Deputy Prime Minister Vu Van Ninh made the commitment at an investment promotion conference in the Mekong Delta province of Vinh Long on November 25.
He told 700 domestic and foreign delegates attending the event that the Mekong Delta has great potential for agricultural production, aquaculture, and sea-borne economic development, citing its convenient transport system as one of its advantages.
As of September 2013 the region had attracted 802 operational projects capitalised at US$11 billion, of which US$4 billion was in official development assistance.
The government has paid special attention to the Mekong Delta planning, by building and upgrading its infrastructure constructions such as airports, roads and seaports, as well as water and power supplies, making it easier for investors to undertake projects.
As a result, the region has achieved an annual economic growth rate of nearly 12% over the past decade, with its GDP increasing three fold and annual per capita income more than doubled.
However, Ninh noted its development is not on a par with its potential, strength and resources. Its economy has not developed sustainably and the quality of growth, productivity and competitiveness is still relatively low. It has therefore not managed to attract high numbers of investment projects, particularly foreign directed investment (FDI).
To make a breakthrough in development, the Deputy PM suggested the region should diversify investment promotions, further improve its investment environment, and speed up licensed projects.
In addition, he said the Mekong Delta should make more flexible use of policies to encourage investment into areas suitable for each locality’s potential and strength. Priority will be given to infrastructure development, support industry, bio-technology, processing industry, agricultural production, tourism, services, and human resource training.
Ninh assured investors that the central government will pour more investment into the transport system, increase dialogue to address investor concerns, and guarantee their legitimate rights in the region.
He urged localities to minimise difficulties and barriers to help investors feel secure in engaging in long-term business in Vietnam.
The Mekong Delta Economic Cooperation Forum (MDEC) encompassed direct meetings with future businesses, business portfolio introduction, and exchanges with diplomatic corps.
Thirteen Mekong Delta provinces appealed for VND416 trillion and US$1.89 billion in 138 projects. They also granted investment licenses to 126 projects worth VND7,453 billion.
