Favourable investment conditions in the northwestern province of Lai Chau should significantly increase the number of new projects in the area over the next few years, said Vu Manh Hung, deputy head of the provincial Department for Planning and Investment.
An investment decision that came into force last month entitles new investors in certain priority sectors to benefit from free land and water area leasing. They will also be able to get assistance with infrastructure construction, land-clearance compensation and labour training.
"These projects will be entitled to 100 per cent assistance in building electricity and water supplies and drainage systems, as well as 50 per cent in land-clearance compensation. In addition, they will get 100 per cent compensation for mine and bomb clearance [where applicable]," said Hung.
Hung added that they would also be entitled to receive a training-assistance grant of VND1 million ($63) per local employee.
Lai Chau authorities were looking to boost investment in the agriculture and forestry, construction, tourism and service sectors, said Hung.
In the agriculture sector, the province was particularly keen to generate investment in tea production, organic vegetables and household plants, Hung said.
Officials said major potential tourist destinations included Ban Chat, Huoi Quang, Ho Thau and Thien Son.
Hung said the provincial authority had invested heavily in its infrastructure to attract investment.
Hung added that a number of sites in Lai Chau were available for lease for up to 50 years at favourable rates.
Meanwhile, there has been massive investment in Lai Chau Town, and urban centres in Phong Tho and Tam Duong districts, as well as the Ma Lu Thang border economic zone.
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