Lam Dong lures Japanese capital into agriculture, tourism

This event attracted around 130 local and international enterprises with two-thirds from Japan.

Nguyen Xuan Tien, chairman of Lam Dong Province, said that the Central Highlands province has many projects in the tourism and high-tech agriculture sectors. Meanwhile, Japanese enterprises have showed a strong interest in the investment environment of Vietnam.

Seven projects were introduced to Japanese investors in this seminar, focusing on the fields of travel, culture, sports and high-tech agriculture.

The province also introduced to investors the Dau Giay-Lien Khuong expressway project that connects Lam Dong with Dong Nai Province. The road is expected to stretch around 200 kilometers with the total investment of US$2.5 billion.

Tien said the province attaches much importance to the expressway project. If the project gets rolling, it will be easier for the province to lure local and overseas investment capital and speed up economic development.

Japan’s Consul General in HCMC, Hida Harumitsu, said that there is increasing investment of Japanese investors in Vietnam. Japanese capital accounted for roughly a half of the total foreign direct investment capital into the country in the January-November period.

Japanese firms have been shifting business into foreign markets such as Vietnam, Indonesia and Thailand due to problems of the domestic market like Japanese yen appreciation, labor scarcity, high labor cost and the shrinking consumption market.

Vietnam in general and Lam Dong Province in particular should seize this opportunity to lure more Japanese capital flow, Harumitsu said.

Tien at the seminar pledged to continue improving investment and business environment in Lam Dong Province and supporting investors. The province will focus on completing infrastructures and manpower training.

Lam Dong will simplify administrative procedures to create favorable conditions for enterprises and investors, Tien added. The province will also tackle difficulties in land, capital access and site clearance to help speed up projects.

Besides preferential polices offered by the central Government, Lam Dong Province has launched many incentives for investors, especially those in the fields of vocational training, high-tech agriculture, farm produce processing and building material production.