Farm produce from Lam Dong province is introduced at an investment promotion conference in Da Nang. The central Highlands Province has called for 53 investment projects with total US$2.8 million. — VNS Photo Cong Thanh

DA NANG (Biz Hub) — Lam Dong, the Central Highlands province is  seeking investments for 53 projects worth US$2.8 billion in transport, industrial zones, bio-technology, and hi-tech farming, in addition to food processing and tourism.

Deputy Chairman of the province's people's committee Phan Van Da made this announcement at an investment promotion event in Da Nang last week.

Da said the province offers preferential policies and smooth conditions for investors in boosting connectivity between Lam Dong and cities and provinces in the central region.

"The province is eyeing four key projects such as Da Lat-Thap Cham railway system, the Dau Giay-Lien Khuong Expressway, the Tan Phu Industry - Agriculture Zone, and Da Lat Bio-Technology and Hi-tech Agriculture," Da said.

"We have also included centralised information technology, tourism, trading centres, and living quarters, in addition to aquaculture, flower and farm produce transaction centre and international hospital projects," he said, and added that all projects have been included in the provincial Master Plan to 2030 and vision to 2050.

Dang Xuan Quang, deputy head of the foreign investment agency under the Ministry of Planning and Investment, said Lam Dong has a huge potential of investment in tourism, hi-tech farming, but reforms in the investment environment is still seen as the biggest challenge.

He said the province should offer good infrastructure to investors, fast administrative reforms as well as preparation of a skilled labour force.

According to Deputy Director of the Provincial Planning and Investment Department Phan Van Dung, Lam Dong itself offers preferential policies for investors including land rent exemption, income tax, human resource training support and free import tax for initial project construction.

The Central Highlands Province hosted 5.1 million tourists, of which 220,000 were foreigners, in 2015.

Vegetable, flower and coffee beans are the key farm produce in the province which include 2 million tonnes of vegetables, 410,000 tonnes of coffee beans and 2.5 billion flowers each year.

Lam Dong has been developing the Da Lat vine brand plant with a capacity of 5 million litres per year.

Till date, the province has attracted 103 foreign direct investment (FDI) projects worth $580 million.

Covering on 597,000ha, the province has two national parks – Bidoup-Nui Ba and Cat Tien – and UNESCO-recognised World Biosphere Reserve Lang Biang.

Last year, the province put into operation the Dong Nai 2 hydropower plant, which provides 263.8 million kilowatts of electricity per hour to the National Power Grid. — VNS