Lam Dong creates breakthrough to attract quality investment

Lam Dong is situated in the South Central Highlands region of Vietnam, with an altitude of 300-1,500m above sea level, creating an ideal temperature of 18-25oC. Its climate is classified as a tropical temperate zone, which is extremely favorable to growvegetables, flowers, tea and coffee. With an area of over 9,781 km2, Lam Dong has 12 administrative units including 10 districts and 2 cities, with Da Lat city as the administrative, economic and political center of the province. In the future, Da Lat will be developed into a green and heritage city, with synchronous, modern and smart infrastructure to adapt to climate change. The province’s population is over 1.3 million people with 43 ethnic groups.

Xuan Truong valley, Lam Dong province.

Lam Dong borders Binh Thuan province to the South and Southeast, hanh Hoa province - Ninh Thuan province to the East, Dak Lak - Dak Nong province to the North and Dong Nai - Binh Phuoc province to the southwest.

Lam Dong is also located in the southern key economic region - a dynamic region with high economic growth. This is a stepping stone for Lam Dong to develop its strengths and awaken the potential that not all localities have.

A positive socio-economic landscape

In the first 6 months of 2023, the Provincial People’s Committee has directed all levels, branches and localities to effectively implement many solutions across all fields, especially to remove difficulties in budget revenue, to accelerate disbursement of public investment capital, to step up the implementation of expressway projects at Tan Phu - Bao Loc and Bao Loc - Lien Khuong, to solve problems related to production, business, investment attraction, construction, land, minerals, real estate, etc. Therefore, the province recorded positive growth and results in terms of socio-economic development in the first 6 months of 2023.

Lam Dong’s economy witnessed a 5.07% growth, in which, the agricultural sector maintained a growth rate of 5.28%, playing a pivotal role in boosting the province’s economy against the backdrop of multiple difficulties. Industrial production and construction, although facing hardships, still grew by 3.24%. Services, goods trading and consumption continued to be active, growing 5.58%. Tourism continued to grow strongly as the province has organized many world-class and quality art events, attracting a large number of tourists (total number of visitors increased by 43.5%, international visitors increased by 773.1% over the same period).

The preparation of the 2021- 2030 provincial planning project, with a vision to 2050 has achieved many positive results. The plan been approved by the Central Appraisal Council and is being completed to submit to the Prime Minister for approval in the third quarter of 2023. The province also implemented specialized plans such as land use planning, forestry planning, general planning, construction planning,...

Lam Dong has established a special working group led by the Chairman of the Provincial People’s Committee to promptly direct branches and localities to remove difficulties and obstacles, support production and business, and promote socio-economic development. Administrative reform and digital transformation have been paid attention and well implemented. Leaders of the Provincial People’s Committee receive businesses and investors to promptly grasp information and solve related difficulties and problems on a monthly basis.

Investment destination of “big players”

One of the policies that Lam Dong is actively implementing is to promote policies to attract and create favorable conditions for businesses and investors. The Provincial People’s Committee has directed branches and levels to remove difficulties and obstacles for enterprises in the process of operation and project implementation, accelerate the promotion and attraction of non-budget investment projects in the province. Localities have proactively reviewed land funds and areas that are likely to attract investment in the province to propose projects or make plans (for areas without prior planning).

Da Lat pink grass hills.

In the first 6 months of 2023, Lam Dong has issued investment policy decisions for 7 domestic capital projects, with a total registered capital of VND 6,865 billion. Currently, the province has a total of 974 projects in operation, with a total registered capital of about 144,200 billion VND. Among them, 603 projects have been completed and put into operation.

In the past time, in parallel with the review, urging and removal of difficulties in mechanisms and policies for investors, Lam Dong province also continues to perform well in shaping and developing industries and fields in a synchronous manner, helping to facilitate operations for projects after completion.

Along with that, the localities do extensive review of projects’ implementation, terminating the operation of projects that are behind schedule or not implemented according to the approved plan. In which, 4 projects have been withdrawn and terminated, with a total registered capital of 350 billion VND.

Lam Dong province has issued a number of decisions approving the list of projects calling for investment in the province in many different fields. According to Decision No. 184/QD-UBND dated January 27, 2022, the province has called for investment in 142 projects, including areas such as: residential area, urban area, housing, industry, tourism, water supply and drainage, garbage treatment, and infrastructures in fields such as: technical, commerce, services, culture, sports, healthcare, education, training, agriculture...

In 2024, Lam Dong will focus on promoting investment in the fields of tourism, services, industry - handicrafts, agriculture, infrastructure, housing and urban areas.

With tourism, the province will promote the development of modern and synchronous infrastructure, especially in Tuyen Lam Lake National Tourist Area and other potential local tourism areas. In addition, Lam Dong will also attract investment to build large, modern entertainment areas, restaurants and luxury hotels.

With the service sector, the province will focus on attracting investment in projects such as: banking, trade, finance, logistics, postal, telecommunications, information technology and tourism. At the same time, the province will also create favorable conditions to build high-class commercial centers, large and modern service centers and international convention centers in Da Lat city.

In terms of infrastructure, Lam Dong will focus on investing in key traffic projects such as Dau Giay - Lien Khuong expressway, national highways 27, 55, 27C, and restoring Phan Rang - Thap Cham - Da Lat railway. At the same time, the province will also look for major domestic investment partners such as Vingroup, Sungroup, Sovico, Hung Thinh, Him Lam, Bitexco, Becamex to jointly promote the local economic development.

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