Quang Binh Attracts Investment with Specific Advantages

Quang Binh Attracts Investment with Specific Advantages

Quang Binh is a coastal province in the north of Central Vietnam - a meeting point of natural, social and economic conditions of the north and the south, offering the province great convenience to boost domestic and international exchange. Therefore, to attract maximally all resources to boost economic development in Quang Binh province is an important task for both the local authorities and relevant Governmental agencies. A conference entitled ‘Quang Binh - Investment potentials and opportunities’, held by the Vietnam Chamber of Commerce and Industry (VCCI), the People’s Committee of Quang Binh province, the Ministry of Planning and Investment and the Ministry of Foreign Affairs in Hanoi on September 29, 2004, is one of the activities to implement the task.

Quang Binh province has many specific advantages. Regarding natural conditions, the province has many precious minerals, including titan, gold and lead, to develop the mining industry. The province is home to mines of limestone, crystal sand, kaolin, marble and granite stones. This is a great advantage for the province to develop its cement and other construction material production industries. The Australian VRC Company has invested more than US$5 million in exploring minerals in the province. The company is co-operating with the Long Dai Forestry and Industry Co. to implement a project on exploring gold in Xa Khia in the second phase with a total investment of US$3 million. Addressing the conference, a representative from the VRC Company said that southern Quang Binh had great advantage for minerals, especially titan and gold. With the assistance of local authorities, VRC has succeeded in the field in Quang Binh province.

Apart from great potential for aquaculture with many seafood species of high economic value, Quang Binh province is well-known for its biodiversity with precious gene sources. In particular, the Phong Nha-Ke Bang national park was recently recognised as world natural heritage site. In a recent negotiation between Vietnam and Germany, the German Government committed an official development assistance valued at US$13 million to develop this famous tourist site.

Answering questions of a representative from the Urban Development Company about difficulties of investors in site clearance, Phan Lam Phuong, chairman of the Quang Binh People’s Committee, said that the issue would be addressed soon as the province had considered the focus on building resettlement areas its first priority in the coming time. At the same time, the province will set up a board in charge of site clearance compensation to help investors overcome difficulties. He said that the province is creating a more open legal corridor to attract investors, offering them the highest incentives, and would develop necessary infrastructure facilities.

Authorities of Quang Binh province, at the conference, also granted licences to four projects, namely a project on building warehouses at the Hon La seaport industrial park, a project on developing aquaculture and maritime tourism, a project on developing a resort and eco-tourism site and a project on building the Cha Lo trade centre.

In Quang Binh’s development strategy until 2010, according to Phuong, the province will concentrate on developing construction material production, seafood and forestry product processing, electronic assembly and manufacturing. Also, the province will build entertainment areas, trade centres, urban areas and maritime tourist sites. A focus will be given to developing infrastructure facilities in industrial parks, border gate economic zones and handicraft for tourism development and export.

Addressing the conference, Vu Tien Loc, President of VCCI, stressed a major task of trade promotion organisations to help provinces avoid a great competition pressure from major cities. To help Quang Binh province reduce its pressure, VCCI will act a bridge linking the province with the business community, as well as Vietnamese and foreign investors.

Nguyen Bich Dat, Deputy Minister of Planning and Investment, said that his ministry would co-operate with relevant agencies to adjust master plans and develop a list of projects calling for investment and boost its investment promotion with other relevant agencies to offer a favourable condition for projects to be implemented effectively in the province.

• Nguyen Thoa