Cao Bang Attracts Foreign Investment

9:41:00 AM | 21/2/2006

Advantages and fields for investment encouragement
Cao Bang province has some advantages for attracting foreign investment. These include the province’s location near China with many border gates for developing border gate economic zones, import and export activities, and its abundance of minerals, such as iron, bauxite, gold, tin and lead, let alone its potential for tourism development with many beautiful landscapes and historical relic sites. Also, with specific climatic conditions, Cao Bang is home to specialities, including bitter tea, cinnamon, tobacco and soya bean.
In agriculture, the province has planned to develop the growing of bitter tea of high economic value in the districts of Thach An, Trung Khanh and HHẠLang, chestnuts in the districts of Trung Khanh and Ha Lang, sugarcanes in the districts of Phuc Hoa, Thach An and Ha Lang, tobacco in the north of Hoa An and the south of Ha Quang, soya bean in the districts of Quang Uyen, Phuc Hoa, Trung Khanh, Ha Lang and Ha Quang, and anise in Tra Linh and Thach An districts.
In forestry, Cao Bang has planned its concentrated paper material forest, which is capable of supplying materials for a paper pulp plant with capacity of 2,000 tonnes per annum; to transfer the technology for growing bamboo as a basis for the expansion of the local bamboo processing plant.
In industry, the province has planned concentrated industrial parks in Hoa An town and the border gate area of Ta Lung. The province will attract domestic and foreign investment to the fields, which have advantages. These include the exploitation and processing of minerals, farm-produce, and to the border gate economic zones and the assembly of light trucks and electronic accessories.
In trade, tourism and services, the province will perfect its infrastructure facilities, supplementing priority policies to attract more investment, promoting the import and export of goods, and the development of tourism at border gate economic zones. The province will boost the attraction of investment to the building of trade centres, hotels, restaurants, entertainment facilities, duty free shops at border gates.
The province will develop tourism services, opening adventure, historical and cultural tours, simplifying immigration and emigration procedures to attract potential visitors from China. The province will prioritise the use of its budget for building of infrastructure facilities in the tourist sites of Pac Po, Ban Gioc, Nguom Ngao, Khuoi Lai, and Thang Hen. Local authorities will encourage enterprises to invest in hotels, restaurants and entertainment facilities to form a tourism network, capable of attracting visitors.
Solutions and investment encouragement mechanisms
Based on the guidelines of the Law on Foreign Investment and the Law on Domestic Investment Encouragement, the People’s Committee of Cao Bang has issued priority policies for enterprises in general and foreign-invested enterprises in particular at the Decision N0 3097/2004/QD-UB dated December 6, 2004. Under the decision, the People’s Committee stipulates priorities in land, site clearance and credit for domestic and foreign-invested enterprises, thus attracting more investment capital to the province.
Projects developed
Since the Law on Foreign Investment was issued in 1996, Cao Bang province has had seven foreign-invested projects, two of which were licensed by the Ministry of Planning and Investment. These include:
The Vietnam KOHKI Company, licensed by the Cao Bang People’s Committee in the Decision N0 10/GP-CB dated December 17, 2000. Total investment capital of the project is US$500,000 from Japan. The company specialises in growing and processing mushrooms for export and transferring technology and know-how in agriculture to support the export of other farm-produce.
The business co-operation contract for building a wood processing plant, licensed by the Cao Bang People’s Committee in the Decision N0 02/GP- CB dated February 29, 2004. The Vietnamese side, represented by the Cao Bang General Production and Business Company, contributed US$40,000, and the Chinese side contributed US$30,000.
The Viet Hoa Joint venture Company, licensed by the Cao Bang People’s Committee on August 12, 2005. The company has a total investment of US$1 million, of which the Vietnamese side, represented by the Phu Hung Company contributed US$500.000, and a company from Hong Kong contributed US$500,000. The company specialises in building and exploiting an advertisement centre and an entrepot and freezing warehouses for imports and exports.
The Kim Phu Vinh Joint Venture Company, licensed by the Cao Bang People’s Committee on July 12, 2005. The Vietnamese side, represented by the Phu Hung Company contributed US$300,000 and the foreign side contributed US$700,000. The company specialises in collecting and processing plastic and colour minerals.
The Cong Mau Thai Sam, licensed by the Cao Bang People’s Committee on September 21, 2005, with a total investment capital of US$250,000. The company specialises in collecting and processing farm-produce.
 
The Minh Chau Joint venture Company, licensed by the Ministry of Planning and Investment in the Decision N0 2345/GP dated September 1, 2003. The company was set up by the Phu Hung Company of Cao Bang and the HE HUANG Financial Consultancy Company of Macau. Total investment capital of the company was US$7 million, of which US$4 million was legal capital. The Vietnamese side contributed US$1.2 million. The company specialises in hotel, tourism, entertainment and trade centre business
The Minh Phong Joint venture Company, licensed by the Ministry of Planning and Investment in Decision N0 2403/GP dated June 30, 2004. The Vietnamese side, represented by the Minh Phong Company of Cao BBáºng contributed US$300,000 and the Brilliace Company of Hong Kong contributed US$700,000 . The company specialises n building and operating duty free shops.
Kim Dung

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