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Northwest calls for investment
The largest-ever investment promotion effort in the northwest region later this month is expected to draw 500 delegates from foreign embassies, foreign and domestic companies and international aid organisations.
The six provinces in the region, Lao Cai, Yen Bai, Phu Tho, Dien Bien, Lai Chau and Ha Giang, will advertise their advantages and why they are ready for more domestic and foreign investment at a conference in Sa Pa Town, Lao Cai province, on August 21.
Announcing this at a press conference in Hanoi on August 6, Lao Cai People’s Committee Vice Chairman Pham Van Cuong said the project is part of the Planning and Investment Ministry’s investment promotion programme this year.
Tran Bac Ha, chairman of the Bank for Investment and Development of Viet Nam (BIDV) and co-organiser of the conference, said investment prospects in northwestern provinces are bright, despite the nation’s economic difficulties.
He pledged to offer loans to enterprises who wish to invest in industrial production, processing, infrastructure construction and tourism.
Cuong said the northwestern province had found it difficult to attract investment capital, especially foreign direct investment (FDI), despite on-going efforts by local authorities.
He said insufficient infrastructure, difficult terrain and a shortage of skilled labourers are the main challenges the region faces in attracting investment.
For example, Lao Cai province has just two FDI projects, both specialising in the tourism sector.
Lao Cai plans to continue to improve its investment climate as well as infrastructure in border economic zones, industrial zones and trade centres.
The province is seeking investment for 46 projects involving trade, tourism and services, industry, agriculture, forestry and fisheries and infrastructure construction.
Phu Tho People’s Committee Chairman Nguyen Doan Khanh spoke of the need to upgrade regional road systems and roads connecting provinces with large economic hubs, to help investors.
Streamlined administrative procedures are also necessary to create a favourable investment climate, as well as to improve awareness of officials in charge of investment promotion, Khanh added.
Under a Prime Minister decision, the northwestern provinces will receive financial support from the Government to upgrade infrastructure facilities to encourage development and attract investment capital.
Despite present difficulties, the region is considered to have many advantages in energy, mining, agro-forestry and processing.
Last year, the average annual GDP growth in the region stood at 12.4 percent. It hopes to increase this by one-and-a-half percent this year.
VNA
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