Dien Bien: Concerted Efforts to Attract Investment

5:01:20 PM | 5/10/2011

During the past years, Dien Bien province has successfully increased budget revenue and mobilized resources of all economic sectors for socio-economic development. The province has applied policies to encourage investment and accelerated administrative reform to improve the investment environment, attracting more local and foreign investors. As a result, in 2006-2010, average GDP growth in the province was 11.6 percent, and per capita income VND10.7 per annum. 
 Progress in attracting investment
In 2006-2010, Dien Bien province recorded significant progress in attracting investment. In spite of its difficult geographical location, the province has VND7,189.5 billion including 67 percent for hydro power with 12 projects and VND4.817 billion. Meanwhile other projects focused on forest development, brick manufacturing, commercial infrastructure, tourism and the processing industry.
The investments increased year by year. In 2005-2008, the province attracted only 15 investment projects with registered capital of VND4,502.5 billion. In 2009 alone, it has attracted 11 projects with registered capital of VND860 billion. In particular, in 2010, the province attracted 16 projects with registered capital of VND1,822 billion.
According to Mr Vu Lenh Nghi, Deputy Director of Dien Bien Department of Planning and Investment, the progress in investment attraction is due to the concerted efforts of all concerned authorities. Promotion activities have been improved most efficiently, updating information and related documents on preferential treatment, financial support and listing investment projects. Dien Bien has implemented such programmes as improvement of investment environment, increasing provincial competition index, and upgrading management capacity, while continuing to upgrade preferential treatment and financial support for investment projects in the province.
Besides positive results, there remain certain weaknesses in investment promotion. The planning is incomplete and uncoordinated on industries, products and land use. The failure in detailed planning of industrial centres caused added difficulties for infrastructure development. “One-stop shop” service has not been established, causing delay in the investment process. Shortfalls in infrastructure, land clearance and human resources are real barriers to investment attraction.
Continued efforts
With further improvement in business and investment environment, in the coming years Dien Bien will attract VND8,000-10,000 billion to develop industry, service, agriculture and forestry.
Mr Vu Lenh Nghi said that the province will attract well oriented and select projects in conformity with local advantages, socio-economic planning and sustainable development. Priority will be given to projects generating more jobs, occupying less land and with environment friendly operations. The province also calls for investments in planned industrial centres and poor areas.
To step up project implementation and improve the investment environment, the province applies key solutions including comprehensive and detailed planning for industrial zones and centres with environment protection, mobilization of capital and human resources to accelerate land clearance, assistance to investors to develop infrastructure in industrial zones, choosing the best investors and increasing supervision of project implementation, and developing “one-stop shop” service to facilitate the investment process by saving time and money for investors.