“Dong Nai should establish financial company as to catch potential investment flow”

Mrs. Dang Thi Kim Nguyen was awarding certificates of merit to units that made active contributions to Cau Moi Lake state bond issuance.

He highly valued the brave action of Dong Nai province to separate DDIF from Dong Nai Development Support Fund as to become an independent credit organization. Thus, it had helped provincial authorities to speed up the economic development and to mobilize capital for provincial projects. He unveiled that DDIF was one of the 5 credit organizations in country which had operated effectively. It was the second organization (after Ho Chi Minh City’s Urban Development Investment Fund) to issue state bond for construction projects. He added that the charter capital of DDIF was still low. Therefore, it had to draw blueprint measures as to increase its capital and to enhance its capacity. He reminded DDIF that it should expand the scope of its operations and ask the provincial authorities for permission to transform it into a finance company based on its existing system including many independent enterprises as to catch potential investment flow, especially foreign investment.

Mrs. Dang Thi Kim Nguyen, Deputy Chairwoman of the Provincial Peoples’ Committee and President of DDIF Executive Council, was highly agreed with the representative of Finance Ministry’s proposal. She admitted that DDIF would mobilize more money in the province for increasing their capital. At the same time, professional skills of her staff should be graded as to have enough capacity to particiapte in capital and stock markets as well as to integrate into the regional and world trade.

She unveiled that the province were willing to consign the management of its capital invested in joint venture to DDIF and allow DDIF to mobilize capital in the province by issuing state bonds for investing in the provincial projects. During past 5 years, it had lent money to 600 projects in the local with their loans hit up VND 932.140 billions. Besides, many projects of upgrading public utilities and expanding production of the local enterprises as proposed by Dong Nai Electricity Company, Donafoods company Ltd., Viet Thanh Ceramic Corporation, Tien Triet Infrastructure Company etc. have enjoyed soft loans.

(Source Dong Nai Newspaper)