Unveiling the "treasures" of Dak Lak

A view of Buon Ma Thuot city, Dak Lak province. (Source: Dak Lak Provincial Department of Foreign Affairs)

Located in the heart of the Central Highlands, Dak Lak possesses a strategic geographical position in terms of economy , national defense and security, along with a convenient transportation system that easily connects with other provinces in the Central Highlands, the South Central coastal provinces, and the Southeast region.

Dak Lak is one of the development hubs in the Vietnam-Laos-Cambodia "development triangle"; it has convenient road and air connections to major economic centers such as Hanoi , Ho Chi Minh City, Da Nang, Hai Phong, and several other provinces and cities. This advantage helps Dak Lak expand its socio-economic development and cooperation with localities both domestically and internationally.

Enormous potential

Dak Lak has the fourth largest natural area in the country, with nearly 5,400 ^km² of agricultural land. The majority is fertile basalt soil, highly suitable for developing high-value, high-yield crops such as coffee, rubber, pepper, avocado, durian, and mango. The province currently has 237 OCOP (One Commune One Product) products (including 31 four-star products and 206 three-star products) that are exportable. Several agricultural products have been exported to many countries around the world, such as durian, macadamia nuts, bananas, and passion fruit. Most notably, Buon Ma Thuot coffee has become a world-renowned brand, protected by geographical indication.

Besides the products mentioned above, Dak Lak also has strengths in hybrid corn, honey, cassava, and sugarcane. The province is focusing on developing high-tech agriculture to minimize the negative impacts of climate change and maximize efficiency in agricultural production through the application of modern technology.

The province also boasts the largest forest area and timber reserves in the country, with over 600,000 hectares of forest land. Timber reserves exceed 50 million cubic meters, including many valuable species, making it ideal for processing and exporting wood products. The province has a diverse and extensive system of ponds, lakes, rivers, and streams such as Lak Lake, Ea Sup Lake, Dak Minh Lake, Ea Kao Lake, etc. Furthermore, Dak Lak possesses various mineral resources with different reserves, including some identified minerals such as kaolin clay with an estimated reserve of approximately 60 million tons, distributed in M'Drắk and Buon Ma Thuot; and brick clay distributed in Krong Ana, M'Drăk, and many other locations in the province.

Furthermore, this locality also has many other mineral resources such as gold (Ea Kar), lead (Ea H'Leo), phosphorus (Buon Don), peat (Cu M'gar), precious stones (opal, tectine), paving stones, building stones, construction sand, etc., distributed in many places throughout the province, suitable for the development of mining and processing industries.

In terms of tourism, Dak Lak has an advantage with many landmarks that can be developed in a way that combines scenic, ecological, environmental, and cultural traditions of the province's many ethnic groups, such as Lak Lake, Dray Nur Waterfall, Buon Don Tourist Area, Kotam Tourist Area, Ea Kao Lake Golf Course Ecotourism Area, etc. In particular, Dak Lak is one of the cradles nurturing the Central Highlands Gong Culture, recognized by UNESCO as a masterpiece of oral and intangible heritage of humanity.

The Buon Ma Thuot Coffee Festival has become a prominent event in the Vietnamese coffee industry in general and in Dak Lak province in particular. The 9th Buon Ma Thuot Coffee Festival, scheduled for March 2025, promises to offer investors, experts, tourists, and coffee lovers the opportunity to learn more about coffee, coffee cultivation, investment cooperation opportunities in the province, and exciting experiences through a series of activities within the festival framework, from seminars and coffee industry exhibitions to cultural and tourism events.

Opening up new avenues for development.

The Dak Lak Provincial Planning for the period 2021-2030, with a vision to 2050, along with a strong aspiration to build a more prosperous, civilized, and distinctive Dak Lak province, is opening up new development opportunities for the province.

According to the Dak Lak Provincial Planning for the period 2021-2030, with a vision to 2050, approved by the Prime Minister, Dak Lak will become a province with ecological space, unique identity, and creative connectivity, a favorite and livable destination. The province will have an economy based on a green and circular growth model, with its economic scale rising to rank among the top 25 developed provinces nationwide.

Dak Lak aims for development commensurate with its functions at multiple levels: the Central Highlands region, the nation, and the international arena.

