Lam Dong Province to Pour more Investment to Tap Resources

3:03:44 PM | 22/10/2007

Vietnam Business Forum discussed investment activities in the province with Mr Nguyen Xuan Kien, Director of Lam Dong Department of Planning and Investment.
How do you evaluate the investments of Lam Dong in 2006?
To attract investment from all economic sectors, beside general policy, Lam Dong has offered optimal preferential treatment for local and foreign investors. As a result, investors in all economic sectors have invested in the province, especially since 2003, increasing GDP growth to 10.7% in 2001-2005. Investment projects have tapped the potential of the province, raising socio-economic development, creating more jobs and budget revenue, and improving local living conditions. In 2003-2006, Lam Dong had 242 local projects approved by the People’s Committee with registered capital of VND14,524 billion and 147 projects licensed with registered capital of VND7,604.5 billion. In 2006 alone, the province granted licenses to 11 FDI projects with registered capital of over US$9 million, increasing total FDI projects to 80 and registered capital to over US$216 million. Two key projects, Lien Khuong airport and Highway 723 linking Da Lat and Nha Trang, have strongly boosted investment and economic growth of the province.
What are the objectives of investments in 2007?
Resolution 07-NQ-TU of Lam Dong Party Commission on attracting investment in 2006-2010 specifies that both local and foreign resources must be mobilized, especially for big projects; combining economic development with social justice, national cultural identity, environment protection, national defence, regional and world economic integration; and making the best use of resources and promoting investment in all forms.
Accordingly, the objectives in 2007 are improving the management and efficiency of investments, combining trade, tourism and related services. Investment promotion must be improved with a better environment and transparency. In 2006-2010, investment capital will be 3.2-3.3 times that of 2001-2005, making up 40% of province GDP and 75% from outside the budget. The province will accelerate economic restructuring in favour of industry and service, creating more jobs, increasing budget revenue, improving competitiveness, expanding markets and successfully implementing key projects and programmes. Investment will be 26-27% for service, 26-27% for infrastructure, 25-26% for industry-construction and 20-21% for agriculture-forestry.
In 2007, Lam Dong will focus on such programmes as improving the image of the province; providing information on investment law, policies and environment; preparing pre-feasibility studies on certain sectors, areas and products to attract investments; improving capacity and management of authorities and enterprises; and promoting investment from South Korea, Japan and Europe, and tourism in Khanh Hoa, Lam Dong and Binh Thuan.
How can administrative reform help investors in 2007?
In implementing the Prime Minister’s Decision 181/2003 QD-TTg of September 4, 2003 on “one-stop shop” formalities, by its Decisions 183/2003 and 107/2005, the province has accelerated administration reform at all levels with transparency, high efficiency and compliance with the law. The province continues dialogue with investors to rapidly remove their constraints. This raises confidence and attracts new investors. Meetings are held every month between provincial authorities and investors. On April 25, 2007, Lam Dong People’s Committee decided to establish the Investment and Business Promotion Centre to assist investors in getting licenses and implementing projects.
What do you expect from investment flow into Lam Dong in 2007?
Though the legal framework of Vietnam remains incomplete, it has been improved and is gaining more confidence from investors. With political and economic advantages, Vietnam is expecting a new inflow of FDI from Korea, Japan, Taiwan and the US. Vietnam is regarded as a safe, friendly and attractive destination. Meanwhile, Lam Dong has additional advantages in climate, tourist landscapes, materials for the processing industry and mineral, hydropower and textile and garment resources. For that reason, I believe that more local and foreign investors will come to Lam Dong and, together with the province, tap the potential of this promising land.
Danh Binh