ID :
21969
Tue, 09/30/2008 - 21:46
Auther :
Shortlink :
http://m.oananews.org//node/21969
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Northwest region calls for 10 billion USD investment
Hanoi (VNA) - The northwestern region needs a total investment capital of at
least 10 billion USD by 2010, so as to achieve the target of social and
economic development set by the government, according to local authorities.
Following the scheme, the region including Lao Cai, Yen Bai, Phu Tho, Dien
Bien, Lai Chau and Ha Giang provinces aims to ensure an economic growth rate
of 11 percent each year.
Despite the advantages in land space, natural resources and hydro-electric
power potential, the provinces have failed to attract foreign investors due
to insufficient infrastructure and a shortage of skilled labour, said Lao
Cai Department of Planning and Investment director Doan Van Huong.
During the period between 1998 and 2007, the region attracted only 92
foreign-invested projects worth 675 million USD. In the first nine months of
this year, only Lao Cai and Yen Bai could attract foreign investment with
Lao Cai licensing four projects valued at 73.4 million USD and Yen Bai
approving a 3.2 million USD project.
Slow land clearance, cumbersome administrative procedures and higher
investment costs than that of other locations were identified as the main
challenges facing the northwestern provinces in attracting foreign direct
investment.
Among the six provinces in the region, Lao Cai has proved the most
attractive to foreign investors. By September this year, foreign investors
pumped 318.6 million USD into 33 projects. However, only 23 million USD or
7.2 percent of the sum has been disbursed.
Phu Tho People's Committee Chairman Nguyen Doan Khanh spoke of the need to
upgrade regional road systems and roads connecting the provinces with large
economic hubs, so as to make life easier for investors.
Streamlining administrative procedures was also necessary to create a
favourable investment climate, as well as to improve awareness of officials
in charge of investment promotion, Khanh added.
Under a decision by the Prime Minister, the northwestern provinces will
receive financial support from the Government to upgrade infrastructure
facilities to encourage development and attract investment capital.
Last year, the average annual GDP growth in the region stood at 12.4
percent. It hopes to increase this by 1.5 percentage points this
year.
least 10 billion USD by 2010, so as to achieve the target of social and
economic development set by the government, according to local authorities.
Following the scheme, the region including Lao Cai, Yen Bai, Phu Tho, Dien
Bien, Lai Chau and Ha Giang provinces aims to ensure an economic growth rate
of 11 percent each year.
Despite the advantages in land space, natural resources and hydro-electric
power potential, the provinces have failed to attract foreign investors due
to insufficient infrastructure and a shortage of skilled labour, said Lao
Cai Department of Planning and Investment director Doan Van Huong.
During the period between 1998 and 2007, the region attracted only 92
foreign-invested projects worth 675 million USD. In the first nine months of
this year, only Lao Cai and Yen Bai could attract foreign investment with
Lao Cai licensing four projects valued at 73.4 million USD and Yen Bai
approving a 3.2 million USD project.
Slow land clearance, cumbersome administrative procedures and higher
investment costs than that of other locations were identified as the main
challenges facing the northwestern provinces in attracting foreign direct
investment.
Among the six provinces in the region, Lao Cai has proved the most
attractive to foreign investors. By September this year, foreign investors
pumped 318.6 million USD into 33 projects. However, only 23 million USD or
7.2 percent of the sum has been disbursed.
Phu Tho People's Committee Chairman Nguyen Doan Khanh spoke of the need to
upgrade regional road systems and roads connecting the provinces with large
economic hubs, so as to make life easier for investors.
Streamlining administrative procedures was also necessary to create a
favourable investment climate, as well as to improve awareness of officials
in charge of investment promotion, Khanh added.
Under a decision by the Prime Minister, the northwestern provinces will
receive financial support from the Government to upgrade infrastructure
facilities to encourage development and attract investment capital.
Last year, the average annual GDP growth in the region stood at 12.4
percent. It hopes to increase this by 1.5 percentage points this
year.
