Lam Dong promotes potential, opens door for investors
Located in the Southern key economic region, a dynamic area with high economic growth and potential market, Lam Dong has advantages in promoting socio economic development, attracting foreign investors, namely Australian investors.
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Located in the southern part of Central Highland, Lam Dong is a mountainous province with an area of 10.000 km2 (ranked 7th nationwide). It comprises 10 districts and 2 cities. The province also serves as an important bridge connecting three Southeast regions: Central Highlands, North Central and Central Coast.
Lam Dong has around 1,3 million people, with 798.280 working-age people (accounting for 60%), as trained workforce occupies over 70%. In 2022, its average GRDP reached 3.7 billion USD. Its average GRDP per capita reached 2.8 thousand USD, while its average GRDP growth rate reached nearly 9%. In 2022, the province’s provincial competitiveness index ranked 17th in the country.
In recent years, Lam Dong has attracted 974 projects, with a total capital of 144,200 billion VND (equivalent to 6,324 million USD). There were 98 projects with foreign capital investment (FDI) from 19 countries, with a total capital of 12,570 billion VND (equivalent to 551 million USD) and a total area of 2,234.8 hectares.
Utilizing its potential
Location-wise, Lam Dong is geographically, geo-economically, and politically important, with implications for political stability, security and defence, and environmental protection. In addition, it possesses rich, abundant and diverse resources for sustainable tourism with diverse ethnicities, and friendly and hospitable people. Its economy is comparatively big in the Central Highlands, with ample ability to mobilize a large amount of capital.
Lam Dong is also known for its economic region of highly efficient, smart, circular and mass-produced agriculture; hi-tech organic ecology with specialized farming areas, especially vegetables, flowers, tea, coffee, etc. The province has over 320,000 hectares of agricultural land, of which 66,150 hectares of production meet high-tech criteria, 520 hectares apply smart technology and digital technology, and 1,500 hectares are certified organic. Annual vegetable output reaches 2.8 million tons; flowers reach over 3.9 billion branches; tea reaches over 160.000 tons each reaches over 600.000 tons,etc.
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| As tourism development is one of its strengths, Lam Dong is one of 25 key tourist spots in Vietnam |
As tourism development is one of its strengths, Lam Dong is one of 25 key tourist spots in the country, especially with eco-tourism, sightseeing, relaxation, conferences, tourism combined with high-tech agriculture, flower tourism, cultural tourism, adventurous travel...
The processing industry is identified as one of Lam Dong’s important factors, contributing to the development of the agriculture sector. Post-harvest preservation and processing centers have been est centers. There are two industrial parks in operation: Loc Son and Phu Hoi with 292 hectares, as Phu Binh is planned to occupy another 246 hectares.
In addition, detailed planning for 10 industrial zones has been approved with a total planning area of 352 hectares; among them, 6 industrial clusters have been established. The province has attracted 86 projects with a total registered investment capital of 4,990 billion VND and 106,13 million USD at 2 industrial parks; Moreover, there are 31 projects with a total registered investment capital of over 2,000 billion VND and nearly 21 million USD in industrial clusters, with occupancy rate of 80% in Loc Son Industrial Park, 100% in Phu Hoi, and 51.52% in industrial clusters.
Australia - a potential market for Lam Dong
However, direct investment capital from Australia into Lam Dong is not yet commensurate with the potential and strengths of Lam Dong. In recent years, Lam Dong’s exports to Australia mainly consist of green coffee beans, flowers and aluminium. Specifically, Australia is the biggest market of freshly cut flowers, as it is one of the four largest importers of Lam Dong’s flowers.
This will be a potential market for Lam Dong, especially when the province seeks to build Da Lat into a Southeast Asian fresh-flower production center. Australia is centring on Lam Dong’s top-10 tourism markets. In 2022 and the first half of 2023, 6062 Australian tourists have come to Lam Dong. At the moment, Lam Dong is seeking to promote cooperation and investment in agriculture and tourism. It also explores the market, connecting and promoting the export of the province's advantageous agricultural products flowers, (such as durian, coffee, processed agricultural products) to the Australian market.
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| Lam Dong promotes trade, introduces farm produce in Australia. |
As a result, at the end of 2022, a delegation from the Lam Dong People’s Committee visited, worked and promoted trade in Australia. Notably, the delegation introduced Lam Dong’s agricultural products to consumers in Australia at the Foreign Affairs Center at the Consulate General of Vietnam in Sydney, Australia. With the goal of promo to promote products, especially agricultural goods, the event attracted great attention from partners and investors. It has introduced more than 70 Lam Dong’s specialized agricultural products to Australian consumers.
These received many positive feedback from businesses and consumers. Several Australian businesses and investors have asked the province to look into the export of Lam Dong coffee to Australia. Australian businesses and investors were also impressed with the high quality of Lam Dong’s sampled agricultural products at the event.
In the coming time, Lam Dong will continue to connect with the Embassy of Vietnam in Australia, the Consulate General of Vietnam in Sydney and continue to proactively connect with the authorities of Sydney, Melbourne, Australia, as well as the Vietnam Business Association in Australia (VBAA) to strengthen and promote exchanges, cooperation between province’s exporting businesses with Australian importers.
Lam Dong calls for Australian businesses to explore opportunities for cooperation, trade in agricultural production and processing of coffee, vegetables, flowers, etc. The province also commits to creating favourable conditions for Australian businesses to come and learn about the investment environment, as well as connecting for further trade and tourism activities with Lam Dong’s counterparts.
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