In recent years, many provinces and cities nationwide have directed towards foreign investment while Quang Binh province's main direction is to focus on calling for domestic investment attraction, besides attracting foreign direct investment (FDI).

After a time for seeking investment in foreign countries, such as South Korea, Japan and Thailand, in 2007, Quang Binh launched campaign to call for domestic investment. The provincial leader established delegations to contact with many big domestic corporations and enterprises, held workshops to exchange, popularize and introduce about Quang Binh potentials and strengths in Ha Noi and Ho Chi Minh city, etc.

As a result, the number of projects invested in Quang Binh has so far increased promptly, with 110 project and the total investment capital of more than VND20,000 billion, in which nearly 50% of projects have been implementing. In 2007, 59 projects were registered investment with the total registered capital of over VND8,000 billion. In 2008, the number of domestic investment projects is flourishing. Noticeably, Vietnam Oil and Gas Corporation (Petrovietnam) on March 16 2008 signed a Memorandum of Agreement with the People's Committee of Quang Binh to invest some projects in Hon La Industrial Park, including: Hon La seaport development project, shipbuilding, building thermo-electric plant, investment in the plants using materials of glass white sand, kaolin and cement, building a system of warehouses to transport oil and gas and fertilizer for the northern central provinces and its surrounding countries of Laos and Thailand together with other services such as trade - tourism, finance and insurance, etc.

A joint-venture between the Vinashin, the Vietnam Bank for Investment and Development and the Truong Thinh General Construction Company (Quang Binh) invests in building some project, namely the Hon La seaport (second phase) with total capital of VND1,000 billion and building a complex of thermo-electric power plant, Hon La industrial zone and Bang resort area project. The Chi Thanh Company (Ho Chi Minh city) and the Truong Thinh Company coordinates to invest in two cement plants with a capacity of 4 million tonnes a year. The Dong Duong Company invests in building the park area and sea urban area.

Remarkably, in May 2008, many investment projects were inaugurated. Concretely, the sea eco-tourism area project of the Investment - Food - Equipment Joint-stock Company was inaugurated on May 1st with the total capital of VND213 billion and was estimated to be operational after 30 months of implementing. On May 13, the Hoan Cau II Company began construction of Da Nhay tourism area project with the total investment capital of VND205 billion and it was estimated to be operational after 24 months.

Especially, Dong Hoi airport on May 18 was officially put into use. It has a design capacity to receive A320 and A321 airplanes as well as other medium-sized aircraft with a capacity of 500,000 passengers per year. Initially, Vietnam Airline will launch commercial flights of the Hanoi-Dong Hoi route with three flights a week from June 2008. In the future, Dong Hoi airport will be expanded and upgraded into a level II airport to receive large-sized aircrafts such as Boeing.

In order to promote investment attraction, on March 28 2008, the Quang Binh Committee of the Party approved the Resolution to build and develop Dong Hoi city till 2015. In which, the province proposed many specific tasks such as improving investment environment, having preferential policies for investment in industrial parks and 7 industrial - handicraft complexes of Dong Hoi city (Thuan Duc, Loc Ninh, Quang Phu, Duc Ninh Dong, Bac Nghia and Bao Ninh), etc.

On this basis, Dong Hoi city has recently proposed some preferential policies, such as support 20% of expense for building trade name for the enterprises which have the annual turnover of over VND5 billion, award 1%0 of investment value to the individuals or organizations who made many great contributions to calling for the investment projects worth over VND10 billion; support in vocational training for the enterprise with the number of over 30 laborers and up to with the financial support of VND 300,000 per person.

Besides calling for domestic investment, from 2007 to now, Quang Binh have also been promoting foreign investment attraction, especially South Korea, Japan, Middle East countries (Arab, Quatar…).

Source: Cong Thuong Online