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Breakthrough in economic structure change

The total output value of the provincial foreign investment with its price in comparison with 1989 was only VND 8.637 billion in 1992 and raised up VND 50 billion in 1993.

 

 worker checks circuits in Fujitsu Company
worker checks circuits in Fujitsu Company
                                                        In 1995, it reached approximately VND 379 billion increased 43.8 times against 1992. In the first stage from 1990 to 1995, 115 investment licenses were granted to foreign investors in the local with their registered capital over than USD 3.37 billion. In the next stage from 1996 to 2000, due to Asian economic crisis, there were 132 investment licenses with their invested capital of USD 1.699 billion to be granted. In recent years from 2001 to 2004, foreign investment situation was better than before. Consequently, 353 investment licenses with their invested capital of USD 2.88 billion to be granted. Up to the end of 2004, total investment licenses in Dong Nai were 600 with their invested capital of USD 7.1 billion. During past 13 years, the total output value of the local foreign investment with its price in comparison with 1994 increased VND 103,216 billion. The turnover reached VND 22.322 billion and export value achieved over than USD 10.930 billion. Thus, the local has created many jobs for 200,000 people.

The local foreign investment has contributed to rapid growth and quick change of economic structure here. During a long period lasting 17 to 18 years since the South Liberation Day, agriculture has dominated and accounted for 50% to 60 % of the local economic structure. This structure, however, has changed rapidly to industrialization with its order of industry and construction, service and agriculture since increasing foreign investment there. Up to 2004, industry and construction has made up 57%, service 26% and agriculture 17%. During last 13 years since the first foreign investment being available here, effective attraction of foreign investment and rapid growth of the local economy is a result of applying a state managed market economy policy following socialist trends as proposed by the Vietnamese Communist Party in the 6th congress.

At the present, Dong Nai continues to receive many foreign businessmen and diplomatists. They came here with their aim of knowing about the existing situation of attracting foreign investment in Dong Nai. Even many countries such as Belgium and Hungary etc. have less their investment in Vietnam, their ambassadors to Ha Noi and their Consulate General to Ho Chi Minh just came Dong Nai for investigating the existing situation in order to provide their businessmen with useful information. Maybe, they are anxious about lack of their businessmen in this key economic area while there are many foreign investors from other 26 countries in this place. They also know that there are a lot of investment chances to wait for their investors based on 17 industrial and processing zones being available there and raising up to 32 in the near future.

Now, foreign investors do not only pay their attention to industrial projects in Dong Nai but also are interested in finance, tourism, environment, education and so on. Accordingly, Dong Nai position and its potentiality are increasingly strong and expansive.

Vietnam Formosa project with its total invested capital of USD 482 million in Nhon Trach district may be a biggest one in Dong Nai in the early 21st- century. It is confirmed that Dong Nai is an attractive place for foreign investors on industrial projects in the key economic area of the South.

However, the problem of accommodation, transportation, entertainment, health care, education and so on for employees arises as industrial zone establishment and their workforce are increasing. For this reason, Dong Nai is not only interested in expansion of industrial and processing zones but also care about employee’s life. Dong Nai is finding out a best solution how to solve this problem reasonably.

It is said that the period of past 15 years was a process of calling upon foreign investors while studying and building industrial zones. The valuable experience, reasonable and timely adjustment aims to meet businessmen demands in which a slogan of "accompanying with businessmen" included. This slogan creates a good image for Dong Nai in view of foreign investors and domestic businessmen. It is also a good condition for Dong Nai to develop the local economy both its speed and quality as integrating into the world trade. Dong Nai will step forward better view and more strong.

Kim Loan

Author: admin

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