Conference discusses measures to attract more investment to Central Highlands
VOV.VN - The ability of the Central Highland province of Lam Dong to attract investment has been below expectations despite its great potential, said Nguyen Van Yen, vice chairman of the provincial People’s Committee at a tourism, trade, and investment promotion conference on December 26.
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Mr Yen said the province has lured 103 foreign direct investment (FDI) projects with a combined registered capital of US$528 million and 820 domestic projects worth VND114,992 billion. Most projects are being implemented by small-and medium-sized enterprises (SMEs).
Many FDI projects are operating ineffectively and incurring losses, while some businesses are taking advantage of the province’s investment attraction policies to occupy land for illegal purposes.Mr Yen pointed out other weaknesses in investment attraction such as the cumbersome legal system and the limited availability of land.
Director of Vietnam Economics Institute, Associate Professor Dr Tran Dinh Thien said that to remove difficulties, Lam Dong's priorities should be placed on major businesses, which are often more law abiding and have strongly economic capacity for sustainable investment. Meanwhile, with limited capital, smaller businesses often manage themselves to seek quick profits at any cost so their ineffective projects often create heavy impacts on the local environment and economics.
Experts at the conference proposed solutions to attract investment such as further improving administration reform, especially the Competitive Provincial Index (CPI), and promoting potential fields like tourism, hi-tech agriculture, and biotechnology.
