Binh Thuan looks to draw $6 billion in investment

The central province of Binh Thuan will seek to raise investment capital worth VND122 trillion ($6.1 billion) for its latest five-year (2011-15) development plan, 2.7 times more than the previous one.
For the 2006–10 period, Binh Thuan mobilised VND44.5 trillion ($2.2 billion), three times higher than the outlay for the 2001-05 period, surpassing the set target by 6 per cent, the news bulletin Econet reported yesterday.
Of the VND44.5 trillion, VND11.43 trillion ($570 million), or 25.68 per cent, was sourced from the state budget for investment in traffic, irrigation, tourism infrastructure, water-supply system, education, healthcare and other projects in rural areas, particularly those inhabited by ethnic minority populations.
Through various incentive policies and by simplifying administrative procedures, the province was able to attract the remaining VND33.07 trillion ($1.65 billion) from both domestic and foreign private companies.
This year, the province recorded capital inflows of VND12.5 trillion ($625 million), 19 per cent higher than in 2009.
Binh Thuan also issued licences for 83 investment projects with a total capital of VND18.632 trillion ($931 million) this year, bringing the total number of projects in the province to 1,109 with a registered capital of VND116.1 trillion ($5.8 billion). Of these 79 are foreign-invested with a total registered capital of $1.6 billion.
While promising to create the most favourable conditions for investors to do business, the province has also urged investors to meet set deadlines. It has so far suspended 18 projects for undue delay.
The province is engaged in assigning priority levels for various projects in order to speed up work on site clearance work, compensation and resettlement of displaced residents.