Business Business

16/01/2021 - 07:30


Slow but sure

2020 is viewed as a tough year in the history, but the enterprises in Thua Thien Hue Province made all-out efforts in investment activities with an eye to kick-starting the economic development. The proof is that the investment from the enterprises’ capital in the year still reached VND 1,520 billion.

2020 is viewed as a tough year in the history, but the enterprises in Thua Thien Hue Province made all-out efforts in investment activities with an eye to kick-starting the economic development. The proof is that the investment from the enterprises’ capital in the year still reached VND 1,520 billion.

The luxury Mediterranean Resort project is by degrees finalizing the final items. Photo: Nguyen Phong


The new projects have kicked off; the “sluggish” projects also have restarted, and many projects have achieved and exceeded the investment plans. For all the difficulties in the contingent of experts, equipment ..., the FDI (Foreign Direct Investment) projects have ensured the progress and quality of construction.

A year of tourism seemed to be "crushed" when the tourism revenue dropped by more than 64% and the number of tourists also by 60%. However, at the end of 2020, Vietravel still commenced the construction of the luxury Tourism and Service Complex project on Nguyen Hue Street after a period of preparation.

The project was implemented on a total area of more than 1,000m2.  The 26m-high building includes 6 floors, two basements and a mezzanine floor. The total usable floor area is nearly 4,800 m2 with a total investment of nearly VND 140 billion, expected to be put into use by the end of 2021.

Many projects in financial difficulties, which had previously stopped constructing, also had the solutions to restore. Notably, the project of Dong Nam Thuy An Urban Area suspended for nearly 10 years also restarted after the province agreed to the policy of handing over the project to the new investor - Minh Linh Trade Investment Co., Ltd. - in the form of being in debt upon construction.

The new investor has focused on investing in the unfinished infrastructure items and starting the construction of luxury De 1st Quantum Apartment project.

Mr. Cao Pham Tan Minh, General Director of Minh Linh Trading Investment Co. Ltd. said that after being granted the investment decision by the Provincial People's Committee, Minh Linh promptly stepped up the construction progress of the entire unfinished technical infrastructure, fulfilled the financial obligations and designed the corner plot to submit to the Department of Construction for approval.

The company completed the procedures to speed up the issuance of land use right certificates for 229 customers of the project and is continuing to complete 150 other certificate issuance files. The project of De 1st Quantum Trade, Service and Luxury Apartment complex also started in early 2020, is now constructing the 7th floor and speeding up  the handing over to the customers in the third quarter of 2021.

The transitional projects still ensure construction work. Notably, the project of Dong Lam Cement Plant with a capacity of l,4 million tons of cement per year invested by Dong Lam Cement Joint Stock Company has been put into operation; Cement Grinding Station No. 2 with a capacity of 500,000 tons per year was also finalized and put into operation in the first quarter of 2020.

The commercial and tourist projects have also overcome difficulties to finalize.For example, the Mediterranean Legend Resort project is finalizing the interior of 40 villas, 12 sea villas and 6 hotel blocks.

Slow but sure

According to the Department of Planning and Investment, the COVID-19 pandemic has had a huge impact on investment activities. However, a number of projects in the sectors of textile, mineral exploitation, and the investment projects in industrial zones are still implementing on schedule according to the issued investment certificates. Some projects behind schedule were also re-executed such as Nguyễn Kim Center for Trade, Entertainment Services, Office and Hotel, Đông Dương     (Indochine) Hotel.

By the end of 2020, the province made the decision on the investment policy, granted the investment registration certificates to 22 projects with a total investment capital of VND 7,567 billion and adjusted 54 projects with a total additional investment capital of VND 3,000 billion.

Among them, the province's economic and industrial zones had 16 projects with a total investment capital of VND 4,495 billion. 34 projects were adjusted with a total additional capital of VND 1,524 billion. The investment implementation of domestic enterprises in 2020 was estimated to be VND 1,520 billion. FDI sector of the year performed with a capital source of VND 1,200 billion, equal to 101% vis-à-vis 2019.

According to Mr. Nguyen Anh Nguyen, Permanent Deputy General Director of Hue Premium Silica Company that implemented the project of the High Quality Low-Iron Quartz Powder and Sand-Processing Plant under Viet Phuong Group. the company's engineer team developed many initiatives and solutions to adapt  to the pandemic situation instead of relying on the foreign experts’ support. The plant equipped with the state-of-the-art European sand processing technology in conformity with new European standards will come into operation in the first quarter of 2021 with a designed capacity of over 345,000 tons per year.

Accelerating the construction progress of projects, especially the major projects, creating the added value and the state budget revenue that has a great impact on the provincial socio-economic situation are seen as the driving force behind the economic restoration in the current situation. In addition to the investors' efforts, the province should also closely follow the progress of each project and remove each obstacle of investors in order to speed up the progress of projects.

According to Director of the Department of Planning and Investment Nguyen Dai Vui, in order to supervise and boost the implementation progress of off-budget projects, the province need to develop the plan to check and supervise the implementation of the provincial investment projects and report to the Provincial People's Council, the Provincial People's Committee the difficulties and obstacles to get the prompt support and solution..

Since the beginning of the year, the procedure support has been boosted to accelerate the commencement progress of the projects granted investment licenses. At the same time, there was the plan to revoke and thoroughly handle the projects behind schedule and not in compliance with the investment commitments. In 2020, the province revoked and terminated 9 projects, counseled the Provincial People's Committee to continue to revoke 9 projects.

To date, the province has had 577 valid projects with a total registered capital of about VND 177,000 billion, of which there are 468 domestic projects with a capital of VND 92,000 billion and 109 FDI projects with a capital of VND 3,798.97 million.

By  Hoang Loan