Long An province – An attractive destination for investors

The conference was also attended by representatives of ministries, branches, and numerous domestic and foreign enterprises. It was held to introduce the advantages and potentials of Long An province for investment attraction and to share experiences of successful investors in the province. A variety of memoranda and agreements on investment cooperation were signed between the Long An authority and enterprises at the conference.

In recent years, Long An has offered more investment opportunities for domestic and foreign investors as it acquires more advantages and potentials compared with other provinces in key southern economic region. It borders Ho Chi Minh city, the largest city in Vietnam, Tay Ninh, Tien Giang and Dong Thap provinces. It is adjacent to Cambodia in the South West and has an area of 4,492 square kilometers with 1.4 million population.

Another advantage is that Long An connects to the Eastern Sea through the Soai Rap estuary, sharing 137.7 km borderline with Cambodia with 2 national border gates and 3 secondary border gates. Those will help Long An to further its economic development as well a trading activities inside and outside the country. First Phase industrial development land has expanded to over 14,257 ha in the region with 17 industrial parks and 46 industrial complexes; and is projected to be enlarged to 30,000 ha by 2020. Furthermore, Long An province benefits from a plentiful labor force with about 900,000 labors consisting of 26 percent of well-trained employees.

“Through exploiting existing advantages and conditions, Long An attained a strong growth rate of 9,4% within the 2001-2005 period and 13,5% in 2007. Industry and construction sectors have played an important role in the province‘s economic development with a 17 percent increase. Commerce and service with 8,5% annual growth rate have steadily met with the socio-economic development targets” said Mr. Mai Van Nhieu, Head of Long An ‘s Department of Planning and Investment.

The detailed master plan of Tan Duc Industrial Park

In his speech, Mr. Thai Van Men, President of Tan Tao Group shared successful experiences in Long An:

“Since 2004, our Tan Duc Industrial Park, a subsidiary of Tan Tao Group, has been established on the 535 ha-area in Duc Hoa district, Long An province. Until now, it has attracted 90 investors comprising 18 foreign investors with a total investment capital of VND 1,810 billion and USD 50 million, covering 95 percent of 273 ha-industrial land area in the first phase. At present, its second phase construction is now continued to draw further investments. Along with the preferential policies of the State, Long An authority has also created its own strategies of investment attraction including the exemption of corporate income tax, import-export tax, tax on foreign profit transferring…etc. In addition, Long An authority has approved of our building 424 ha- residential area close to the Industrial Park, building the University of Southeast Asia inside the Tan Duc IP to provide 3,000 graduates each year to serve the demand of high quality human resources in the province. Apart from the Tan Duc Industrial – Residential – Service Complex, Tan Tao Group has invested many other projects in Long An comprising the Sai Gon – Mekong urban zone; 6000,000 cubic meter per day water plant; office buildings; high-end residential area; ITA Power coal-fired power plant; Tan An-Tan Son Nhat Highway; fragrant rice for export.”

“Long An has been making efforts to carry out the socio-economic development strategies towards an industrialized province by 2020. The province will focus on attracting further domestic and foreign investments to develop manufacturing sector, socio-economic infrastructure and exports to utilize its advantages and potentials to boost the development of the province”, said Mr. Duong Quoc Xuan, Chairman of People‘s Committee of Long An province at the conference.

Viet Thang (Translated by)