Gia Lai approves $32 billion investment push across key sectors

Gia Lai approves $32 billion investment push across key sectors

Gia Lai has approved investments for 273 projects worth a combined VNĐ838 trillion (US$32 billion) focusing on key sectors to promote economic growth in the Central Highlands province.

Gia Lai granted investment approvals to 144 projects valued at more than VNĐ230 trillion, while 129 others were covered by memoranda of understanding worth over VNĐ606 trillion. — VNA/VNS Photo Sỹ Thắng

The commitments were announced at the Gia Lai Investment Promotion Conference held on March 28 as part of the National Tourism Year in Gia Lai.

Provincial authorities granted investment policy approvals to 144 projects valued at more than VNĐ230 trillion, while 129 others were covered by memoranda of understanding worth over VNĐ606 trillion.

The projects focus on priority areas, such as processing and manufacturing, energy, high-tech agriculture, trade and services, tourism, urban development and logistics.

Deputy Prime Minister Hồ Quốc Dũng urged the province to attract investment selectively, prioritising advanced technologies, high value-added projects and environmentally friendly initiatives for double-digit growth.

He also reiterated three major lines in the sand for investment: refusing to make trade-offs between growth and the environment, refusing to rely on low-cost, labour-intensive or outdated technologies, and refusing to accept investors lacking financial, technological or managerial capacity.

Dũng also called for efforts to improve the business environment to consolidate investor confidence.

Gia Lai has significantly streamlined administrative procedures to improve its investment climate. Approval times for projects outside industrial and economic zones have been reduced to 60 days from 242 days, while those within such zones now take 38 days, down from 145 days.

The province is also promoting a business-friendly approach, positioning enterprises at the centre of its development strategy and offering incentives on land, tax and credit in priority sectors. 

A 'one-stop' mechanism and dedicated task forces are in place to support investors throughout project implementation.

Chairman of the provincial People’s Committee Phạm Anh Tuấn said that the province aims to build a group of pioneer enterprises to lead strategic sectors, drive innovation and form new growth poles, while strengthening links with local supply chains and workforce development.

Gia Lai is also seeking investment in emerging industries, including artificial intelligence, semiconductors, digital infrastructure, data centres, biotechnology and clean energy, alongside plans to develop innovation hubs, software parks and start-up ecosystems.

Tuấn called on businesses and investors to explore opportunities and implement projects in the province’s key sectors, including high-tech industry, processing and manufacturing, clean energy, tourism and urban development.

In agriculture, Gia Lai plans to expand large production zones for key products including coffee, pepper, fruit and medicinal plants, combined with deeper processing and integrated value chains. Logistics infrastructure will also be enhanced to improve connectivity with seaports and international border gates.

Economist Trần Du Lịch said the province would need to shift from a capital- and labour-intensive growth model to one driven by innovation, digital transformation and green development to achieve its targeted annual growth of 10 per cent. 

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