Thai Nguyen Province to Improve Business Environment by 2020

Updated on Friday 27th April 2018

Vietnam is made of several provinces, one of the most prolific one being Thai Nguyen which is located in the northern part of the country. The authorities in the region plan on creating one of the best investment environments in the province in order to take Thai Nguyen to the top 10 provinces in Vietnam by 2020. Our company formation agents in Vietnam can help investors who want to set up companies in the Thai Nguyen region.

Thai Nguyen to enter the top ten Provincial Competitiveness Index in Vietnam

Vietnam has its own Provincial Competitiveness Index (PCI) under which regions are evaluated based on their economic and industrial performances. Thai Nguyen, one of the largest provinces in Northern Vietnam aims to become one of the top 10 provinces in the PCI by 2020.

The local authorities plan on reaching a 10% annual growth and an industrial production increase of 15% in the next two years. The average income per capita should also grow to 86 million VND (3,775 USD) per year.

Among the programs created by the authorities in Thai Nguyen in order to boost the local economy are administrative reforms and economic development plans which target the infrastructure, the industry and the urban development. The same authorities plan on boosting the tourism industry in the region.

Our Vietnam company registration specialists can help investors who want to open companies in tourism in this country.

How will Thai Nguyen attract investors?

The transformation of Thai Nguyen has started a few years back, when the local authorities have managed to boost the economy by 16.5% on an annual basis. This increase has generated jobs for close to 24,000 workers in Vietnam.

These achievements have been possible thanks to the incentives granted by the authorities in the last five years, incentives which will continue until 2020. One of the new industries targeted by these incentives is agriculture. Apart from these, the local government plans on reducing administrative procedures and create an e-government system, as well as a one-stop-shop for obtaining the investment licenses.

For full information on the current requirements to set up a company in Vietnam, please feel free to contact our local company formation representatives.