Drawing investors to dynamic economic zones

With their own advantages, the dynamic economic zones are becoming attractive destinations for investors.

Located in the intersection of the borders of Vietnam, Cambodia and Laos and one of five provinces in Tay Nguyen (the Central Highlands), which is not far from dynamic economic zones in the central region, Kon Tum Province is an important area on the international trade corridor linking Myanmar, the northeast of Thailand, the south of Laos, and the Central Highlands, the central coastal region and the southeast of Vietnam. This is also the shortest east-west trade corridor through the Bo Y International Border Crossing, and the first gateway for Kon Tum to integrate with countries in the region.

Following the development direction until 2015, with a vision to 2020, Kon Tum has identified three dynamic economic zones – the city of Kon Tum with the Hoa Binh and Sao Mai industrial zones, the Kon Plong Key Economic Zone with the Mang Den Eco Tourist Resort, and the Ngoc Hoi Dynamic Economic Zone with the Bo Y International Border Economic Zone. With particular potentials and advantages, the zones would create a development triangle in the province contributing to expanding socioeconomic development cooperation with other provinces in the central region including the Central Highlands. With their own advantages, the dynamic economic zones are becoming attractive destinations for investors.

Situated between the Bo Y International Border Economic Zone and the Mang Den Eco Tourist Resort, the city of Kon Tum is the economic, political and social center of the province. It has strongly developed industry, trade, the industrial zones of Sao Mai and Hoa Binh (construction has cost about VND175.89 trillion) and new urban areas.

The Bo Y International Border Economic Zone has received the government’s highest incentives and has drawn many investors. The government wants to make the zone a border urban area and an engine/center of connection on the East-West Economic Corridor in the Development Triangle of Vietnam, Laos and Cambodia. So far, 47 investment projects have registered VND91 trillion, of which 15 have invested VND147 billion (12 projects have been completed and 3 are under construction). Although the government has transferred the Bo Y International Border Economic Zone to Kon Tum Province for management, it has maintained the incentives for the zone and has increased support for Kon Tum to make it possible for the province to improve infrastructure in the zone. Kon Tum expected that Bo Y would become a center of economic growth and connection of the development triangle for Vietnam, Laos and Cambodia. The development in Bo Y would also be connected with upgrading Plei Kan Town to a Grade-4 city.

With advantages and potentials for tourism development, the Mang Den Eco Tourist Resort has become a tourist center in Kon Tum and a destination for many investors and tourists, both at home and abroad. The authorities in Kon Tum have proposed that the Ministry of Construction accelerate the pace of planning the Mang Den Eco Tourist Resort and Kon Plong District and complete the Master Socioeconomic Development Plan for Ngoc Hoi District in 2011-2020, with a Vision to 2025, for adoption and development in 2011. The province will raise possible sources of capital for investment in infrastructure in the Mang Den Eco Tourist Resort and the administrative center in Kon Plong District; accelerate the pace of investment in projects to upgrade National Highway 24, Truong Son Dong and more; encourage investors to build a taxi airport in Mang Den; launch temperate vegetable/flower/aquaculture projects; urge investors to quickly launch registered projects; and recover/develop the Ethnic Minority Culture and Tourism Village in Kon Plong District. This is to make Kon Plong and Mang Den a large tourist center in Kon Tum and the north of Tay Nguyen,

Kon Tum has devised master solutions to promote investment in the province. Nguyen Van Hung, the chairman of the Kon Tum Province People’s Committee, said that the province is taking steps towards this goal. These are to (1) examine and modify provincial overall socioeconomic development and make sector plans, (2) boost administration reforms in areas related to investment projects, build capacity, improve understanding and responsibilities of sectors and local authorities in attracting investors, (3) launch a project to build provincial competitiveness and the capacity of the Kon Tum Province Investment-Trade-Tourism Promotion Center and (4) strengthen inspection and supervision of investment projects to timely tackle problems for investors to accelerate the pace of development of projects. The Kon Tum Province People’s Committee will (1) better organize dialogue/meetings with businesses to best help them, (2) increase investment promotion activities to boost investment, particularly that in key, labor-intensive sectors, difficult and particularly difficult areas to reduce the social division, (3) build infrastructure in industrial zones and border economic zones and (4) get together with businesses to strengthen the business community thus contributing to socioeconomic development, national defense and security in the province. – VEN

Tags: Vietnam economic zones