Key central economic region needs more investment

27 Jun
Vnre.blogspot.comA conference to promote investment in the key central economic region took place in Hoi An city, Quang Nam province, on June 25-26.


The conference was jointly held by the Ministry of Planning and Investment and the central provinces of Quang Nam, Thua Thien-Hue, Quang Ngai and Binh Dinh, and Da Nang city.

Addressing the conference Deputy Prime Minister Hoang Trung Hai asked the key central economic region to continue implementing well all the government’s policies for the region’s socio-economic development in 2010 with a view to 2020.

The central provinces should boost their construction of roads, bridges and seaports to link with other economic centres and industrial and economic zones to reduce transportation costs for enterprises and investors and increase the length of stay of visitors. The region should also focus on improving the skills of its human resources to provide an adequate number of workers to the large industrial centres.

The Vietnamese government pledged to give the highest priority to the investors to operate in the region, he added.

The conference is part of the National Promotion Programme 2010 to attract and efficiently use domestic and foreign capital resources in the region. It also provide an excellent chance for the provinces and investors to meet, exchange information and seek investment opportunities in the region’s key and potential industries.

The central economic region has a strategic location and is considered the gateway to the East Sea of the Central Highland provinces and the countries in the Mekong River sub-region along the East-West Economic Corridor (EWEC). The region has huge potential for the maritime-based economy and tourism, containing 4 out of 13 of the country’s key economic regions. The centre also has a number of deep water seaports, playing a key role in promoting foreign direct investment (FDI).

By May 2010, the key central economic region had attracted nearly 400 projects with a total registered FDI of nearly US$15 billion, accounting for 75 percent and 61 percent of the central and Central Highland region’s total number of projects and registered FDI capital, respectively.

Foreign investment in the region now contributes to more than 5 percent of the country’s GDP and generates jobs for about 60,000 workers.

The sharp growth in the amount of FDI capital since 2007, with some projects drawing billions of USD, has created a new wave of investment in the region. In the 2007-2009 period, total FDI to the region reached nearly US$11.3 billion, 4 times higher than the total amount for 19 years before combined.

A large number of key infrastructure projects to build roads, airways and seaports has been invested in the form of public-private partnership, and a legal framework has been created by the government to further develop industrial, tourism and economic centres in the region and gradually introduce high quality services including finance, banking, insurance and healthcare.

Source: VOV News

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