Investment pledged for north-central region

20-Oct-2011 Intellasia | Saigon Times | 7:01 AM Print This Post

Many local and foreign investors pledged to invest hundreds of millions of dollars in the north-central provinces of Vietnam at a promotion conference held in Nghe An on Monday.

The conference was organised by the Ministry of Planning and Investment in cooperation with six provinces in the region, namely Nghe An, Thanh Hoa, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue. The event also had the participation of deputy prime minister Nguyen Xuan Phuc, 20 embassies and over 100 local and foreign enterprises.

The conference witnessed investment certificates handed over to nine project owners with total investment capital of VND17,144 billion and $45.8 million. Also, four projects invested in Nghe An Province with VND18,500 billion in total capital were signed.

Two of these projects belong to the Vietnam Cement Industry Corporation (Vicem). The corporation will construct Hoang Mai II Cement Factory with annual capacity of 4.5 million tonnes and develop Dong Hoi Port in the province.

EuroWindow Vietnam will invest VND2 trillion in an urban area and service complex, comprising offices for lease, apartments and commercial centers, located in Cua Lo Town. The remainder is Bac A Bank’s project to invest in a resort area with $160 million capital.

When these projects are rolled out, the advantages and potentials of the north-central region will be promoted. Then, the region will become an attractive and secure destination for investors.

This is the biggest ever promotion conference to be held in north-central Vietnam in order to project the image of the region to investors.

Deputy minister of Planning and Investment Danh Huy Dong stated the region had difficulties in investment orientation due to its lack of skilled labour force and supporting areas for big foreign direct investment (FDI) projects.

Meanwhile, a representative of the Ministry of Transport said the region must have its transport system improved. The region is lacking synchronous development and many national highways are deteriorating.

As of now, the north-central region has had 243 FDI projects so far with registered capital of $19.9 billion which accounts for 10 percent of the country’s total FDI capital.

Despite its poor performance in attracting investment, the north-central area has an advantage in the marine economy and coastal tourism with many airports and seaports.

The six provinces are calling for 342 investment projects in a number of fields, such as real estate, industry, agriculture, education and entertainment.


Category: Economy

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