Investment attraction - "launching pad" for Son La to integrate and develop

In 2023, Son La province attracted 24 new investment projects with a total registered capital of 17.6 trillion VND (715.3 million USD), two and five times higher than the respective figures in the previous year.

The province also approved capital adjustments for four projects, with a total additional capital of 505 billion VND (20.52 million USD).

These were quite impressive numbers in the context of many difficulties deriving from the world and regional situation.

Son La is the third largest locality in the country with a natural area of 14,000 sq.km and ranks 31st out of 63 provinces and cities in population size. It is the largest fruit growing region in the North and the biggest Arabica coffee producer in the country. Son La has full potential and strengths for sustainable economic development in the Northwestern region.

Son La province has established working groups to assist investors in implementing processes and procedures on investment, planning, construction, and land, ensuring the progress of approving investment policies and deploying projects. In 2023, many large projects were completed and put into operation, with a total disbursed investment capital of 563 billion VND (22.88 million USD). They included the Doveco Son La fruit and vegetable processing center, the Song Lam Tay Bac fertilizer factory, and the Son La coffee processing factory.

In addition, other production and investment activities have achieved many positive results, including tourism activities and commercial services of businesses and household-based economic organisations through resort and homestay projects, especially in tourist areas of districts and Son La city; agricultural production and handicraft activities of enterprises and cooperatives. In addition, investment activities have been seen at land plots successfully auctioned by districts and Son La city.

A corner of the Moc Chau Island Tourist Area.

In addition, Son La province has seven FDI projects registered outside the industrial parks, with a total registered capital of 153.6 million USD. Investors mainly come from Taiwan, Japan, and New Zealand, investing in the fields of agricultural production, mineral exploitation and solar power.

In January 2021, the provincial Party Committee issued a resolution on orientations for investment attraction activities in the province in the 2021-2025 period under which the province strives to raise 120 trillion VND (4.88 billion USD) in social investment capital, or 24 trillion VND per year on average. Son La will promote attraction of investment in industrial parks, aiming for an occupancy rate of over 60% by 2025. It will build eight industrial clusters in favourable locations under its industrial cluster development planning; set up supermarkets of grade III or higher in each district center; and attract 1-2 foreign investment projects during the entire period.

Currently, Son La province is reviewing, adjusting and supplementing policies and mechanisms to create motivation to attract investment in developing the deep processing of agricultural products; key tourist areas and destinations; industrial parks and clusters, and high-tech agricultural zones. It will continue to promote administrative reform in the direction of simplifying procedures and creating an open, transparent, attractive investment environment, contributing to strengthening competitiveness and improving the quality of investment environment, thereby creating more opportunities and paving the way for investors and businesses to invest in the province. This will be a "launching pad" to help Son La take off on its journey of integration and development.

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