The annual investors conference held on 21 February in Vinh City, by the People's Committee of Nghe An Province and BIDV, attracted nearly 1,000 delegates and news agencies and triggered huge investment projects in the province.

​The conference acted as a forum for regulators, investors and bankers to attract and promote resources for socio-economic development in Nghe An Province.

As reported by the province, since 2009, 663 investment projects have been initiated, with total registered capital of VND229,945 billion (USD10.3 billion). Of these, 626 are domestic projects worth VND70,347.8 billion (USD3.14 billion) and 37 are foreign direct investment (FDI) worth VND157,597.4 billion (USD7 billion).

In 2015 alone, Nghe An Province granted new licenses to 120 projects with total registered capital of VND88,380 billion (USD3.95 billion). The total capital of the newly licensed projects realised in 2015 was estimated at 30.5 percent of total registered capital. 1,319 new enterprises have been set up, an increase of 15 percent over the same period.

In recent years, BIDV has played four roles, in consultancy, calling for investment, directly providing loans and implementing social security programmes. BIDV signed 39 agreements to provide credit and customer services to 39 projects, totaling VND11,792 billion (USD526.4 million).

Since 2009, capital allocated for investment projects accounted for 51.4 percent of the total social investment capital of Nghe An Province, contributing to the province’s economic growth of 8 percent annually on average and increasing local budget revenues from VND3,436 billion (USD153.4 million) in 2009 to VND10,038 billion (USD448 million) in 2015, an increase of nearly 3-fold from 2009.

Over the years, enterprises represented at the Nghe An investors conference worked together to implement social security programmes in Nghe An worth VND200 billion, with additional support in kind worth hundreds of billions of dong. In the 2006-2015 period, BIDV was the largest sponsor for social security programmes, totaling nearly VND121 billion (USD5.4 million).

Mr. Nguyen Xuan Duong, Chairman of Nghe An Province People's Committee said: “We are committed to doing our very best in accompanying businesses and creating the most favorable conditions for investors to effectively conduct business in Nghe An Province.”

Addressing the conference, National Assembly Chairman Mr. Nguyen Sinh Hung noted the achievements gained by Nghe An Province and investors in recent years, while emphasising that Nghe An has met all requirements for infrastructure, services, laws, policies, and location to enable stronger development. The province has attracted many large enterprises and investors, both local and international, resulting in high investment performance.

Box:

At this year’s conference, Nghe An Province granted investment registration certificates to 10 projects, with total investment amounting to VND3,566 billion (USD159 million). Five investment agreements totaling VND61,531 billion (USD2.75 billion) were also signed at the conference.

As a sponsor as well as focal point for arranging capital for investment projects, BIDV signed five master agreements to finance projects with total investment value of VND13,432 billion (USD600 million), of which the bank will arrange loans worth VND9143 billion (USD408 million), accounting for over 63 percent of the total value of investment projects.