Northern midland and mountains attractive to investors

15:34 | 29/11/2013 Economy

(VEN) - With favorable a geographical location, rich natural resources and stable economic growth rates, the northern midland and mountainous region has become one of investment destination in the country.

Lao Cai International Border Gate

Appeals from the position and resources

The northern midland and mountainous region benefits from being bordered on the north by the three Chinese provinces of Guangdong, Guangxi and Yunnan; on the west by Laos; on the south by the Red River Delta; an on the east by the Tonkin Gulf. The region also includes the major international border gates of Huu Nghi, Mong Cai, and Lao Cai, offering opportunities to improve domestic and foreign economic exchanges.

The region is also considered to have the most abundant natural resources in Vietnam, including minerals such as apatite (accounting for 100 percent of the total national reserves), copper (accounting for 70 percent), and rare earths (accounting for nearly 100 percent). This is a huge potential for developing mining industry and mineral processing, contributing to the development of the country.

In particular, the varied climate helped develop local agricultural sector. A variety of crops and livestock, including specialty crops of high economic value such as tea, anise, cinnamon, plum, apricots, and many medicinal herbs, have been adopted and offer agricultural processing industry opportunities to develop. There are many ranked historical sites here favorable for tourism development such as Dien Bien Phu City, Son La Prison, Pac Po Cave, and the reservoirs of Nui Coc and Ba Be.

In the 2006-2010 period, regional GDP growth reached 10.5 percent. In the 2011-2015 period, it is expected to reach 7.5 percent.

Government investment interest

In recent years, the region has received major support from the government through national target programs, program 135, and the national projects. Thanks to this support, many major hydroelectric power plants will be built in the region such as Son La, Na Hang, and Lai Chau.

The prime minister recently issued a master plan for regional socioeconomic development until 2020, with set targets such as average GDP growth rate of 7.5 percent during the 2011-2015 period and above 8 percent during the 2016-2020 period; poverty reduction from 3-4 percent and a 65 percent increase in the percentage of trained workers by 2020.

To achieve these targets, the government is promoting the construction of infrastructure in the region. A series of major transportation projects have been carried out such as the Hanoi - Thai Nguyen, Ha Noi - Lao Cai and Ha Noi - Lang Son highways. These projects will contribute to boosting regional economic exchanges and also create opportunities for regional socioeconomic development./.

By Nguyen Hoa