Dak Nong Calls for Investment Cooperation

Located on the gateway to the Central Highlands from the southern key economic zone consisting of Binh Duong, Dong Nai, Ba Ria - Vung Tau, Ho Chi Minh City and Southwest region, Dak Nong adjoins Lam Dong province and central coastal provinces and shares 130-km borderline with the Cambodian province of Moldulkiri with two major border gates, namely Bu Prang and Dak Perr. The upland province of Dak Nong has more than 300,000 ha of agricultural land, mainly basalt soil suitable for cultivating perennial crops such as rubber, coffee and pepper and breeding livestock; over 200,000 ha of tropical forests; beautiful and majestic waterfalls like Draysap, Dak Glun, Trinh Nu; nature conservation zones like Nam Nung and Ta Dung; and natural resources like bauxite with reserves of about 5.4 billion tonnes, wolfram ores, puzzolan and gems. Apart from mild climate, with average annual temperature of 22-23⁰C, Dak Nong is suitable for high-tech agricultural development like growing vegetables and flowers, and culturing cold-water fish. After eight years of reestablishment and development, the province has attained important economic development achievements. In 2011, GDP growth was 12 percent, State Budget revenues fetched VND1,071 billion - an increase of 6 times from eight years ago, GDP per capita reached VND19 million. The economic structure is in a desired pattern.

 

Delivering an opening address to the forum, Nguyen Bon, Vice Chairman of Dak Nong Provincial People's Committee, briefed socioeconomic development in recent years, featuring GDP growth, personal income, economic pattern, infrastructure, and economic scale. He noted that the province was attracting investment capital into infrastructure construction, high-tech agriculture, tourism, and human resource training. It always accompanies investors and pledges to provide most favourable conditions, and preferential mechanisms.

 

Tran Xuan Hai, Director of Department of

At the forum, Dak Nong province handed four investment certificates for three companies, namely MJ Vietnam Agriculture Co., Ltd with a agricultural product processing and animal feed complex; Dang Trung Co., Ltd with a sports complex in Krong No district; and Bac Tay Nguyen Co., Ltd with a plant nursery project and a swine farm project. Additionally, the province signed a memorandum of understanding on investment cooperation with South Korea’s Chung Moon Ho; Tan Thinh agricultural and forestry service, tourism and trade cooperative; and Hung Ca Co., Ltd.

Planning and Investment of Dak Nong province, said: Since its reestablishment, Dak Nong has defined that investment attraction was an important task. It has issued a lot of policies in support of investors like administrative reform to create a friendlier business environment for investors to do business.

 

However, investment results in Dak Nong failed to meet expectations, particularly in FDI attraction. The province has some industrial zones. Tam Thang Industrial Park in Cu Jut district has a relatively high rate of occupancy. Particularly, Dak Nong is calling investment capital for nearly 100 projects engaged in agro-forestry processing, tourism and others. Investors are offered highest preferences when they invest in Dak Nong province. For instance, they are exempted all corporate income taxes in the first four years, and granted a 50 percent reduction in following nine years. They will be supported with funds for site clearance, infrastructure construction and personnel training.

 

At the forum, interested businesses asked many questions about infrastructure, human resources, investment policies and other issues. All questions were satisfactorily answered by provincial officials.

 

In his closing remark, Vice Chairman Nguyen Bon said: "I believe that after this forum, Dak Nong province will receive more attention and support of the central government; and support and cooperation of other localities. Particularly, investors will know more about potentials and advantages as well as sincere cooperation of Dak Nong. In a near future, Dak Nong will become an attractive destination of domestic and international investors.” He requested provincial agencies to frankly look at their limitations and weaknesses to have a quick fix, and fulfil all commitments to investors. The province will provide investors with highest supports in electricity, land, and other procedures.