HÀ NỘI – The northern mountainous province of Lai Châu will spend VNĐ110 billion (US$4.8 million) from its budget on growing macadamia, which is expected to help boost the local economy.

The information was released at a seminar on the potential of growing macadamia in the province on Sunday.

Beneficiaries of the fund, to be invested from now till 2030, will include businesses, co-operatives, households and individuals who have 50 hectares or more of concentrated macadamia plantations.

Authorities said they are working to create favourable conditions, including exemptions and land rent reductions, to encourage businesses to invest in growing macadamia.

The province expects to be growing 10,000ha of macadamia by 2030.

Currently, Lai Châu has around 244ha of macadamia farms, concentrated in Tam Đường, Phong Thổ, Sìn Hồ, and Nậm Nhùn districts. Of this, 100ha have an average capacity of 800kg of fresh macadamia nuts per hectare per year.

Nguyễn Lân Hùng, vice-chairman of Việt Nam Macadamia Association (VMA), said the province’s land and climate are suitable for growing macadamia, which has the potential to become an important cash crop for a poor province like Lai Châu. Farmers and businesses must pay close attention to the quality of the seedlings and the growing technology.

At the conference, VMA and Liên Việt Post Joint Stock Commercial Bank committed to providing macadamia growers with funds, technology and output during the macadamia development period. – VNS