(MPI Portal) – Minister of Planning and Investment Bui Quang Vinh had a meeting with Mr. Tunc Uyanik, General Director for Department of East Asia and Pacific, accompanied by a delegation from World Bank (WB) on August 14th to discuss the proposed investment project in Nghi Son Economic Zone, Thanh Hoa.
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Photo: Duc Trung (MPI Portal)
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Nghi Son is one of five coastal economic zones which is top prioritized of Vietnam. The project in Nghi Son Economic Zone is considered an attractive opportunity for Thanh Hoa province to develop the region and widely the nation. Petrochemical industry is one of the potential sectors in Nghi Son, Thanh Hoa.
However, the implementation of the project in Thanh Hoa has also been challenging. The first is financial constraints which make it difficult for investors to build infrastructure in the locality. In addition, the large proportion of small and medium enterprises (SMEs) with limited capacity, lack of management skill and technical application, limited ability and opportunities to access financial resources is one of the most challenges of the province. At the same time, Thanh Hoa should focus on the capacity building in aspects: investment promotion, management, strategic planning, promoting science and technology ...
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Mr. Tunc Uyanik at the event. Photo: Duc Trung (MPI Portal)
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Mr. Tunc Uyanik said, through this project, WB would support Thanh Hoa province on the three main aspects of finance, technology and capacity building. Specifically, WB would support for the development of economic blocks, which strengthen links between SMEs and large investment projects in order to go forward to the specific action plans, focusing on investment of refineries due to large potential in the development of ancillary industries. WB also support the planning, management and investment promotion, improving financial access of SMEs and enhance the capacity of SMEs.
The Raising industrial competiveness Project (RICP) proposed to be implemented in Thanh Hoa will include sub-projects namely development of SMEs in industrial zones, development of special economic zone with the underlying theme to be the green economic zone, and ultimately capacity building of local administration.
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Minister Bui Quang Vinh at the event. Photo: Duc Trung (MPI Portal)
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Minister Bui Quang Vinh highly appreciated the WB’s project, especially because of the benefits that it is believed to provide not only for Thanh Hoa Province but also community of SMEs. The Minister confirmed the feasibility as well as the potential of the project with the goal of supporting SMEs to establish a linking block around the scope of Nghi Son Economic Zone.
Besides, with emphasis on the development of auxiliary industries in Vietnam, this project is considered to be one of the practical supports to realize this orientation.
The detailed plans for the project will soon be built on the basis of tripartite cooperation WB, Ministry of Planning and Investment and Thanh Hoa authorities. The detailed plan of the project will be expected to submit to the Government for approval in Oct 2013./.