Posted 24.03. 2021 by Cekindo
Quang Nam Province, an exciting investment destination in Vietnam, is located in Central Vietnam, bordering Laos, Quang Ngai, and Da Nang. As a vital spot for international trade and a population of 1.84 million, Quang Nam Province has seen an increasing socio-economic development over the years. This province has also been sitting at the top 10 positions of Provincial Competitiveness Index for three years consecutively.
Significantly expanding foreign direct investment (FDI) projects and capital are the reason for Quang Nam Province’s significant development. In 2020, the province received an US$ 89.34 million provincial budget from FDI, employed more than 55,000 local staff, and exported goods worth US$ 751.24 million. Despite the COVID-19 pandemic, approximately US$19 million of FDI poured into Quang Nam province in the first three months of 2020.
This section details the top four sectors and factors that contribute to Quang Nam province’s attractiveness for foreign investments:
Green projects have contributed significantly to the province’s overall development. To pursue long-term green growth and attract more foreign investments, Vietnam’s government gives project priority to renewable energy, communications and electronics, and manufacturing and processing. There are incentives provided on land surface, land renting exemption, reduction, CIT or import-export tax.
Chu Lai Open Economic Zone (OEZ) is an integral part of Quang Nam’s industrialization and economic growth. In 2018, the manufacturing industry in Quang Nam grew 14% thanks to the Chu Lai OEZ. In 2019, the total foreign investment amount was recorded at US$702 million.
Foreigners investing in Vietnam’s Chu Lai OEZ can enjoy benefits from the Vietnamese government’s financial support. These financial supports are a one-price policy in goods, services, land rental, access to an assistance fund for state development, and corporate tax rate reduction.
Foreigners investing in Vietnam will surely not overlook the tourism and hospitality sector. Tourism and hospitality have always been one of Quong Nam’s government’s significant focuses in recent years.
Therefore, local authorities put in a lot of effort to promote this sector. Main initiatives to boost the tourism and hospitality industry and sustain its growth include ecotourism, digital marketing, and human resource training.
In 2018, about 6.5 million people visited Quang Nam Province – a 21.5% year-on-year growth generating US$200 million (about VND 4,700 billion) revenue. There were more foreign travelers than local tourists. Major tourist attractions in Quang Nam Province are My Son Sanctuary, Hoi An Ancient Town, and Cu Lao Cham Biosphere Reserve, An Bang beach, and Cua Dai beach.
Thanks to the Vietnamese government and Quang Nam’s strategic location in Vietnam, fisheries are among the most critical sectors in Quang Nam Province for its economic development.
In 2019, the fisheries sector recorded a growth rate of 4.28%. In the same year, the province also exported 35% of its total aquatic animals – contributing to 30% of its Gross Domestic Regional Product (GDRP).
The government’s policies to support the fisheries industry in Quang Nam include shipowners’ incentives and subsidies for freshwater fish productions.
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