Vietnam remains one of top investors in Huaphan
Vietnam remains one of top investors in Huaphan
Vietnamese investors have again put money into more projects in Huaphan province than those from other countries this year, while investments from China have amounted to a greater total value.
Most of the investment has gone into the mining sector followed by industry, handicrafts and the service sector, according to the provincial investment promotion section.
Investment by domestic companies went into 19 projects, requiring total funding of US$13 million of which US$11.9 million was registered fund, while Vietnam invested in 13 projects requiring US$33.6 million and US$16.2 million of registered fund and Chinese investors entered into 10 projects for US$165 million and US$37.9 million of registered fund.
The province has a big potential in natural resources and land for agriculture and the provincial authorities are seeking more investment both in planting crops and livestock breeding.
To encourage more investment in the province the authorities, especially the provincial Planning and Investment Department, have accepted the responsibility for improving facilities for investment by introducing faster and more effective services.
The department next year plans to issue investment licences or concession agreements worth US$7 million to eight businesses, of which five projects require foreign investment of US$4.5 million.
To reach the target, the department will organise meetings to discuss investment experience with other provinces, focusing particularly on investment policy, and will continue to improve the allocation of responsibility to each section.
In the last few months, the provincial authorities have approved land concessions for investment in livestock breeding to a Lao company and tourism services in Viengxay district to Vietnamese companies.
Despite investment in the mining sector seeming more attractive to investors at the moment, the department expects that agriculture will be the main producer of economic growth.
The authorities consider that mining is a short term resource while agriculture is sustainable and more environmentally friendly, and most of the local people are planting crops and breeding livestock for their own family well-being.
The department reported that the province expects socio-economic development in the next fiscal year to have an average growth rate of at least 12.49 percent.
The province's gross domestic product (GDP) is expected to reach more than 2 trillion kip with income per capita set to be about 6.61 million kip per person per year.
The agricultural sector will cover 52.78 percent of GDP growth with the service sector contributing 25.61 percent and the industry sector 21.61 percent.
The department is confident that the agricultural sector next year will increase to about 54.54 percent of GDP growth with the rest continuing to be covered by the service and industry sectors.
vientiane times
