Promoting foreign investment in mountainous ethnic minority areas

Strategic steps towards a sustainable development future for mountainous regions; opening up new opportunities and prospects for mountainous localities in attracting investment and economic development.

The International Investment Research Institute (ISC) Company Limited and the Department of International Cooperation under the Committee for Ethnic Minorities have recently signed a strategic cooperation agreement to promote foreign investment and enhance investment promotion in Vietnam's mountainous provinces.

According to the signed cooperation agreement, ISC and the Department of International Cooperation will closely coordinate in three key areas: (1) Training in legal knowledge, state management skills on foreign investment and investment promotion for officials of mountainous provinces; (2) Chairing and coordinating the organization of investment promotion activities in mountainous provinces; (3) Consulting each other in activities related to international investment cooperation.

Speaking at the event, Dr. Hoang Van Xo emphasized the importance of attracting foreign investment in sustainable development of ethnic minority areas, in addition to official development assistance (ODA). In recent times, the socio-economic development of ethnic minority and mountainous areas has had positive changes, achieving certain results. However, this is still the poorest region in the country. To exploit the potential strengths of the region, aiming at sustainable development, in addition to domestic resources, foreign investment is needed - an important channel to attract investment.

Reality shows that foreign investment in ethnic minority areas is not commensurate with the potential. In particular, "soft" limitations (in terms of knowledge, skills, experience, etc.) have affected the situation/results of foreign investment. Mr. Hoang Van Xo affirmed that developing ethnic minority areas has always been a priority policy of the Party and Government , so cooperation with ISC will open up new prospects for mountainous localities in improving the quality and effectiveness of foreign investment cooperation, contributing to opening up new opportunities, promoting diverse and comprehensive development for mountainous areas.

The Ethnic Committee, with its role and functions assigned by the Government, can fully connect, introduce, and provide maximum support to foreign enterprises in ethnic minority areas, and will closely coordinate with ISC to implement this idea. It is expected that this year, the Committee and ISC will be able to promote cooperation in two to three localities.

Expressing his belief in the core value of the development orientation of “Leaving no one/locality behind” of the Party and State, Dr. Phan Huu Thang, Chairman of ISC and Chairman of the Vietnam Industrial Zone Finance Association (VIPFA), affirmed that ISC voluntarily participates in this orientation through cooperation with the Ethnic Committee, in order to jointly promote socio-economic development for mountainous localities.

“With its capacity and experience in the field of international investment, ISC wishes to contribute to the Government's joint efforts in supporting mountainous localities to attract effective investment, improve the quality of life of the people and contribute to the sustainable development of the country,” emphasized Dr. Phan Huu Thang.

With strategic vision and strong commitment, the cooperation between ISC and the Ethnic Committee promises to bring new opportunities and prospects for mountainous localities in attracting investment and sustainable economic development.

In addition to the three key areas specifically mentioned in the cooperation agreement, Dr. Phan Huu Thang said there will be many other tasks to be done to achieve the set goals. “Therefore, in the process of implementing this cooperation agreement, the two sides will discuss to carry out newly arising tasks to do the best, as much as possible, thereby contributing to improving the quality and effectiveness of foreign investment cooperation activities in mountainous provinces,” said Mr. Phan Huu Thang.

Speaking at the signing ceremony of the cooperation agreement, Ms. Arabella Bennett, Second Secretary, Economic Section - Australian Embassy in Vietnam said: “We have worked with ISC and the Committee for Ethnic Minorities for many years through a number of research projects and are delighted that the cooperation between the parties is very good.”

According to Ms. Arabella Bennett, all the issues mentioned at the signing ceremony, including connectivity, infrastructure development and human resources, are very important. Therefore, Australia wishes to continue to cooperate with Vietnam, both in the provinces and beyond, to improve these factors. “I look forward to continuing to cooperate with both the ISC and the Committee for Ethnic Minorities, and we will continue to support the delegation’s upcoming visits to Australia to implement investment promotion activities,” said Ms. Arabella Bennett.

Source: https://thoibaonganhang.vn/thuc-day-dau-tu-nuoc-ngoai-vao-vung-dan-toc-thieu-so-mien-nui-152725.html