Foreign investment in ethnic minority areas is not commensurate with potential

DNVN - Foreign investment in Vietnam's ethnic minority areas is not commensurate with its potential. "Soft" limitations in knowledge, skills, experience... have negatively impacted and affected the situation and results of foreign investment.

The information was emphasized by Dr. Hoang Van Xo - Director of the Department of International Cooperation (Committee for Ethnic Minorities), at the signing ceremony of the strategic cooperation agreement between the International Investment Research Institute Company Limited (ISC) and the Department of International Cooperation on June 17 in Hanoi. The strategic cooperation agreement was signed to promote foreign investment and enhance investment promotion in Vietnam's mountainous provinces.

According to Dr. Hoang Van Xo, in recent times, the socio-economic situation 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 locality and develop sustainably, in addition to domestic resources, foreign investment is needed - an important channel to attract investment.

Delegates from both sides took souvenir photos.

"Reality shows that foreign investment in ethnic minority areas is not commensurate with its potential. The "soft" limitations in knowledge, skills, experience... have negatively impacted and affected the situation and results of foreign investment," the Director of the Department of International Cooperation emphasized.

Mr. Xo also affirmed that cooperation with ISC will open up new prospects for mountainous localities in improving the quality and efficiency of foreign investment cooperation, contributing to promoting comprehensive socio-economic development.

The Ethnic Committee, with its role and functions assigned by the Government, is fully capable of connecting and introducing foreign enterprises to localities. The Ethnic Committee will provide maximum support to connect and bring foreign investment to localities with ethnic minorities.

Mr. Phan Huu Thang - Chairman of ISC and Chairman of Vietnam Industrial Zone Finance Association (VIPFA) expressed his belief in the core value of the development orientation of "leaving no one or any locality behind" of the Party and State of Vietnam.

“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,” said Mr. Phan Huu Thang.

According to the cooperation agreement, the two sides will provide training in legal knowledge, state management skills on foreign investment and investment promotion for officials of mountainous provinces; preside over and coordinate with each other to organize and implement investment promotion activities in mountainous provinces; and advise each other on activities related to international investment cooperation within the scope of each side's functions and tasks.

The ISC Chairman assessed that the signing event marked an important step in mobilizing international resources and capacity to develop the socio-economy in mountainous ethnic minority areas, improve the quality of life of people and promote Vietnam's international integration process.

Minh Thu

Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/du-tu-nuoc-ngoai-tai-vung-dan-toc-thieu-so-chua-xung-voi-tiem-nang/20240618055745484