Major investments in agriculture good news for central highland provinces.
Large corporations such as Vingroup, Hoang Anh Gia Lai Group (HAGL), and Him Lam Corporation have all been flocking to the central highlands to make major investments in agriculture.
The “Investment Promotion and Social Security for the Central Highlands of Vietnam” conference on May 17 in Da Lat, Lam Dong province, was told that leaders in the central highlands had granted investment licenses to 13 enterprises with total investment capital of VND16.6 trillion ($772 million) to date. Investments in agricultural development by Vingroup and beef production by HAGL were the largest.
In a memorandum signed between LienVietPostBank, the Him Lam Corporation, and Lam Dong province, over the next five to ten years the bank will invest VND20 trillion ($930 billion) in coffee development in the central highlands, with VND5 trillion ($232 million) to VND10 trillion ($465 million) also going towards developing macadamia trees and other business sectors.
Addressing the conference, Deputy Minister of Planning and Investment Nguyen The Phuong said that the central highlands is now attracting greater attention from investors. “The structure of this investment is out of balance, however, being primarily from the State budget and government bonds, while ODA and domestic and foreign investment account for a very small proportion,” he added. These large projects are expected to bring a new economic outlook to the central highlands.
The Investment Promotion and Social Security for the Central Highlands of Vietnam conference was the third annual gathering. It encouraged investors to bolster their investment in the region, contributing to rapid and sustainable economic development and improving the lives of local ethnic minorities.