VietNamNet Bridge – The central province of Nghe An has listed 28 projects for next year that need investment estimated at VND45.2tril (US$2.82bil), according to the provincial Investment Promotion Centre.

Of that amount, VND33.58tril ($2.1bil) would be set aside for industry and construction; VND5.86tril ($366mil) for infrastructure development in industrial and economic zones; VND4.15tril ($259mil) would go into the trade and service sectors, while the remainder would be spent on agro-forestry-fishery projects and other schemes.

Among the main projects needing investment are a VND25tril ($1.56bil) thermo-electric plant in Hoang Mai Industrial Zone (IZ); the Dong Nam IZ costing VND5tril ($312mil); Tan Ky cement plant worth VND3tril ($187.5mil); and a 44ha tourism resort in Cua Lo town, costing around VND2.5tril ($156mil).

Despite the ongoing efforts of local authorities, Nghe An has yet to become an attractive destination for foreign investors because of its geographic disadvantages and inadequate public services, said centre director Nguyen Van An.

To date, the province has only granted licences to 23 foreign-invested projects, worth $221mil. Most of these projects are small-scale, he added.

To achieve its 2008 goals, Nghe An would continue to improve policies designed to encourage investment, the centre director said, adding that the province would focus on site clearance (and compensation for affected persons), infrastructure development in industrial zones and preferential land-rental schemes for IZ projects, and skills' training.

Nghe An plans to increase its marketing activities and look to diversify investment sources in the province. Top priority would be granted to food and agricultural processing and production of building materials, hydropower plant construction, tourism, production and assembly of cars, motorbikes, electronic goods. Other key areas would be the manufacture of textiles and garments, chemicals, leather goods and footwear, he said.

Furthermore, Nghe An would improve its database of information on the province's social and economic status, as well as data on investment incentives and tax polices and procedures to be followed when conducting business and investing in the province, An said.

(Source: Viet Nam News)