The macadamia nut is dubbed the "Queen of Nuts" for its outstanding nutritional value and high concentration of mono-unsaturated fats. — Photo vccinews.vn

HA NOI (Biz Hub) — Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) will lend VND18,600 billion (US$865 million) to the Him Lam joint stock company for a macadamia cultivation project in the Central Highlands.

The money will be invested in the first phase of the project to grow macadamia plants on 100,000ha of land by 2020.

It is expected that another VND18,600 billion ($865 million) will be invested in the project's second phase to expand the area for cultivating the plant to 200,000ha between 2020 and 2024.

This is the first project to grow macadamias on a large scale in Viet Nam. The Him Lam Company will supply farmers with seeds, fertiliser, and plant protection products and will teach them proper planting techniques.

The macadamia nut is dubbed the "Queen of Nuts" for its outstanding nutritional value and high concentration of mono-unsaturated fats.

The plant, indigenous to Australia, was introduced to Viet Nam in 2002 for trial cultivation in some central provinces, including Lam Dong, Dac Nong and Dac Lac. After more than 10 years under trial cultivation, it was found that Viet Nam produced a higher yield of macadamias than other countries.

Local scientists have tested and found that the north-western and Central Highlands regions have conditions best suited for the plant's growth.

By September 2014, the plant covered 1,600ha in the Central Highlands region.

However, a representative from LienVietPostBank told online news portal nld.com.vn that the plant is now growing spontaneously. He said that the project aims to turn the plant into a key industrial plant in the Central Highlands region, attract a stable source of income for the farmers and turn the region into a "macadamia kingdom" in Southeast Asia.

A seminar on macadamia planting in the Central Highlands region will be held on February 7 by the Lam Dong's People's Committee, the Central Economics Committee and the Central Highlands Steering Committee to introduce a roadmap for the project's implementation. — VNS