VietNamNet Bridge – Businesses pledged to pour more than US$3.1 billion into the north-western region of Viet Nam at an international forum in Lao Cai Province this week.
At the forum, 23 contracts were signed after investors were briefed on many incentives offered by local authorities.
The contracts were primarily in ore exploitation, trade, tourism, and agricultural and forestry product processing in the region.
The forum attracted hundreds of enterprises, corporations, economic groups as well as representatives of the Singaporean Embassy, World Bank, Yunnan Province of China, the Korea Trade Investment Promotion Agency (KOTRA) and Japan External Trade Organisation (JETRO).
The forum promoted the region’s favourable position, bordering Laos and China, and its many precious natural resources available in large volumes.
The region includes Phu Tho, Son La, Dien Bien, Lai Chau, Lao Cai, Ha Giang, and Yen Bai provinces. It also boast about the favourable conditions for economic development and co-operation with countries of the sub-Mekong region, and within the economic corridor between Chinese border provinces and Viet Nam.
Phu Tho Province links the north-western region with Ha Noi and the northern delta provinces. The province is located on the economic corridor of Hai Phong – Ha Noi and China’s Kunming City.
Phu Tho also links with border gates in Lao Cai, Ha Giang and Lang Son provinces and the Hai Phong sea port.
Dien Bien borders with both China and Laos, linking the northern delta with China’s south-western region. Dien Bien is the only province among the northern mountainous provinces that has an airport to be developed into an international airport for the sub-Mekong region.
Ha Giang is the northernmost province of the country, 318km from Ha Noi, and shares 274km of China’s border.
Yen Bai Province is located on the highway route and trans-Asia railway that links Ha Noi and Lao Cai with China.
Deputy Minister of Planning and Investment Truong Van Doan said that along with an advantageous position, the region also received special attention from the Party and State.
Specifically, the State has established priority investment policies for economic sectors that want to invest in the region, such as credit priority, reduced or exempt land use fees and income tax, and assistance in building infrastructure for industrial zones.
As for foreign direct investment, the region has from 1988 to date attracted 95 project worth a total registered capital of $689.8 million.
It is expected that by the end of this year, there will be 100 projects with a total registered capital of $1 billion.
Economic growth of the whole region gained 11.5 per cent for 2005-07. Average income per capita last year was VND6 million ($375), up 55 per cent from 2004. Among these provinces, Lao Cai serves as an example of socio-economic development.
Its economy from 2006-07 grew by 13.6 per cent, and in the first six months of this year it gained 11.3 per cent.
The province’s import-export turnover last year earned $810 million, increasing 3.5 times over 2000’s figures.
The province’s Sa Pa tourism town annually attracts 630,000 tourists, including 40 per cent of international visitors.
Infrastructure of the whole region has been receiving attention from the Government, ministries and sectors, Dau said.
So far, the region has more than 3,000km of highways, 400km of roads in border areas and thousands of kilometres of district roads which have been upgraded. Most communes now have access to the national electricity grid.
The contracts were primarily in ore exploitation, trade, tourism, and agricultural and forestry product processing in the region.
The forum attracted hundreds of enterprises, corporations, economic groups as well as representatives of the Singaporean Embassy, World Bank, Yunnan Province of China, the Korea Trade Investment Promotion Agency (KOTRA) and Japan External Trade Organisation (JETRO).
The forum promoted the region’s favourable position, bordering Laos and China, and its many precious natural resources available in large volumes.
The region includes Phu Tho, Son La, Dien Bien, Lai Chau, Lao Cai, Ha Giang, and Yen Bai provinces. It also boast about the favourable conditions for economic development and co-operation with countries of the sub-Mekong region, and within the economic corridor between Chinese border provinces and Viet Nam.
Phu Tho Province links the north-western region with Ha Noi and the northern delta provinces. The province is located on the economic corridor of Hai Phong – Ha Noi and China’s Kunming City.
Phu Tho also links with border gates in Lao Cai, Ha Giang and Lang Son provinces and the Hai Phong sea port.
Dien Bien borders with both China and Laos, linking the northern delta with China’s south-western region. Dien Bien is the only province among the northern mountainous provinces that has an airport to be developed into an international airport for the sub-Mekong region.
Ha Giang is the northernmost province of the country, 318km from Ha Noi, and shares 274km of China’s border.
Yen Bai Province is located on the highway route and trans-Asia railway that links Ha Noi and Lao Cai with China.
Deputy Minister of Planning and Investment Truong Van Doan said that along with an advantageous position, the region also received special attention from the Party and State.
Specifically, the State has established priority investment policies for economic sectors that want to invest in the region, such as credit priority, reduced or exempt land use fees and income tax, and assistance in building infrastructure for industrial zones.
As for foreign direct investment, the region has from 1988 to date attracted 95 project worth a total registered capital of $689.8 million.
It is expected that by the end of this year, there will be 100 projects with a total registered capital of $1 billion.
Economic growth of the whole region gained 11.5 per cent for 2005-07. Average income per capita last year was VND6 million ($375), up 55 per cent from 2004. Among these provinces, Lao Cai serves as an example of socio-economic development.
Its economy from 2006-07 grew by 13.6 per cent, and in the first six months of this year it gained 11.3 per cent.
The province’s import-export turnover last year earned $810 million, increasing 3.5 times over 2000’s figures.
The province’s Sa Pa tourism town annually attracts 630,000 tourists, including 40 per cent of international visitors.
Infrastructure of the whole region has been receiving attention from the Government, ministries and sectors, Dau said.
So far, the region has more than 3,000km of highways, 400km of roads in border areas and thousands of kilometres of district roads which have been upgraded. Most communes now have access to the national electricity grid.
(Source: Viet Nam News)
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