Conference on master plan announcement and investment promotion of Long An province on July 25, 2023. (Photo: Long An Newsapaper)

Long An has a favorable geographical location, the gateway connecting the Southeast with the Mekong Delta region. Not only are there 2 key highways of the Southern region, the Ho Chi Minh - Trung Luong highway and Ben Tuc - Long highway passing through, Long An also has a border of about 134 km with Cambodia, an international border gate and seaport, especially adjacent to Ho Chi Minh City, the country’s major economic center. Those are favorable conditions to promote industrial and urban development and export of agricultural products.

Towards industrial “capital” of Mekong Delta

Long An has various potentials and strengths for development, with the socio-economic infrastructure of the province and the region being gradually invested in, especially road and waterway traffic, promoting regional connectivity, inter-regionally, creating favorable conditions to attract investment; develop industry, agriculture, tourism, services, and logistics (Long An has the highest economic scale in the Mekong Delta and ranks 12th in the country); is a bright spot in attracting FDI investment; has a developed industrial foundation with the main force being the processing and manufacturing factory (accounting for over 90%); has a large business community (over 16,000 businesses); has great potential for tourism development; has a comparative advantage in developing service industries, especially logistics, and forming a regional agricultural export coordination center.

Promoting its prime geographical location, in recent times, Long An has implemented an action strategy to promote investment in the direction of effectively and synchronously exploiting the outstanding advantages and potentials of the province. Efforts to fulfill its role and responsibility as a dynamic member of the region, Long An always retains its position in the top group in the country and in the Mekong Delta region in attracting foreign direct investment (FDI).

In the first 10 months of 2023, Long An has issued investment certificates for 95 FDI projects (an increase of 47 projects), newly granted investment capital of 556.6 million USD (an increase of 235.2 million USD); Adjusted capital for 60 projects, with increased investment capital of 91.2 million USD. Most FDI projects are encouraged to be accepted into the province’s industrial parks (IPs) and most come from Korea, Japan, and Singapore, accounting for a high proportion of investment capital. Accumulated to date, Long An has received 1,228 FDI projects, with a total capital of more than 10.5 billion USD.

Currently, there are 34 industrial parks and 44 industrial clusters established, with a total area of 11,432 hectares, including 26 operating industrial parks with about 6,000 hectares, an occupancy rate of about 66% and 17 industrial clusters with about 1,000 hectares with an occupancy rate of about 83%. In the period from now to 2030, 17 more industrial parks and 28 industrial clusters will be established with a total area of about 4,989 hectares.

Attracting a significant number of FDI investment projects shows that Long An is taking advantage of its strategic transportation infrastructure and dense industrial park network. The orientation to focus on developing and expanding industrial parks helps the province step by step closer to the goal of becoming the industrial “capital” of the Mekong Delta region and the whole country.

7 Wonders of the World Park in Duc Hoa district, Long An province. (Photo: VNA)

Always open to welcome investors

Determining innovation in investment promotion and calling activities is one of the important breakthroughs to successfully access and attract domestic and foreign investment capital, contributing to the successful implementation of the province’s socio-economic development goals. Over the past time, the province has always improved, creatively and proactively changed investment promotion methods to be flexible and consistent with the actual situation to adapt to the shifting trend of the world’s investment wave. In addition to continuing to maintain traditional markets and partners, the province has also promoted the expansion of investment promotion activities to potential markets, such as the United States, Singapore, and European countries to diversify investment capital sources into the province.

Aiming to approach and call for investors from key countries, the province has successfully organized investment promotion missions in Korea, Japan, and Taiwan (China). Through business trips, initial positive results have appeared, a series of large corporations and investors have come to learn and invest in the province. In addition, during investment promotion trips, the province connected and signed 20 memorandums and cooperation contracts between the province’s businesses and businesses from other countries.

At the Conference to announce the Planning and Investment Promotion of Long An province in July 2023, the province widely announced the contents of Long An Provincial Planning for the period 2021-2030, with a vision to 2050. On this occasion, leaders of Long An province awarded investment policy decisions and investment registration certificates to 9 investors with 9 projects, with a total registered capital of about 40,400 billion VND (equivalent to 1,720 million USD). Besides, Long An province signed a Memorandum of Understanding on investment research with 10 investors in the fields of infrastructure, industry, urban areas, environment, entertainment complexes, social housing, and high-tech agriculture.

The Provincial Planning clearly defines the goal that by 2030, Long An will become a center of dynamic, effective, and sustainable economic development, forming regional economic corridors and economic - urban - industrial development centers, and closely connecting with Ho Chi Minh City and the Southeast region, which are vital focal points for cooperation and trade with Cambodia.

Prioritized sectors and areas to attract investment must be consistent with the general development trend, be able to participate in the global value chain and effectively exploit the province’s advantages, such as high-tech industry, smart urban areas, and modern commercial and service infrastructure. In the upcoming time, Long An will focus on attracting international investors, especially investors from APEC member economies, to learn and research investments in the province in areas such as electronic components, semiconductor chips, manufacturing industry, healthcare, and high-tech agriculture.

With “Aspiration to rise”, Long An province commits to always open its doors to welcome and accompany domestic and international investors. The province’s perspective is to always consider “people and businesses as subjects and service centers; businesses are the driving force and resources for the development process”. Investors and businesses will be given the most favorable conditions to successfully implement projects and develop sustainably in Long An province