Dak Nong DPI Attracts Investment

In 2006, Dak Nong Province’s economy maintained 15.3 per cent growth, higher than average in Vietnam, attained all major targets, and contributed to socio-economic development and improving living conditions for the people.

 

In its capacity of guiding development investment, Dak Nong Department of Planning and Investment (DPI), in conjunction with related bodies, recommended local authorities continue economic restructuring, increasing industry and service sectors, and stabilizing agriculture, forestry and fisheries.

 

In recent years, investments in Dak Nong have increased. By the end of 2006, Dak Nong had over 150 domestic projects with registered capital of VND2,800 billion. There are five operating FDI projects with investment capital of US$15.5 million, namely Junchon tea processing Co. Ltd, Olam Vietnam Co. Ltd, Mai Hung – Viet Trung Joint Venture Company, Dak Nong Lodge joint venture, and Pagoda food processing Co. Ltd. In 2006, the province’s industrial turnover was nearly VND560 billion, 36 per cent more than the previous year.

So far, the province has three industrial zones and centres, with preferential treatment attracting investors. Several Dak Nong products have become famous brands in the domestic market and have started exporting. In 2007, industrial-handicraft turnover is expected at VND760 billion, 35 per cent more than 2006.

 

Together with industry, the service sector also contributed significantly to the province’s economic growth. Tourism is also becoming a strong sector in Dak Nong. Tourism growth is expected at 15-16 per cent in 2006-2010, and 20 per cent after 2010. Presently, Dak Nong has prepared a list of tourism projects calling for investments. Before long, it will become a destination for local and foreign tourists, with attractive tourist sites such as Nam Nung hot springs, Dray Sap Tower, and Gia Long – Trinh Nu eco-tourism. Total investment capital will grow to some VND1,000 billion. Likewise, export turnover in 2006 reached US$130 million, enabling the province to purchase more machines and equipment for the production sector.

 

In agriculture-forestry-fisheries, due to intensive cultivation, restructuring of species, suitable crops and equipment investment, turnover has increased 5 per cent a year. The farm economy in combination with garden-forest and livestock breeding, proved efficient, contributing to economic growth and improving the livelihoods of people in rural and mountainous regions.

 

In recent years, in spite of difficulties and challenges, the province has made big progress in socio-economic development, recording remarkable growth in both quantity and quality. Export turnover and retail sales have increased. State budget revenue in 2006 was VND218 billion. Mobilized investment capital from the society was VND2,000 billion.

Such success, beside the efforts of the province, is due to preferential treatment attracting investors in industrial and tourism development. In 2007, Dak Nong DPI will apply the “one-stop mechanism” in three main areas: project evaluation, business registration and investment cooperation. The province focuses on improving the investment environment and attracting new resources for faster and more stable progress in coming years.