My Thuan bridge boosts investment in Vietnam's Vinh Long
HANOI - The opening of the new My Thuan Bridge in May has had significant positive effect on
investment in the Mekong River Delta province of Vinh Long.
Deputy Head of the Vinh Long-based Bac My Thuan Industrial Zone, Dinh Hoai Long, said Vinh Long authorities will hold a
seminar on development potential in the province to attract foreign investment.
At present, though construction work is yet to start on the industrial zone, eight investors have signed a memorandum of
understanding to rent nearly 40ha of industrial land with a total investment of US$53.5 million and VND30 billion.
Of this, Nguyen Van Chac, an overseas Vietnamese investor from Australia, will invest US$40 million in a factory to
manufacture engines, including automobile engines.
Other investment projects cover areas like animal feed, aqua products, carpets, and vegetable oil production, packaging, food
processing, construction materials, fruit processing, and waterway traffic safety equipment.
"The construction of the My Thuan Bridge is really an effective marketing tool and a catalyst for investment in Vinh Long
Province," Long said.
"Many investors came to Vinh Long formerly to explore the investment environment but failed to make an investment decision.
It is different this time. They come and they invest."
Long said foreign investment in Vinh Long Province has shown positive signs with the number of foreign investors establishing
relationships with the province increasing by 50 per cent compared with the time before the My Thuan Bridge opened.
A local official said investors from Hong Kong, Singapore and France have also expressed their wish to invest in the proposed
Binh Minh Industrial Zone, even though the IZ is yet to be approved.
Domestic investment in the province has also increased, with total investment this year several times higher than in 1999, local
authorities said.
The Vinh Long Department of Planning and Investment has so far this year licensed nearly 120 enterprises, including
state-owned enterprises, private firms, joint stock companies, branch offices and representative offices, compared with only 34
businesses licensed last year.
Vietnam News Agency - December 27, 2000.
|