Improving the Investment Promotion Efficiency

 

In 2015, Lam Dong cooperated with the promoting missions of the Foreign Ministry and the Ministry of Industry and Trade to send two investment promotion delegations to Japan and Russia. Also the province has been selected to participate in the program of Vietnam-Japan economic development cooperation. In this event, the authorities of Lam Dong, Vietnam Academy of Social Sciences (VASS) and Japan International Cooperation Agency (JICA) signed a Memorandum of the implementation of the project “Supporting Lam Dong in building agricultural development model taking a multi-sectoral approach and based on an improved agricultural investment environment”. Therefore in 2015, the province continued to carry out promotional activities to concretize the agricultural development program using multi-sectoral approach and improving agricultural investment environment through activities such as: approaching strategic Japanese investors; organizing workshops to help connect businesses and investors; conducting surveys in projects in need of investment and in production areas... Lam Dong also coordinated with the Steering Committee of the Central Highlands, Vietnam State Bank, Union Bank of Vietnam Post and Telecommunications Conference to hold the third Workshop of Investment & Social Protection Promotion for Highlands in 2015.

 

Additionally, Lam Dong actively prepared other basic and necessary conditions to get ready for any opportunities emerging from a chain of international events, parts of Vietnam’s international integration process, including joining the ASEAN Economic Community; signing the EU-Vietnam free trade agreement and the Transpacific Partnership Agreement. The province also supported businesses and investors in accessing capital by organising two conferences to encourage the credit flow between commercial banks and companies and investors; regularly conducting surveys, collecting information about outstanding difficulties and problems of investors and providing solutions through channels such as the Conference of dialogue with businesses; and the Conference of policies on taxation, customs, culture, sport and tourism.

 

The propaganda and promotion of the provincial investment environment and policies were done regularly and consistently. Strengthened confidence of investors in business and investment environment in Lam Dong has created a positive spillover effect reaching many new investors, increasing the efficiency in investment attraction.

 

As the national economic situation remained challenging, public investment stayed limited, Lam Dong identified innovating investment promotion activities to attract resources both domestic and foreign to provide for the demands of development investment of the province as an important breakthrough to create a momentum for the development of Lam Dong in the future. In 2016, the provincial will focus on strengthening investment promotion activities towards closer to investors’ demands, providing detailed and practical information of each specific project for investors. Lam Dong will also strengthen current investment promotions, supporting the information supply, the administrative procedures and the investment consultation for projects granted registration certificate of investment and investment policy decisions.

 

Accordingly in 2016, Lam Dong will enhance investment promotion in the fields of services (attracting investment selectively for the development of tourism towards high quality, creating diversified and quality tourism products of provincial advantage); agriculture (attracting investment projects on improving production and processing capacity, applying high technologies in production and post-harvest preservation); industry (attracting investment projects of high-technology which are environmentally friendly); infrastructure (attracting investment projects of the construction of urban infrastructure, residential buildings, apartments, waste treatment capacities, especially the project of Giau Day - Lien Khuong Highway).

 

In order to make the investment environment more attractive, Lam Dong advocates creating favourable conditions for provincial investors to expand business and investment in the area; at the same time speeding up efforts to attract investors from outside the province, big corporations with financial capacity and modern technology, as well as qualified management and investment, through forms such as BOT, BTO and PPP. Particularly in attracting FDI, in addition to traditional partners like Japan, South Korea and Taiwan, the province will also focus on bringing in partners with financial resources, advanced and green technology such as Singapore, the US, France and other EU countries. More active approaches to promote direct investment from big investors of high financial potential, investors with leading brands in the national or global value chain will be put into use.

 

 Kim Bang