Buon Ma Thuot City is known as the "World Coffee City," a regional urban center, a cultural center, a biodiversity conservation center for the Central Highlands and the Vietnam-Laos-Cambodia Development Triangle, and an international center for research and application of agricultural science and technology.

The province aims to have 31 urban areas by 2030; to study the establishment of the Dak Rue border economic zone; to focus on developing the Hoa Phu and Phu Xuan industrial zones; to study the establishment of new potential industrial zones (M'Drak, Ea Kar, Ea H'leo); and to develop 26 industrial clusters throughout the province. It also plans to develop a Central Highlands regional sports complex in Buon Ma Thuot city and four golf courses at Ea Kao Lake, Ea Nhai Lake, Lak Lake, and Buon Don.

Based on the set objectives, Dak Lak has identified key tasks to focus on: accelerating digital transformation, creating breakthroughs in administrative reform, improving the investment and business environment; concentrating resources to complete key infrastructure projects, prioritizing the development of science and technology, innovation, environmental protection, improving the effectiveness and quality of local promotion activities abroad, and expanding local-level cooperation.

An attractive "plus point"

With its diverse natural resources and abundant young workforce, Dak Lak has quickly become an ideal destination for domestic and foreign investors.

Over the years, Dak Lak province has consistently focused on attracting investment and has identified the investment environment as the primary factor determining the success of investment attraction in the locality. To meet the diverse needs of investors, the province has become increasingly proactive and professional in its investment promotion activities.

Specifically, the locality has closely coordinated with central ministries and agencies to advise on removing barriers related to mechanisms and policies, perfecting legal regulations; determined to promote and continuously reform administrative procedures, improve the Public Administration Performance Index (PAPI) and the Provincial Competitiveness Index (PCI) to create a favorable and transparent investment environment, and provide maximum support for investors to implement projects in the area.

The province is also making efforts to implement local promotion programs in other countries; strengthening dialogue and proactively inviting foreign businesses and investors through meetings organized in the province.

The province has also proactively completed the preparation and approval of adjustments to land use plans and general urban development plans, especially land use plans for agricultural and forestry farms transferred to local management, as a basis for competent authorities to approve proposed investment projects in the province.

A more attractive "plus point" of the investment environment in Dak Lak is that the province has focused its resources on investing in and developing socio-economic infrastructure, including a synchronous and modern transportation infrastructure. For example, the province prioritizes accelerating the investment progress of key projects to promote regional connectivity, especially the Khanh Hoa – Buon Ma Thuot expressway, the eastern ring road of Buon Ma Thuot city, upgrading Buon Ma Thuot airport, building commercial infrastructure at the Dak Rue border gate, and the Phu Xuan Industrial Park project.

This also includes developing a systematic investment promotion program; building and publishing lists of investment-attracting projects to serve as a basis for interested investors to propose projects…

With its unique and attractive features, the province has gained the confidence of many large investors who have decided to invest there. In the three years from 2021 to 2023, the province attracted nearly 113,000 billion VND in investment, accounting for 35% of the total GRDP at current prices; approximately 3,911 new businesses were established with a total registered capital of over 53,350 billion VND, bringing the total number of operating businesses in the province to 12,775.

Over the past three years, the province has approved the investment in 31 projects with a total registered investment capital of over 11,672 billion VND; approved adjustments to the investment policies for 75 projects; considered selecting investors through auction for 8 projects; and considered selecting investors through bidding for 6 projects. Thus, both capital mobilization and new projects have increased significantly, indicating that capital has been "transformed" into factories, production lines, and investment projects in production and business serving the province's socio-economic growth, creating more jobs for workers, and making a significant contribution to the local budget.

By the end of the first six months of 2024, Dak Lak had received more than 47 investors who came to explore the investment environment, and 38 investors had submitted applications for investment approval with a total value of VND 3,746.8 billion.

Currently, Dak Lak is striving to attract investment in areas where it has outstanding strengths. The province recognizes that success in attracting investment will open up opportunities for Dak Lak to gradually improve its image in the eyes of domestic and international investors. Therefore, investors should come to Dak Lak to visit, explore, and unlock the rich potential of this fertile Central Highlands land!