Exploiting resources, unblocking investment capital flows

Based on its existing potentials and advantages, Lam Dong is continuing to promote administrative reforms to create a favorable investment and business environment; accompanying and resolving difficulties and problems of investors to attract more quality investment capital, contributing to creating growth momentum for the province.

Lâm Đồng: Khai thác nguồn lực, khơi thông dòng vốn đầu tư

Da Lat city is the economic administrative center of Lam Dong province.

Lam Dong is a province located in the Southern Central Highlands region with an altitude difference of 300 to 1,500m above sea level, an average temperature of 18-25oC with an area of 9,781.20 km2. The South and Southeast borders Binh Thuan province; the East borders Khanh Hoa province - Ninh Thuan province; the North borders Dak Lak - Dak Nong province and the Southwest borders Dong Nai province - Binh Phuoc province.

Lam Dong has 12 administrative units including two cities and 10 districts; Da Lat city is the economic administrative center of the province. The population of the whole province is over 1.3 million people with 43 ethnic groups living. Located in the Southern key economic region - a dynamic area with high economic growth rate and a market with great potential, Lam Dong has many potentials and strengths for socio-economic development.

Exceeding socio-economic targets

In the context of many difficult developments and new challenges in the world and in the country, thanks to the support of the Central Government, the timely and close leadership and direction of the Provincial Party Committee and the drastic, flexible and reasonable participation of the entire political system, in 2022, the Covid-19 epidemic situation began to be effectively controlled, creating a premise to promote the recovery and strong development of production and business sectors and fields compared to the same period in 2021. Most of the socio-economic development targets were completed and exceeded compared to the plan set out in the Resolution of the Provincial Party Committee and the Provincial People's Council, contributing to making up for the targets not achieved in 2021 due to the severe impact of the Covid-19 pandemic.

Gross domestic product GRDP increased by 12.09%; of which: agriculture, forestry and fishery increased by 5.02%; industry and construction increased by 9.55%; service sector increased by 21.21%. In terms of economic structure, agriculture, forestry and fishery accounted for 38.62%, industry and construction accounted for 20.38%, service sector accounted for 41%.

Average GRDP per capita is 77.67 million VND; average social labor productivity growth rate is 16.5%. Total state budget revenue in the area is 13,200 billion VND, up 19.89%, equal to 120% of the local estimate; of which, revenue from taxes and fees is 8,313 billion VND, up 25.2%, reaching 131.9% of the local estimate.

The province's total export turnover in 2022 reached 886.7 million USD, up 27.3% over the same period. Tourists reached 7 million, up 340% over the same period; of which: international visitors reached 150,000, reaching 100% of the plan, up 700%; visitors through accommodation registration reached 5.5 million, reaching 110% of the plan, 300% over the same period.

The industrial production value is estimated at VND 23,565 billion, up 15.3%, reaching 110.3% of the plan; the industrial production index is estimated to increase by 13.2%. Some major industrial products achieved good growth. In December 2022 alone, the industrial production index is estimated to increase by 1.79% over the same period; the manufacturing and processing industry increased by 13.46%, the production and distribution of electricity, gas, hot water, steam and air conditioning increased by 0.93%...

Lam Dong continues to develop linkage chains in industrial processing and manufacturing activities associated with domestic product consumption and export with key product groups such as: tea, coffee, silk, flowers, vegetables, fruits, medicinal herbs... according to Resolution No. 21-NQ/TU dated May 25, 2022 of the Provincial Party Committee on industrial and handicraft development to 2025, with a vision to 2030.

Xuan Huong Lake at night.

With the close and drastic direction of the Provincial Party Committee and the Provincial People's Committee, the progress of public investment disbursement has achieved positive results, being among the localities with high disbursement rates in the country and being commended by the Prime Minister in Official Dispatch No. 1076/CD-TTg dated November 10, 2022. The total allocated and assigned public investment capital plan for 2022 is VND 6,487.3 billion (including: the plan assigned for 2022: VND 5,764.5 billion and the extended capital transferred from 2021: VND 722.8 billion); public investment capital disbursement in 2022 reached over 95%.

The Provincial Party Committee, the Provincial People's Committee and the Provincial National Assembly Delegation regularly make recommendations and work with the Government, the Prime Minister and the Central Ministries and branches to accelerate the implementation of key projects and achieve many positive results such as: the Tan Phu (Dong Nai province) - Bao Loc (Lam Dong province) expressway project has been approved by the Prime Minister in Decision No. 1386/QDTTg dated November 10, 2022, with a length of 66km, a total investment of 17,200 billion VND; the Bao Loc - Lien Khuong expressway project has a length of 73.6km, a total investment of about 19,520 billion VND, approved by the Provincial People's Council in 7 Resolutions No. 151/NQ-HDND dated December 9, 2022 and started construction of the projects in 2023.

Promoting internal strength, promoting investment attraction from outside

In 2022, the province attracted 23 projects with registered capital of about 19,690 billion VND (of which, 2 wind power projects with a total investment of 4,500 billion VND were attracted); bringing the total number of projects in the province to 977 projects with a total registered capital of about 146,052 billion VND. Some major projects were completed and put into operation in 2022, such as: Hoang De Trade Center and Hotel Complex; Dai Binh Hydropower Plant, with a total investment of 1,286 billion VND...

Regarding foreign direct investment (FDI), Lam Dong province currently has 98 FDI projects from 19 countries and territories, mainly Taiwan (China), Japan, Korea, Singapore... with a total investment capital of about 12,570 billion VND (equivalent to 551 million USD), with an area of 2,234.8 hectares.

Attracting investment in projects using non-budgetary capital, especially foreign investment projects, is still not commensurate with the potential and advantages of Lam Dong province. Most of the investment projects in Lam Dong are small projects, mainly investing in the field of agricultural production combined with preliminary processing; of which 90 FDI projects have been fully completed and put into production and business; 4 FDI projects have been partially completed and put into operation. Up to now, the total FDI investment capital deployed in Lam Dong is about 9,251 billion VND, equal to 73.6% of the total registered investment capital.

Tuyen Lam Lake

For sustainable development in the integration period, the province has determined that besides promoting internal strength, attracting investment capital from outside is extremely important. Therefore, Lam Dong calls on domestic and foreign enterprises and investors, especially those from the world's largest developed economies (G7) to learn about and invest in the province's advantageous fields on the principle of equal cooperation, contributing to creating a breakthrough, promoting Lam Dong's economy to develop rapidly and sustainably.

The Provincial People's Committee directed all sectors and levels to implement many solutions to remove difficulties and obstacles in the process of business operations and project implementation; speed up the promotion and attraction of non-budgetary investment projects in the province. Localities have proactively reviewed land funds and areas with the potential to attract investment in the province to propose projects or make plans (for areas without plans).

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