$457m be poured into Nghe An

Ten investment agreements worth a total of VND9.6 trillion (US$457 million) were signed at a meeting between leaders of the central province of Nghe An and investors last Saturday.

In the meeting, the province granted investment licences to two projects with the total capital of VND513 billion ($244,000)

Also at this annual meeting, the Bank for Investment and Development of Viet Nam committed to sponsor VND15 billion ($714,000) to build a new model urban area in Nam Dan District.

The bank also promised VND500 million ($23,800) to support Nghi Xuan Commune of Nghi Loc District to develop the education sector.

In addition, the bank pledged to lend nearly VND3.1 trillion ($148,000) to enterprises who are doing business in Nghe An Province.

Deputy Prime Minister Hoang Trung Hai said enterprises and companies must focus on quality of their projects.

He also stressed that Nghe An Province, local enterprises and investors should support each other to achieve a rapid and stable development.

Hung added that the province had the human resources and needed to attract more investors. However, the province must develop infrastructure as well as create new services to support projects such as banking, telcos, health care and educational services.

The meeting between investors and the provincial leaders was an annual event, held to review signed projects and find new solutions to solving difficulties as well as introducing new projects.

Through these meetings, the province has granted investment certificates to 287 projects, worth VND99.3 trillion ($4.4 billion) from 2006-10.

Last year, provincial industrial production value reached VND8.5 trillion ($405,000), an year-on-year increase of 19.51 per cent.

In 2010, The total revenue of retail trade and services was VND25.2 trillion ($1.2 billion), increasing by 22.52 per cent over the previous year.

The total investment capital reached VND20.7 trillion ($985 million), up by 19.75 per cent compared with 2009.

This year, the province targets to reach a growth rate of 11-12 per cent. The total investment capital is planned to be VND26 trillion ($1.2 billion).

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