Bac Lieu Province: Right Destination for Investors

2:55:35 PM | 19/4/2010

Bac Lieu People’s Committee has decided to establish an independent Trade and Investment Promotion Centre detached from the Department of Planning and Investment. Vietnam Business Forum had an interview with Mr Le Minh Chien, Director of the Trade and Investment Centre on the efforts of the Centre to help local businesses fully develop their potential.
What is the preferential treatment of Bac Lieu to attract investments for socio-economic development in the province?
In the past, though still slow, Bac Lieu has made certain progress in attracting investments. Many investors have come to Bac Lieu in the past three years to seek investment opportunities. So far, the province has 39 investment projects with total registered capital of VND1,292 billion and US$12.6 million including six FDI and 33 local investment projects.
Concerning preferential treatment, Bac Lieu applies preferential policy provided by the law and the highest level of preferential treatment to projects in the province.       Bac Lieu People’s Committee has also issued Decision 15/2007/QD-UB of October 16, 2007 facilitating and encouraging investors to invest in the province. Bac Lieu People’s Committee has also issued Decision 15/2007/QD-UB of October 16, 2007 facilitating and encouraging investors to invest in the province. 
At present, we are advising the People’s Committee to amend Decision 15 and make it more suitable to the conditions of the province and attract more investments in the coming years.
When investment fails to meet the potential of the province, how can Bac Lieu improve it in the future?
 In recent years, Bac Lieu has implemented some fundamental measures such as mobilizing resources to improve infrastructure, transportation, trade and service to attract investments; accelerating the development of industrial zones (Tra Kha, Lang Tram, Ninh Quoi) to attract investment into the processing industry (the driving force of the province); and increasing cooperation with other provinces, big cities and central government to attract key projects to promote socio-economic development of the province.
The province has also accelerated administrative reform with “one-stop shop” saving time for the establishment and operation of enterprises and meeting the demand of the investors. Consequently, improvements have also been made in planning, land use, construction, equitable development of industries and fair treatment to all economic sectors especially in land rental and preferential treatment.
Still more importantly, the province has improved financial and banking activities facilitating access to credits for business development, promoting trade and investment, market expansion at home and abroad for local products, especially agricultural produce and processed aquatic products. Businesses are also assisted in registration of trademarks and product quality as well as in improvement of business competitiveness.
Bac Lieu also focuses on training human resources for socio-economic development and labour demand of enterprises. The province encourages all economic sectors to develop human resources with diversified forms to meet the ever higher demand of the economy.
How does the province ensure an equitable environment for sustainable development?
Bac Lieu has always paid due attention to the protection of environment to overcome the climate change that the world and Vietnam are facing. It is also the condition to attract industries for sustainable development. Bac Lieu does not develop at all costs, but with careful consideration and planning. High priorities have been accorded to clean industries and advanced technology with less effect on environment. In addition to feasibility, projects must be in line with all provisions on environment protection.
Bac Lieu has also accelerated the development of industrial zones and centres, ensuring land clearance, replanning and moving factories from populated areas, improving urban areas and living conditions of the people. As a result, the province can promote economic development strategy together with environment protection ensuring sustainable development and social welfare.
Reported by Lam Chau