It is organised by the Lam Dong People's Committee, the Central Economic Commission and the Central Highlands Steering Committee.
According to the project, LienVietPostBank will lend the Him Lam Joint Stock Company over VND20 trillion (over US$930 million) for planting macadamia trees over five years.
This is the first project aimed at large-scale cultivation of the macadamia nut in Vietnam.
The Him Lam Company will supply farmers with seeds, fertiliser, and plant protection products as well as teaching them proper planting techniques.
The money will be invested during the first phase of the project for macadamia cultivation on 100,000 hectares of land by 2020.
Another VND18.6 trillion (US$865 million) is expected to be invested during the project's second phase to expand the area for cultivating the plant to 200,000 hectares between 2020 and 2024.
Nguyen Duc Huong, Vice President of the LienVietPostBank, who proposed that the Central Highlands Steering Committee organise the seminar, said Vietnam has all the conditions required for the strong cultivation of macadamia.
The macadamia nut is dubbed as the "Queen of Nuts" for its outstanding nutritional value and high concentration of mono-unsaturated fats.
The plant, indigenous to Australia, was introduced to Vietnam in 2002 for trial cultivation in a number of central provinces, including Lam Dong, Dak Nong and Dak Lak. After more than a decade under trial cultivation, it was found that Vietnam produced a higher yield of macadamias than other countries.
Local scientists have tested and found that the north-western and Central Highlands regions have conditions best suited for the plant's growth.
By September 2014, the plant covered 1,600 hectares in the Central Highlands region.
The project aims to turn the plant into a key industrial plant in the Central Highlands region, which will provide a stable source of income for farmers and turn the region into a "macadamia kingdom" in Southeast Asia.
