Three Pillars of Investment Attraction in Dak Nong

8:43:04 AM | 17/5/2023

The resolution of the 12th Provincial Party Congress (2020-2025 term) states that alumina, aluminum smelting and renewable energy industries; high-tech agricultural development; and tourism development are the three pillars of socioeconomic development for Dak Nong province. The province is trying to draw investment capital for these three key areas. Vietnam Business Forum's reporter has an interview with Mr. Tran Dinh Ninh, Director of Dak Nong Department of Planning and Investment.

Groundbreaking ceremony of Asia Dak Song 1 wind power plant project in Nam Binh commune, Dak Song district, in January 2023, the 6th of its kind in Dak Nong province

Could you please introduce the investment attraction results of Dak Nong province in recent years?

Since its establishment, Dak Nong province has attracted 407 investment projects with a total registered value of over VND76,500 billion (US$3.3 billion) including 13 foreign direct investment (FDI) projects with VND17,600 billion (US$765 million), accounting for 23% of the total registered investment value, and 394 domestic direct investment (DDI) projects with VND58,900 billion (US$2.56 billion), accounting for 77%.

What do you think about these results?

In general, investment projects in Dak Nong province are increasingly intensive, consistent with socioeconomic development plans as well as reliant on local potential and advantages. They receive strong and close direction from the province for lawful implementation. However, the investment value remains small due to lack of big projects that produce a significant impact on local socioeconomic development. While there are numerous causes for this, it is largely due to limited social, economic and technical infrastructure, low competitiveness, and investment and business climate.

Given its starting point, are these results regarded as a great success and effort of Dak Nong province?

Yes, Dak Nong province was established in 2004. It was poor then. Achieving the above results amid insufficient human resources, material resources and poor infrastructure required great efforts. A lot of shortcomings and obstacles appeared in investment attraction and project implementation. So, the province had to be very focused and radical to work with investors to seek solutions. Showing its efforts in reforming administrative procedures and improving the investment and business environment was the Provincial Competitiveness Index (PCI) of Dak Nong province, rising 14 places to No. 38 out of 63 provinces and cities in 2022.

What do you think about the potential and opportunities for Dak Nong province to woo investors in the coming time?

Dak Nong has a lot of natural potential and advantages. Its bauxite reserves are of the best class in the world and the largest in the country with 5.4 billion tons. The province has a high total number of sunny hours, reaching from 2,000-2,600 hours a year. The average solar radiation is 150kcal/m2, accounting for about 2,000 - 5000 hours a year. The average wind speed is 2.4 - 5.4 meters per second. Dak Nong is considered to have great potential and advantages for developing renewable energy such as wind power and solar power. Diverse topographical and climatic conditions and a large agricultural land fund enable Dak Nong to develop bauxite-aluminum industry, high-tech agriculture and tourism services.

What solutions has the province taken to increase the effect of investment promotion and create driving force for socioeconomic development?

Currently, Dak Nong is focusing on completing its Provincial Master Plan. The province is determined that the Dak Nong Master Plan for the 2021 - 2030 period, with a vision to 2050, is a very important task that needs to be completed quickly because it directs, leads and provides framework for consistent and mutually supported sectoral plans. The province has worked hard to soon submit it to competent authorities for approval.

Based on the approved master plan, resources will be concentrated or mobilized from society to soon develop sectoral plans, resolved on three pillars defined by the 12th Dak Provincial Party Congress (2020 - 2025 term): (1) Developing alumina, aluminum smelting and renewable energy industries; building Dak Nong into a national industrial center; (2) Developing high-tech, sustainable agriculture along the value chain; developing the forest economy, planting and processing commercial medicinal herbs; enhancing competitiveness and added value of key agricultural products; and (3) Developing tourism based on natural advantages, indigenous cultural and ecological values and Dak Nong UNESCO Global Geopark.

In addition, the province will pay attention to reforming methods and scope of investment promotion to target strategic, reputable and capable investors for large projects that have a strong impact on local economic development; continue to reform administrative procedures, improve the business investment environment, and remove difficulties for investors and businesses.

Thank you very much!

Source: Vietnam Business Forum