Former demilitarized zone receives $500 million investment to boost economy

By Hoang Tao, Nhung Bui   April 18, 2016 | 02:48 pm GMT+7

New Prime Minister Nguyen Xuan Phuc spent his second weekend in office calling for investment to the former demilitarized zone. The north central province of Quang Tri granted investment certificates to 18 projects with a total investment of VND10.6 trillion ($500 million) at a meeting to promote investment and tourism on April 17.

The 18 projects focus on key development areas, including energy, high-tech agriculture and tourism. State owned bank BIDV has agreed to allocate as much as VND5.1 trillion for five projects.

Chairman of the provincial People's Committees Nguyen Duc Chinh said that the province will grant investment certificates within 10 days, allocate land as well as support water and electricity construction for new projects. The leaders also promised to directly address difficulties that investment enterprises have been facing through a hotline.

former-demilitarized-zone-receives-500-million-investment-to-boost-economy

Representatives of 18 projects which have received investment certificates. Photo by Hoang Tao

Present at the meeting, the new Prime Minister Nguyen Xuan Phuc said the province has many advantages to boost its economy. The province belongs to the East-West Economic Corridor and has many historic sites.

“Quang Tri needs to create the most favorable conditions for investors like providing good human resources. The province should also try its best to break away from its poor province status,” Phuc added.

Quang Tri is located in the northern central region, adjacent to Laos to the west and the East Sea to the east. In the past, the province was witness to the bloody battle between the People's Army of Vietnam and the Army of the Republic of Vietnam supported by the United States to pull down the Saigon government.