The province plans to issue a new policy in March to attract domestic and foreign investments, giving priority to areas involving forestry, mining, flower cultivation and tourism to fully tap the province's natural resources.

Local officials said they will speed up administrative reforms, revoke permission for overly delayed projects and promptly make site clearance payments to create favourable conditions for investors.

The 2008 plan will concentrate on development of key urban areas including Da Lat City, Bao Loc Town and Duc Trong District. The plan focuses on bolstering the industry, service and tourism sectors.

Other major projects include urban roads, expressways, Lien Khuong airport terminal with a capacity of 1.5mil passengers a year, industrial parks Loc Son and Phu Hoi, tourist sites Lake Tuyen Lam and Dankia-Suoi Vang, hydro-electric projects, and bauxite mining and aluminum production projects.

With its famous mountain resort city of Da Lat, Lam Dong Province plans to build more hotels, scenic spots, restaurants and a golf course.

It also wants to restore famous tourist attractions such as Thung Lung Tinh Yeu (Love Valley), Ho Than Tho (Lake of Sighs) and Cam Ranh Falls, and diversify tourist products for foreign and domestic travellers.

In 2007, Lam Dong attracted 96 foreign investment projects with a total investment capital of US$330mil. Its development efforts have paid off, with a GDP growth rate of 14.2%, higher than the national average level of 8.5%.

Local officials expressed high hopes for this year's economic goals given good results achieved in development capital mobilisation, export revenue, increased tourism and job creation programmes last year.