Lam Dong province is planning many important large-scale investment projects, which is creating cooperation opportunities for investors. The province spares no effort to making its investment environment more attractive and friendlier to investors.
Many important projects in need of investment capital
Compared with other provinces in the Central Highlands and in the country as a whole, Lam Dong has many advantages to attract investment in such fields as tourism, service, high-tech agriculture, tea processing, coffee processing, cashew nut processing, vegetable processing and mining. These are local advantages to attract domestic and foreign investors.
According to the Lam Dong Department of Planning and Investment, the province approved in principle 599 investment projects with a combined registered capital of VND98,380.5 billion from 2006 to 2010, bringing the total number of projects to 741 with an aggregate registered investment capital of VND111,239.5 billion, an increase of 5.2 times in projects and 8.7 times in value against 2006. Among 599 investment projects approved in principle from 2006 to 2010, 441 were granted investment licences with a total registered capital of VND54,996.7 billion. 98 projects with a total registered capital of VND25,986 billion are underway and 65 projects valued at VND2,740 billion went into operation.
Foreign direct investment in the province has grown in both value and scale. The Central Highlands province of Lam Dong attracted 58 foreign-invested projects with total registered capital of US$317.2 million from 2006 to 2010, bringing the total number of FDI projects to 119, with a combined registered capital of US$507.3 million. Tourism, service, hi-tech agriculture, processing of tea, coffee, vegetables, and mining have caught the fancy of foreign investors, who have registered to invest US$176.4 million in 104 projects and contributed 4.5 - 5 percent to the province’s GDP.
At the end of 2010, Lam Dong province officially announced the list of projects calling for investment capital from now to 2020, according to Decision No. 2231/QD-UBND signed by Chairman of People’s Committee, Huynh Duc Hoa. The locality will attract investment capital for 29 important projects, including many to be initiated next year.
Key blueprint projects include the 189-km Dau Giay - Lien Khuong Highway with estimated investment of US$600 million, the Da Lat - Thap Cham Railway, the 3,500-ha Lien Khuong - Prenn Urban Zone, the 500-ha International University Village (Lac Duong district), the 475-ha Dai Lao Industrial Park (Bao Loc City), the 415-ha Tan Phu Industrial Park (Duc Trong district), solar and wind power projects, the 25-ha Da Lat Amusement Park (phases 2 and 3), and the 5,000-ha Lang Biang eco-tourism, cultural, sporting and recreational complex (Lac Duong district) with estimated investment of US$ 1-1.5 billion.
Efforts to improve investment environment
Recently, Lam Dong is more known for its tightened investment policy. In 2010, the province checked all tourism and real estate projects to make timely rectifications. Out of 600 licensed investment projects, Lam Dong revoked the licence certificates of 170 projects as investors failed to comply with their commitments.
According to Mr Phan Van Da, Director of Department of Planning and Investment, Lam Dong province will offer the best incentives for investors in the framework stipulated by the Government and create favourable conditions for investors to do business. Besides, the province will review investment projects to make timely rectifications together with calling for fresh capital in order to enhance the attractiveness of its investment environment.
Mr Da said Lam Dong province also has good human resource training policies, ensuring good personnel supply for specific industries. It also applies the single-window mechanism to quicken investment procedures, thus helping investors to speed up their projects. Especially, it responsively settles procedures from project establishment to implementation, and provides materials, information and guidance for investors. So, no matter which fields they invest in, investors are enthusiastically and thoughtfully welcomed and provided with detailed instructions.
To ensure efficiency of investment attraction, the province also offers many preferential policies on corporate tax and land lease. Investors will be exempt from land rents for the first 11 years, provided complete infrastructure like fences, roads, power supply systems and clean water supply systems. With good site clearance policies, investors will be granted land for their projects at the earliest time. Investment procedures have been maximally streamlined to help investors speed up their projects in the most effective manner.
In addition to investment incentives provided by the Government, Lam Dong province also supports investors to train workers. According to Mr Da, investors can train their labourers on the spot or send them to vocational schools. The province will pay VND100,000 a month for the training of each worker from an ethnic minority or poor household.
Ha Linh
Vietnamese
