Industrial promotion Industrial promotion
Viet Nam strives to attract more industrial zone investment

Steel being shaped at Bac Viet Steel Company in Que Vo Industrial Zone, northern Bac Ninh Province. The nation aims to attract more investment into industrial zones with advanced technology and environmentally friendly projects

Viet Nam should accelerate investment promotions to attract more advanced technology and environmentally friendly projects as support industries to its industrial zones (IZs) and economic zones (EZs), said Deputy Minister of Planning and Investment Nguyen Van Trung.

During a conference in Ha Noi late last week, Trung emphasised the importance of creating a favourable investment climate to improve investor confidence.

Upgrading the industrial infrastructure and planning to train human resources to meet investors' demands should also be included, he said.

Head of the ministry's Development Strategy Institute Bui Tat Thang agreed that speeding up investment promotions was necessary.

He suggested that localities should take the initiative to organise trade promotions at a regional level.

Over the past two decades, IZs and EZs had made effective contribution to the country's economic growth, the ministry said.

The country is now home to 289 IZs and 15 coastal EZs, which account for 35 per cent, or over US$80 billion, of the nation's yearly import-export turnover. These zones also draw about 70 per cent of the total foreign investment flow into the country, and create over 2 million local jobs.

Statistics from the ministry's EZ Management Department revealed that as of October, these zones had attracted above 7,400 foreign-invested projects, with capital totalling $69.2 billion.

In the past 10 months alone, $9.9 billion in FDI has been pumped into the zones, making up 70 per cent of total FDI registered in Viet Nam during the period.

Despite these achievements, problems in IZs and EZs including a lack of infrastructure and accommodation for workers still hindered their development throughout the country, economists said, adding that their investment was also being affected by the global economic downturn