Forum seeks solutions to boost growth of northern midland-mountainous region

With a special strategic location and great economic development potential, the northern midland and mountainous region needs to roll out suitable measures to lure more investment, thus optimising its advantages to rise stronger, heard a forum held by the Vietnam Chamber of Commerce and Industry (VCCI).

Addressing the event, VCCI Vice Chairman Hoang Quang Phong said that the northern midland and mountainous region is currently still a poor area with poor regional connectivity.

According to the Government’s plan for the 2021-2030 period, the region’s gross regional domestic product (GRDP) is expected to expand 8-9% per year. In 2030, the region’s economic scale is hoped to hit about 2.1 quadrillion VND (85.97 billion USD), with a per capita GRDP of 140 million VND, and State budget collection of 190 trillion VND.

This ambitious target is feasible and reachable, said Phong, stressing that a new mindset, new vision and development roadmap will help the region make breakthrough growth in the future.

Hoang Quoc Khanh, Permanent Vice Chairman of the People’s Committee of Lao Cai province, said that one of the reasons behind slow economic growth of the region is poor transport connections among regional localities, which hinders trade and investment activities in the region.

Khanh proposed that the Government pay greater attention to the implementation of major projects on road, rail, waterway and air transport infrastructure systems to promote regional connectivity.

Participants evaluated the region’s policies, planning and development connection in the region and pointed to difficulties and challenges facing the region, while highlighting investment opportunities for businesses and investors and give suggestions on solutions to promote the region’s sustainable growth to achieve the target set by the Government.

Hoang Truong Giang, Deputy Director of the Department of Regional and Local Economy under the Party Central Committee’s Economic Commission pointed to three problems of the region -  slow planning, poor transport infrastructure system, and slow administrative reform and improvement of the local investment and business environment.

Giang underlined the need for close coordination among ministries, regional localities and businesses in untangle knots, thus faciliating investment flows into the region./.