Local Economy

Last updated: Wednesday, May 15, 2019


Revamping Investment Promotions for Better Outcomes

Posted: Monday, November 12, 2018

To increase more investment capital, Lam Dong province has actively renovated its investment promotion methods and contents to enhance professionalism and quality; intensified on-site investment promotion together with accelerating the improvement of investment and business climate. With these efforts, Lam Dong is becoming an increasingly attractive destination for domestic and foreign investors.

Initial impressions
Mr Nguyen Xuan Hung, Deputy Director of the Lam Dong Investment, Trade and Tourism Promotion Centre, said that the private sector is now a big investor in Lam Dong province. Investment projects have helped unlock local potential for socioeconomic development. Particularly, many operational projects have been put into operation and provided a motive force for economic restructuring, employment, people’s livelihood stabilisation and budget growth.

In investment attraction, Lam Dong province always ensures all incentives for enterprises according to governmental regulations and provides specific information about investment incentive policies in each domain for investors to make the best business and investment decisions. In addition to investment incentive policies introduced by the Government, the Provincial People’s Committee has issued many investment preference policies in the province, particularly policies relating to vocational training, and socialisation capital access support. Lam Dong focuses on solving difficulties, facilitating enterprises to access land, clear investment sites and other factors to accelerate investment progress while concentrating on administrative procedures in State management.

New policy mechanisms plus new thinking and methods have enabled Lam Dong to achieve good investment attraction results. By the end of 2017, the province had 921 effective projects, which registered to invest VND126,992.53 billion (US$5.5 billion) and hired 74,321.38 ha of land. Among them, 170 projects are carrying out investment procedures; 340 projects are under construction and 403 projects were completed and put into operation. The disbursed value reached VND53,856.87 billion (US$2.35 billion). Notably, Lam Dong province is home to 105 foreign direct investment (FDI) projects in operation with total registered capital of US$538.9 million (VND12,233 billion).

Promoting the role of a lead investment promotion and business support agency
According to Deputy Director Nguyen Xuan Hung, as a lead agency in charge of investment promotion and business support, the Lam Dong Investment, Trade and Tourism Promotion Centre has organised many communication events to introduce local investment potential and opportunities; and participated in local and foreign investment promotion forums as well as business support activities. These works proved good outcomes as many investors have come to explore and invest in Lam Dong.

From the success foundation, the centre will try harder to provide sufficient information on investment fields; regularly disseminate law provisions, mechanisms and policies to attract investment into the province; strengthen the quality of investment promotion activities, contacts, meetings and dialogues between provincial leaders and the business community, and thereby address investment hardships for enterprises.

The Lam Dong Investment, Trade and Tourism Promotion Centre will work as a lead agency in carrying out business development support tasks, particularly support contents under Decree 39/2018/ND-CP detailing some articles of the Law on SME Support, Resolution 19-2018/NQ-CP of the Government dated May 15, 2018 on continued implementation of major tasks and solutions for improving the business environment and raising the national competitiveness in 2018 and beyond. It has assisted local enterprises to join conferences, seminars and trade fairs, as well as investment promotion and market survey programmes in Vietnam and in foreign nations. At the same time, it will promote cooperation and linkage with potential domestic markets facilitate Lam Dong to penetrate industrial parks and clean vegetable chains in Ho Chi Minh City and some other provinces; and step by step develop overseas markets.

Hoang Lam

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