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Mountain regions attract modest FDI
The amount of foreign investment in mountainous provinces represents only a fraction of the total record US$47 billion in FDI this year, according to the Ministry of Planning and Investment's Foreign Investment Agency.
Mountainous provinces across the country in the last eight months attracted only 23 foreign invested projects with total registered capital of $180 million, according to the ministry.
The pace of growth in foreign invested projects in mountainous areas remains sluggish due to complicated administrative procedures, weak financial capacity, poor infrastructure and lack of a skilled workforce.
Most foreign invested projects in mountainous areas involve tourism and trade as well as mineral and gem exploitation and forestry product processing.
Experts say that mountainous provinces need to attract foreign invested projects in agriculture, livestock breeding and aquaculture.
In an effort to spur economic growth and create jobs, local authorities have been urged to better train managers of foreign invested projects.
Some experts have also urged improved coordination of official development assistance (ODA) from foreign donors and foreign invested projects.
Investment officials said FDI in mountainous areas reached only $180 million this year, much lower than the total FDI of $300 million in 2007.
In the same period last year, the northern mountainous Thai Nguyen Province attracted a total of $100 million foreign-invested projects, including a new urban centre and lake to supply fresh water in the province.
The Tay Nguyen (Central Highlands) provinces of Lam Dong and Kon Tum in the first eight months of this year lured 14 foreign invested projects with a total investment capital of $145 million, representing 80 per cent of the total FDI in mountainous areas.
As of September, 17 mountainous provinces nationwide had licensed 293 foreign invested projects with a total investment capital of $1.72 billion.
The five provinces attracting most FDI include Thai Nguyen with 26 projects worth $424.6 million.
Lam Dong with 108 projects worth $404 million, Lao Cai with 36 projects valued at $320 million, Tuyen Quang six projects worth $91 million, and Lang Son and Hoa Binh, each with 20 projects valued at $80 million.
VNN
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