Wednesday, December 7 2016

VietNamNews

Central Highlands seeks backing

Update: May, 15/2015 - 08:29

Staff from No 175 Company under the Ministry of National Defence produce rubber products in the central highlands region. The company employs more than 100 local workers. — VNA/VNS Photo Trong Duc

HA NOI (VNS) — A conference to call for investment in the Central Highlands region will take place in Da Lat on Sunday.

Co-organised by the State Bank of Viet Nam, the Steering Committee for the Central Highlands and Lam Dong Province's People's Committee, the event will be a forum for domestic and international investors to discuss the region's investment policies, its investment potential and opportunities.

It was also a good opportunity for existing investors to address the challenges to their projects and suggest solutions that could help the region attract more investment.

Tran Viet Hung, deputy chief of the committee, said at a press conference yesterday in Ha Noi that the influx of investment capital into the region remained modest and failed to meet the demand for its socio-economic development.

During the event, representatives from commercial banks said they pledged to fund approximately VND15 trillion (over US$694.4 million) for projects operating in several sectors such as hydro-electricity, thermo-electricity, transport and hi-tech farming.

At the previous conference, commercial banks vowed to finance more than VND23.8 trillion (above $1.1 billion) for 28 projects. That was a positive result as many investors had visited the region to seek investment opportunities, Hung said.

As of April, the region, which comprises Kon Tum, Gia Lai, Dak Lak, Dak Nong and Lam Dong, had attracted 150 foreign-invested projects worth a total registered capital of $837 million, according to the Ministry of Planning and Investment's Foreign Investment Agency.

Of these provinces, Lam Dong led with 123 projects capitalised at approximately $503 million, the agency noted.

Dak Lak ranked second with seven projects valued at $165 million, while Gia Lai placed third with 11 projects valued at $80.3 million.

Among the 24 countries and territories investing there, Hong Kong was the largest foreign investor with $165.4 million, making up 20 per cent of the total FDI. It was followed by Taiwan with $122 million, and Japan with $104 million.

During the reviewed period, the agro-forestry-fisheries sector absorbed the largest share of FDI with $350 million, accounting for 42 per cent of the region's total FDI, followed by the processing and manufacturing industries with $200 million. However, the Central Highlands region still lagged behind other areas in the country in terms of foreign investment, as the region made up a modest 3.2 per cent of the country's total FDI in the reviewed period. — VNS



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