Gia Lai propels its socioeconomic development
Gia Lai propels its socioeconomic development
Gia Lai province in Vietnam’s Central Highlands region is sparing no effort on boosting development through a raft of practical actions.
Gia Lai has a raft of incentive policies that can pull in key investors and developers |
On December 16, Gia Lai People’s Council presented the approved 2025 public investment plan on using central and local budget resources to realise national target programmes, as well as the allocation of funding for socioeconomic development projects.
Accordingly, the local budget for public investment in 2025 will approximate $109 million, of which counterpart funding accounts for around $40 million, the revenue from land use fees amounts to $50 million, and the lottery contributes around $8 million.
In addition, the provincial budget surplus would approximate $7.3 million and the budget deficit is determined at $4.34 million.
Gia Lai agreed on its capital allocation plan from the central budget, with a total funding of nearly $80.75 million. Of this, domestic capital accounted for $77.3 million, equal to nearly 96 per cent, and foreign capital came to $3.4 million, covering the remainder.
The province is currently home to 12 foreign projects with a total registered capital reaching $313 million, of which five are located in Tra Da Industrial Park in Pleiku city, with a total registered capital approximating $20.6 million.
These five projects are factories involved in coffee and agricultural processing by Louis Dreyfus Commodities Vietnam from Singapore; stone processing from Viet-Euro-Stone Gia Lai from Germany; agricultural processing by Olam Vietnam’s Gia Lai branch from Singapore; and coffee processing by Atlantic Vietnam Commodities’ Gia Lai branch and passion fruit processing by Quicornac, both from Switzerland.
Dinh Huu Hoa, deputy director of Gia Lai Department of Planning and Investment, said, “The remaining seven foreign-led projects are outside industrial and economic zones with a registered capital of around $294 million, mainly focusing on share purchases and capital contribution in wind power, livestock, and agricultural and forestry product processing.”
In the forthcoming time, Gia Lai will continue efforts on attracting funding to develop the high-tech agricultural sector. Doan Ngoc Co, deputy director of the Department of Agriculture and Rural Development, said the province has thus far enticed 295 projects in high-tech agricultural production, of which 133 have acquired funding approval. Many ventures have been put into operation and yielded high efficiency.
“To attract more money in large-scale high-tech agricultural models, the province has promoted trade in diverse foreign markets such as Japan, the US, Australia, and India, as well as regularly organised domestic and provincial promotion conferences in the locality,” said Co.
Gia Lai has made further efforts to improve the local investment environment. Rah Lan Chung, Chairman of Gia Lai People’s Committee, said that in addition to regulated preferential policies and general support by the government, the province has issued its own support policies such as those on developing synchronous infrastructure; promoting the attraction of investment resources for agricultural development, processing industry, renewable energy, and tourism; and specific policies to encourage businesses to put money into rural and agriculture development in Gia Lai province.
“To accelerate administration procedure reform and further enhance competitiveness, the province has established a special taskforce to be able to resolve specific difficulties for each project timely, promote comprehensive reform of administrative procedures, and improve the local business environment, striving to accompany and support businesses from registration to operation,” Chung said.
