(VOVworld) - Dong Nai province has set a target of attracting at least 1 billion USD in foreign direct investment annually. The figure is relatively modest because Dong Nai, though one of Vietnam’s top FDI destinations, is attracting FDI in a selective manner.

Dong Nai is praised for its attractive investment environment. (Photo: Internet)

Since 2006 Dong Nai has been giving priority to attracting FDI for high-tech, environment-friendly projects. It has issued specific criteria on which areas will be given priority and which areas should be considered conditional investment sectors. In particular, projects prone to environmental pollution - such as tanning, dyeing, and plating - have been temporarily halted for investment attraction, even though they may be labor-intensive projects.

Dong Nai will give priority to so-called “good projects”, which, according to Mai Van Nhon, Deputy Director of the Management Board of Industrial Zones in Dong Nai, should be good for the national economy, the government, society, workers, and the investors.

“A good project for the government should contribute tax revenue to the state budget. A good project for society should spread technology, create jobs, and improve the professional qualifications of workers. Naturally, a good project should profit the investors,” Nhon explained.

Dong Nai now considers the quality of FDI resources more important than the quantity and the amount of disbursement more important than the amount of registered capital. Over the past few years, 70% registered FDI capital has been disbursed. Dong Nai’s efforts to attract FDI capital heed the government’s selective-attraction policy. Every year the provincial People’s Committee holds 4 dialogues with investors to address the difficulties enterprises face.

Tran Van Vinh, Deputy Chairman of the Dong Nai People’s Committee, told a recent meeting with FDI businesses: “Leaders from provincial to grassroots level agree on the need to simplify administrative procedures and consistently support investors. We hope businesses will provide prompt feedback so local administrations can remove hurdles for them.”

To streamline administrative procedures, the province is applying an on-the-spot investment promotion mechanism and a "single-window” model which can shorten the time for completing investment and business procedures by up to 40%.

In 2016, registered FDI capital in Dong Nai totaled nearly 2 billion USD from 200 new or expanded projects. Dong Nai was one of just five Vietnamese cities and provinces that attracted this much FDI last year.