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What are Bac Kan’s investment advantages and potentials?
Northern mountainous Bac Kan province is located in Vietnam’s northeast region, around 170 kilometres from Hanoi along National Highway 3. After more than 10 years of re-establishment, the province has achieved significant socio-economic development achievements, with an average economic growth of 11.2 per cent during 2006-2010, while the local economic structure shifts towards positive direction with an increase in the ratio of industry-construction and services, and a declince in the agro-forestry-fishery sector.
The province’s per capita income has risen and poverty rate has gone down over the years. Bac Kan has good infrastructure systems, a fresh social environment, huge potentials and advantages in developing agro-forestry, eco-tourism, mining, minerals processing, building materials and agro-forestry product processing. Along with other localities, Bac Kan is stepping into a new period of industrialisation, modernisation and international integration. Promoting initial achievements and drawing lessons during more than 10 years along with local investment incentives and development potentials Bac Kan is a favourable investment place to interested domestic and foreign investors.
What economic sectors is Bac Kan focusing on attracting investment?
Bac Kan has targeted that its economy will expand 15 per cent each year during 2010-2015 with agro-forestry-fishery growing 8 per cent annually, industry-construction rising 23 per cent and services 18 per cent. The province also set out key solutions such as focusing on developing forestry, raising cattle, boosting the shift of agro-forestry structure towards producing goods on the basis of applying science and technology advances, raising production values, ensuring food safety and building new rural areas.
Bac Kan is targeting at 15 per cent annual growth for 2010-2015 period
In addition, the province focuses on developing its industrial sector in connection with managing and protecting natural resources and ecological environment in order to surge the ratio of industry in the provincial GDP. Bac Kan also emphasises pulling investment into infrastructure works to serve socio-economic development and urban upgrading, calling investment in trade and services and developing tourism into a sector with large contribution to the local GDP.
The sectors prioritised for investment attraction in descending order are: industry - minerals mining and processing, building materials and developing infrastructure of Thanh Binh Industrial Park and local industrial clusters. Service-Tourism - hotels, supermarkets, trade centres, entertainment areas and Ba Be Lake eco-tourism resort. Agro-forestry - growing and processing agro-forestry products such as high-quality tea, forestation, cattle, poultry and salmon.
Vietnam is focusing on attracting environmentally-friendly hi-tech projects. What initiatives have been taken to lure these investors?
In order to pull in hi-tech and environmentally-friendly projects, Bac Kan emphasises planning and developing industrial parks, amending and promulgating investment incentives and selecting forestry, forestry product processing and minerals processing as key economic sectors.
The province has also improved the quality of human resources and boost the development of science and technology to serve the local socio-economic development towards industrialisation and modernisation. Besides, Bac Kan develops synchronously and modernises the infrastructure system, removing difficulties and hindrances, creating a favourable investment climate to attract big investors.
What is your assessment of Bac Kan’s foreign direct investment (FDI) attraction and contribution of this sector to the provincial socio-economic development over the years?
Over the years, Bac Kan has found it hard to attract FDI capital. To date, the province has five FDI projects with a combined registered capital of $13.8 million. Therefore, the contribution of this capital to local socio-economic development is still humble.