The processing of agro-forestry products, transport infrastructure and tourist-services are priority fields that the northwestern region will call for foreign direct investment (FDI) in, at a forum scheduled for December 10 in Yen Bai province.
It will differ from the first forum, which held in Lao Cai in 2008, as this year’s forum has not set a specific target in terms of FDI attraction. “It’s time to draw up plans to attract foreign direct investment based on the disbursement and capacity of regional provinces to absorb it,” said Do Nhat Hoang, Director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
According to the official, many foreign investors have recently looked favorably on investment opportunities in the northwestern provinces as they are in the process of moving their investments from China to Vietnam to make the most of the country’s lower labour costs.
Hundreds of millions of US dollar are likely to be invested in projects in the region, said Hoang, declining to reveal the full details.
As is making up to one third of the nation’s land and borders with Laos and China , the northwestern region is the focus of Mekong sub-regional cooperation and holds a strategic position.
The region is well known for its mining as well as large agricultural acreage and favourable climate, suitable for producing high-value agro-forestry-aquatic products such as tea, rubber, sturgeon and salmon.
In addition, the region has a huge potential for developing tourism, with more than 150 recognised tourist sites, including the Muong Nhe primeval forest, Sapa and diverse range of ethnic minority groups.
However, the region has yet to make a breakthrough in socio-economic development to lift itself out of the nation’s poorest areas. In FDI attraction, it also shows a poor performance, attracting only 200 projects capitalised at 1.4 billion USD.
The chairman of the provincial Yen Bai People’s Committee Hoang Thuong Luong, said that the region’s provinces have adopted the biggest investment incentives, exempted and reduced taxes and has applied a “one-door” procedure to create better conditions for investors. A number of provinces have even provided funding to support human resources development for businesses, he added.
At the 2008 forum, local authorities from the northwestern provinces granted investment licences to 13 projects with a combined registered capital of almost 3 billion USD and signed investment commitments for 10 other projects, focusing on agriculture, forestry, mining and hydro-electric power.
The northwestern region encompasses the provinces of Yen Bai, Lao Cai, Lai Chau, Dien Bien, Son La, Hoa Binh, Phu Tho, Ha Giang, Tuyen Quang, Bac Kan, Lang Son, Cao Bang and several districts of Thanh Hoa and Nghe An provinces.
During the period 2005-2010, the region recorded an annual average GDP rate of 9-11 percent, with the per capita income reaching approximately 11 million VND a year./.
It will differ from the first forum, which held in Lao Cai in 2008, as this year’s forum has not set a specific target in terms of FDI attraction. “It’s time to draw up plans to attract foreign direct investment based on the disbursement and capacity of regional provinces to absorb it,” said Do Nhat Hoang, Director of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
According to the official, many foreign investors have recently looked favorably on investment opportunities in the northwestern provinces as they are in the process of moving their investments from China to Vietnam to make the most of the country’s lower labour costs.
Hundreds of millions of US dollar are likely to be invested in projects in the region, said Hoang, declining to reveal the full details.
As is making up to one third of the nation’s land and borders with Laos and China , the northwestern region is the focus of Mekong sub-regional cooperation and holds a strategic position.
The region is well known for its mining as well as large agricultural acreage and favourable climate, suitable for producing high-value agro-forestry-aquatic products such as tea, rubber, sturgeon and salmon.
In addition, the region has a huge potential for developing tourism, with more than 150 recognised tourist sites, including the Muong Nhe primeval forest, Sapa and diverse range of ethnic minority groups.
However, the region has yet to make a breakthrough in socio-economic development to lift itself out of the nation’s poorest areas. In FDI attraction, it also shows a poor performance, attracting only 200 projects capitalised at 1.4 billion USD.
The chairman of the provincial Yen Bai People’s Committee Hoang Thuong Luong, said that the region’s provinces have adopted the biggest investment incentives, exempted and reduced taxes and has applied a “one-door” procedure to create better conditions for investors. A number of provinces have even provided funding to support human resources development for businesses, he added.
At the 2008 forum, local authorities from the northwestern provinces granted investment licences to 13 projects with a combined registered capital of almost 3 billion USD and signed investment commitments for 10 other projects, focusing on agriculture, forestry, mining and hydro-electric power.
The northwestern region encompasses the provinces of Yen Bai, Lao Cai, Lai Chau, Dien Bien, Son La, Hoa Binh, Phu Tho, Ha Giang, Tuyen Quang, Bac Kan, Lang Son, Cao Bang and several districts of Thanh Hoa and Nghe An provinces.
During the period 2005-2010, the region recorded an annual average GDP rate of 9-11 percent, with the per capita income reaching approximately 11 million VND a year./.
