Resolution No.10-NQ/TW by the Politburo on developing the foreign-invested economy opens up a novel mindset in attracting investment, prioritizing quality, technology, along with innovation. For Dak Lak province, implementing the Resolution is expected to be a driving force in improving the investment environment, enhancing competitiveness, combined with attracting large-scale projects.

From attracting capital to creating value

Resolution 10 aims to shift from attracting FDI through incentives to selecting projects with high quality, advanced technology, alongside high added value. Leveraging its position as the hub of the Central Highlands region, Vietnam's third-largest province by area, together with increasingly improved transportation infrastructure,  Dak Lak province concentrates on four growth pillars, including high-tech agriculture alongside deep processing of export fruits; renewable energy; logistics infrastructure; ecotourism rooted in cultural identity.

According to Ms. Bui Thi Ngoc Dung, M.Sc., Institute of Agricultural Planning and Design, Dak Lak province has early identified high-tech agriculture as one of the driving forces for development, thus it is establishing high-tech agricultural zones in conjunction with implementing preferential policies to attract investment.

Dak Lak expecting Resolution 10 to be a driving force in improving the investment environment, attracting large-scale projects, combined with creating momentum for economic development in the coming phase. In the photo: VNM Beta Energy Co., Ltd. starting the Buon Ho 1, Buon Ho 2, and Cu M’gar 2 wind power plant projects with total investment exceeding 2 trillion VND.

The entire province currently has more than 15,000 hectares of high-tech agricultural production, attracting 214 investment projects spanning agriculture, forestry, fisheries, livestock, combined with crop cultivation, which is an vital foundation for drawing high-quality investors alongside investment projects.

KCP Vietnam Industrial Co., Ltd. (Son Hoa commune) is a wholly Indian-owned enterprise that has been operating for the past 26 years, contributing to generating significant values for industrial coupled with agricultural production. According to Mr. K.V.S.R. Subbaiah, the General Director, KCP has increased the daily capacity of the Son Hoa Sugar Mill to 10,000 tons of sugarcane, invested in a 30 MW biomass power plant, as well as increased the capacity of the Dong Xuan Sugar Mill to 1,000 tons of sugarcane daily with a total investment of 110 million USD, generating income for approximately 12,200 farming households in 58 communes in the eastern Dak Lak and Gia Lai provinces.

According to the Department of Finance, the province has had 60 foreign investment projects with a total registered capital of approximately 2,213 million USD, basically implemented on schedule.

Turning opportunities into reality

According to Mr. Hanayoshi Hironori, Administrative Director of Concept Eyewear Manufacture Vietnam Co., Ltd. (Hoa Hiep ward), the company has consistently received active support coupled with cooperation from the PPC along with the state management agencies in the area, from investment licensing procedures in conjunction with land preparation to infrastructure development, etc. He hopes that the province would continue to accelerate the digitalization process, enhance data sharing, as well as standardize the document-handling process to build an increasingly transparent and favorable investment environment.

Workers producing at Concept Eyewear Manufacture Vietnam Co., Ltd.

To make Resolution 10 a driving force for development, Dak Lak province is continuing to strongly improve the investment alongside business environment; streamline administrative procedure reform; prepare land funds together with infrastructure for industrial parks and logistics; compile a portfolio of priority projects targeting strategic investors; especially accompany businesses throughout the project implementation process; improve the workforce quality, while strengthen linkages between FDI enterprises alongside local businesses.

Addressing the Provincial Planning and Investment Promotion Conference, the Provincial Party Secretary, comrade Luong Nguyen Minh Triet affirmed the provincial determination to build a proactive government, accompanying businesses, improving the investment environment, using science, technology, innovation, combined with digital transformation as driving forces, while laying institutional reform as a foundation to attract strategic projects coupled with international resources, creating momentum for rapid and sustainable growth.

Translated by TRINH THUY