Thirty-four years after liberation, the Central Highland city of Buon Ma Thuot in Dak Lak province has made drastic changes with many infrastructure projects getting off the ground. The city has become an attractive destination for domestic and foreign investors.
Buon Ma Thuot was a small town with approximately 30,000 residents on its liberation day (March 10, 1975). It has now been upgraded to a second-tier city which is home to more than 330,000 residents. Many infrastructure projects have been built to lure domestic and foreign investors.
Pham Van Thanh, a local resident in Tu An ward, says that the city has made a lot of changes since it was liberated.
“Currently, the city has 125 roads and streets in total, a four-fold increase against the figure in 1976. All the roads and streets have been paved and installed with modern lighting systems. Many supermarkets and high-rise buildings have been built, meeting its residents’ demand for a comfortable life.”
Considered the capital of the Central Highland region, Buon Ma Thuot is already an attractive investment destination for domestic and foreign businesses.
Do Thai Co, director general of the Hoang Anh Dak Lak Joint Stock Company, which built the first high-end apartment building in the city, says that he believes in the city’s future prospects for development.
“At present, housing demand here is still limited, but I think the property market will grow and flourish in the next few years,” says Mr Co. “We are preparing to carry out a second building project to be capitalized at VND200 billion in the city. The project is expected to get off the ground in 2010.”
More than 30 trade and services projects are being implemented in the city with a combined investment capital of nearly VND2,400 billion. Major projects include the Hoang Anh Gia Lai high-rise building, the Saigon-Ban Me hotel, the Swiss-Bel hotel, the Buon Ma Thuot central market, the Phu Xuan plaza centre, the Buon Ma Thuot Co-op Mart and the Intimex-Fuso Machinery Mart.
Michael Bischof, vice president of the Swiss-Bel hotel group, says that his group has decided to create a joint venture with Dak Lak Rubber Company to build the first four-star hotel in the city.
“The Central Highland region is an ideal tourist attraction that has not yet been fully tapped. The building of the hotel is a way to promote the city’s tourism potential,” he says.
Recently, Buon Ma Thuot Co-op Mart, which is an affiliate of the Saigon Co-op chain, received a record high of more than 20,000 visitors and consumers on its inauguration day with 3.2 billion worth of goods sold.
“Buon Ma Thuot City and Dak Lak province in general are potential markets which have higher purchasing power than other localities in the region,” says Nguyen Anh Tien, vice director of Saigon-Buon Ma Thuot Services Ltd Co. “I think our investment is on the right track.”
With modern infrastructure projects taking shape, Buon Ma Thuot is the promised land for domestic and foreign investors.
VOV News
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