upbeat on large-cap stocks
Central bank pushes others to boost lending from start of New Year
Domestic gold prices hit record-breaking VNĐ80 million per tael
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,258.28 +5.55/+0.44%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.