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PM: Provinces must provide best investment conditions

Released at: 11:43, 25/04/2016

PM: Provinces must provide best investment conditions

Prime Minister addresses conference in Lai Chau and outlines what he expects from provinces and also from investors.

by Minh Tuyet

All provinces must view the benefits to their investors as being benefits to the province and the country, Prime Minister Nguyen Xuan Phuc told a tourism and investment promotion conference in northern Lai Chau province on April 23.

In front of about 400 State staff and domestic and international investors and enterprises the Prime Minister said that he will not allow a situation where investors are treated to a red carpet only to find a nail in the weaving.

Lai Chau province, he said, has great potential to develop but must ease three important bottlenecks.

Firstly, it has to improve its administrative procedures and create an open investment environment.

Secondly, it has to bolster its relationships with neighboring countries, building a peaceful and friendly border to open the way for exports.

Thirdly, the province must not allow a gap to form between economic growth and social development, which includes living standards and the preservation of cultural identity.

The Prime Minister also expects investors to keep their word, meet their commitments, and take care of environmental protection activities.

He confirmed that the government will maintain an environment of peace and friendship and a stable macro-economic situation to assist investment.

The Lai Chau’s People Committee granted investment decisions to ten projects with capital totaling VND8 trillion ($371.8 million) at the conference.

Since 2004 Lai Chau has attracted 124 investment projects with VND204.89 trillion ($9.18 billion) in investment. Most, however, has come from the State budget via State-owned enterprises, with little in the way of private investment.

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