Dak Lak welcomes more than $3 billion of investment

The Dak Lak investment conference heralds in a successful year for the province

The 2019 conference on investment promotion in Dak Lak took place on March 10, with the participation of Deputy Prime Minister Truong Hoa Binh, Minister of Industry and Trade Tran Tuan Anh, Deputy Minister of Planning and Investment Vu Dai Thang, and leaders of Dak Lak province.

The deputy prime minister highlighted Dak Lak’s central position in the Highlands, along with its large area of over 370 thousand hectares of fertile red basalt soil for growing industrial crops, fruit trees, and medicinal plants.

The province is also the largest coffee planting area and home to the world-famous Buon Ma Thuot coffee. Additionally, the labour force and transport infrastructure are also favourable in the province.

In 2018, Dak Lak’s economic growth was 7.82 per cent and gross regional domestic product (GRDP) reached the target of VND51 trillion ($2.2 billion). Export turnover was estimated at $600 million, state budget revenue hit VND5.5 trillion ($239 million), and GDP per capita was VND41.1 million ($1,787). There were 8,200 operating businesses in the province as of the end of 2018.

However, DPM Binh said that in order to lure in more investment to become the most developed area of the Highlands, Dak Lak should continue innovating its mindset and vision while inciting every stakeholder group to more activity.

Dak Lak should reaffirm its position as one of the country’s largest provinces and its coffee capital, as well as accelerate its growth, while ensuring sustainable development and social welfare.

For the new development period, Dak Lak needs to create a master plan for its economic sectors, urban development, and infrastructure, in line with regional and national master plans.

At the conference, under the witness of DPM Binh, the Dak Lak People's Committee handed over in-principle approvals and investment certificates to 13 projects with the total registered investment of VND14.33 trillion ($0.623 billion), and memoranda of understanding to 27 projects (of 19 investors) with the total expected investment of VND57.289 trillion ($2.49 billion).