It is the biggest-ever investment promotion conference and is being held for the first time in the north-central region, aiming to help localities introduce and advertise their images, potential and investment environment to attract more domestic and foreign investment.

The event also gave investors a chance to exchange views and seek cooperation opportunities in the north-central provinces.

Addressing the conference, Deputy Prime Minister Nguyen Xuan Phuc asked centrally-run ministries, sectors and investors to find solutions to help these provinces develop in a sustainable and dynamic manner to become attractive destinations for investors.

Mr Phuc also underlined the need for localities to continue improving the investment environment, combat corruption, iron out snags in investment and offer more incentives for potential investors.

Investors need to be aware of the great potential in these localities to consider prioritizing them for long-term investments and while ministries, sectors and international organizations should create favourable conditions in terms of capital and mechanisms, said Mr Phuc.

Participants highlighted the advantages and disadvantages of the region, which includes Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue provinces. These provinces are commonly characterized by their favourable geographical position, socio-economic conditions, historical and cultural traditions, as well as an abundant workforce and natural resources. If these potentials are fully tapped, the region will serve as a driving force behind the entire country’s socio-economic development.

Over the past few years, the region has attracted some domestic and foreign inflows of investment capital to boost socio-economic development.

So far, the region has had 189 valid projects with a total investment capital of US$19.1 billion, accounting for 10 percent of the country’s total registered capital.

However, the north-central provinces still reveal weaknesses such as limited FDI attraction, lack of high-quality, skilled human resources and the failure to tap their great potential for agriculture and seafood.

To boost the region’s development, it is essential to devise a long-term strategy to attract investment, build appropriate socio-economic infrastructure, diversify investment resources and forms of mobilizing capital, and develop programs to promote investment.

Source: VOVNews