According to the Khanh Hoa Provincial Statistics Office, the province’s total regional gross domestic product (GRDP) for the first six months of 2024 is estimated at over VND 31,000 billion, up more than 12% compared to the same period in 2023. Khanh Hoa ranked second in the country in terms of GRDP growth rate and topped the North Central and Central Coastal regions.
In the first six months of 2024, total social investment capital is estimated at nearly VND 33,000 billion, up 10% compared to the same period.
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However, statistics show that in the first six months of 2024, the foreign-invested sector in Khanh Hoa province only reached nearly VND 4,000 billion, down 34.5% over the same period.
Out of the total registered capital of USD 3.9 billion of 113 FDI projects in Khanh Hoa, the Van Phong 1 BOT Thermal Power Plant project of the Sumitomo Group, Japan, accounts for USD 2.5 billion, or 70% of the province’s total FDI capital.
At a workshop on proposing solutions to attract more foreign direct investment (FDI) into Khanh Hoa province, held in Nha Trang city, participants attributed this situation to the unimproved investment environment and the lack of necessary information, despite the existence of favorable conditions laid out for investors.
According to the leadership of the Khanh Hoa Provincial Department of Planning and Investment, these results do not match the province’s potential, advantages, policies, and mechanisms that the Central Government has specifically granted to Khanh Hoa over the years. Furthermore, they have not met the targets set by the Provincial People’s Committee in attracting FDI capital.
The Department of Planning and Investment attributed this to objective reasons, such as investors’ causes, economic downturns, and subjective reasons, including the lack of coordination, unity, and overlaps in the establishment, management, and implementation of relevant planning in the province.
This has led to challenges in assessing the compatibility of projects with relevant planning during the process of appraisal, approval of investment policies, and granting of investment registration certificates to projects.
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