HA NOI (VNS)— The State Bank of Viet Nam 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 Ha Noi on Tuesday 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 Viet Nam (SBV) Dao Minh Tu reported that BIDV, VietinBank, Vietcombank and Agribank will participate in calling for investment for these regions.
Around VND20 trillion (US$952 million) and $35 million 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 co-operation 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 Viet Nam (BIDV) plans to sign six credit agreements worth VND3.4 trillion to sponsor the region's paper, textile and apparel, farm produce, mineral exploitation and hydropower sectors.
In 2013-15, BIDV pledged to provide VND15 trillion on credits to promote economic development and around VND90 billion for social welfare activities in the region.
In 2013 alone, VietinBank will pour VND205 billion 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 VND7.3 trillion ($347.6 million) with businesses in the region while Agribank and coffee associations and businesses are expected to ink financing contracts at an estimated value of round VND6 trillion ($285.7 million).
VietinBank has committed to providing almost VND40 billion ($1.9 million) 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. — VNS