VietNamNet Bridge – Lam Dong Province called for US$1.87 billion of investment for 24 projects during a meeting with investors held late last week in Hanoi.

The province seeks investors for 14 projects in the trade, tourism and service industries. Eight of the projects are in industrial production and construction and the remaining two are in the agriculture sector, said the vice chairman of Lam Dong People's Committee, Tran Quang Thai.

An investment of $1 billion is needed for one of the projects which will develop 5,000ha in Lac Duong District into a resort and entertainment complex called Dan Kia-Da Lat Tourism Resort.

Another $9.4 million is needed for infrastructure development of the 24ha Bao Loc Sport Complex in the town of Bao Loc, and $12.5 million is needed for the establishment of the Da Lat Flower Trading Floor.

Lam Dong also called for investment in infrastructure for its industrial zones, the development of commercial and residential areas, hydro-electric development, and investment in advanced technology for vegetable and flower production.

Since early 2003, Lam Dong has attracted 20 investment projects involving Ha Noi-based enterprises. These projects are estimated to cost over $718 million; eight of the 20 have been licensed and capitalised at $675 million. These projects mainly involved industry, tourism and trade sectors.

Investment attraction has, however, lagged behind the potential of the province, because the majority of projects funded were small-scale, employed few workers and took a long-time for implementation, said Thai.

In order to better fulfil its economic potential, local Lam Dong authorities have pledged to create better conditions for investors, especially Hanoian ones, by shortening the time needed for fulfilling provincial investment procedures.

The province would also continue to adjust its preferential policies and work to more clearly define investment incentives for specific projects.

In addition, the province plans to ensure more frequent dialogues between local authorities and investors in an effort to give investors more chances to address grievances during project implementation.

"The move for more dialogue is said to be a useful method to increase the confidence of investors," Thai noted.

During the meeting, an affiliate of the Ha Noi Trade Corp Hapro Travel Co, pledged to establish a representative office in the province to open tours from Hanoi to Lam Dong and vice versa, pursuant to a co-operation agreement inked by the company and the province.

(Source: Viet Nam News)