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Yen Bai to host investment forum
Investment opportunities and the potential of the northwest region will be introduced to domestic and foreign investors at an investment promotion forum held in northern Yen Bai Province on December 10, according to the Ministry of Planning and Investment.
About 600 participants will have the opportunity to study projects in 12 north-western provinces and western parts of central Thanh Hoa and Nghe An provinces.
"The north-western region has great investment potential. However, the opportunities have not been effectively exploited," said Do Nhat Hoang, head of the ministry's Foreign Investment Agency.
More than 200 projects had been implemented in the provinces, with total registered capital of US$1.4 billion, Hoang added.
"This is a very small amount compared to figures for the whole country," he said.
"Through the forum, investors will directly share experiences and opportunities. They will also have the opportunity to exchange views with Government representatives in order to gain a greater understanding about the regional investment environment and Government policies for the region," Hoang said.
Weaknesses in the region will also be analysed by the forum in order to pinpoint improvements to the local investment environment.
Besides the forum, north-western provinces will organise exhibitions to highlight their investment potential and regional achievements.
The northwest region with a popultion of 11.5 million remins heavily disadvantaged. However, with the efforts of local authorites and people, the region hs achieved some significant results.
During 2005-10, regional domestic gross production increased from between 9-11 per cent per year. In 2010, domestic GDP is set to reach 10 per cent.
"These results are still modest, but marks a great increase compared with previous years. It is hoped that the region would be able to build additional hydroelectricity plants. A rich source of iron and coal and timber and building materials are another potential fields to exploit in the region," said Deputy Head of the Northwest Steering Committee Le Kha Dau.
"Investors will also benefit when transportation links are further improved," Dau said.
In 2008, a similar forum was held in northern Lao Cai Province. It attracted the participation of about 500 representatives from domestic and foreign companies and agencies. At the forum, 13 projects received investment certificates worth a total registered capital of $3 billion.
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