The State Bank of Vietnam and four other commercial banks will join hands with the Northwest and Central Highlands to promote investment in the regions.

It was announced at a press briefing in Hanoi on March 26 that the investment promotion conference for the Northwest will take place in Tuyen Quang province on April 3 and a similar conference for the Central Highlands in Gia Lai province on April 12.

At the briefing, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu reported that BIDV, VietinBank, Vietcombank and Agribank will participate in calling for investment for these regions.

Around 20 trillion VND and 35 million USD are expected to be poured into the Northwest which comprises of 14 provinces, Tu added.

At this year’s conference for the Northwest, the third of its kind, specific cooperation models are expected to be set up in each sector and each area to fully utilise the entire region’s potential, said Deputy Head of the Northwest Steering Committee Le Kha Dau.

The Bank for Investment and Development of Vietnam (BIDV) plans to sign six credit agreements worth 3.4 trillion VND to sponsor the region’s paper, textile and apparel, farm produce, mineral exploitation and hydro power sectors.

In 2013-2015, BIDV pledged to provide 15 trillion VND on credits to promote economic development and around 90 billion VND for social welfare activities in the region.

In 2013 alone, VietinBank will pour 205 billion VND in the Northwest’s social welfare activities.

At the briefing, Deputy Head of the Central Highlands Steering Committee Tran Viet Hung said the conference will offer a chance for each locality in the Central Highlands to call for investment in its coffee, rubber and other key projects.

BIDV plans to sign contracts worth 7.3 trillion VND with businesses in the region while Agribank and coffee associations and businesses are expected to ink financing contracts at an estimated value of round 6 trillion VND.

VietinBank has committed to providing almost 40 billion VND for social welfare programmes in the region, whose position in terms of socio-economics, defence and security is important to the country.

The Central Highlands is home to five provinces, namely Kon Tum, Gia Lai, Dak Lak, Dak Nong and Lam Dong.-VNA