Fostering investment attraction

>> Lao Cai serves as a hub for trade connectivity

With the slogan "Prosperous Enterprise - Developing Lao Cai," Lao Cai Province has and continues to push for synchronized solutions to improve the investment and business climate, including the development of logistics infrastructure, investment mobilization, and the creation of breakthroughs in the border economy.

Important resources

Several big companies have invested in Lao Cai, including Sun Group, Alphanam, T&T, Geleximco, Bitexco, TNG, CD, Khoi Nguyen Education Holdings, Central Retail Vietnam, Daeji Korea Co., Ltd, Phu Hung Manufacturing and Import-Export JSC, and Kosy JSC. According to Mr. Pham Trung Ba, Director of the Lao Cai Department of Planning and Investment, the province has approved investment policies for 50 new projects totaling over VND 12,000 billion in pledged capital since 2020. The total value of pledged projects in Lao Cai Province from 2020 to 2030 is VND 125,000 billion.

Lao Cai province prioritizes the economic development of border gates to attract investment. It proposed specific mechanisms for infrastructure investment at key border gates from the central government. While moving forward with infrastructure planning and development, Lao Cai has actively collaborated with Chinese authorities to remove bottlenecks, ensure consistency in import and export policies, and enhance the bridge's role in promoting trade and attracting businesses to participate in import and export activities.

Lao Cai province's GRDP growth in 2023 reached VND 73,600 billion, up 8.16% from 2022. This places it fourth among 14 Northern Vietnam midland and mountainous provinces and 39th among 63 centrally run provinces and cities, representing a three-degree increase from 2022. Lao Cai's GRDP rose by 5.01% in the first quarter of 2024 compared to the same period the previous year. Lao Cai province's goals and objectives for agricultural, industrial, and handicraft output have altered positively. Lao Cai continues to rank among the provinces with one of the highest public investment disbursement rates in the country.

Continue to improve the investment environment

Mr. Phan Trung Ba said that Lao Cai would aim to attract VND 60,000 billion in investment inflows by 2024. In order to attract investment in sectors identified as the "pillar" of the provincial economy, Lao Cai province will prioritize transport infrastructure in the near future; prioritize investors with strong potential to implement provincial planning and large-scale projects that have a positive spread impact on Lao Cai and Northern Vietnam's midland and mountainous provinces.

Furthermore, Lao Cai province will promote selective investment cooperation to help restructure the provincial economy, with a focus on attracting high-tech, new technologies, environmentally friendly, low-labor-intensive, high-value projects in financial services, logistics, support industries, high-tech agriculture, agriculture-forestry and fishery processing, tourism, mining, mineral processing, export production, and so on.

>> VCCI Strengthens Support for Lao Cai Province in Improving Business Environment

In terms of administrative reform, Lao Cai province will continue to strengthen the reform of internal administrative procedures in departments and sectors, focus on the efficient use of e-portals to support enterprises, establish specialized working groups to support enterprises, promote investment, and operate the innovation center and incubator... The People Committee of Lao Cai province has also decided to study, assess, and simplify administrative procedures in order to actively serve businesses while providing convenience for investors. Lao Cai province has committed to providing the best conditions for investors in terms of administrative procedures for establishing businesses, approving investment initiatives, issuing investment certificates, assigning land, leasing land, ensuring social security, and other business-related issues.

In terms of land, Lao Cai province will also evaluate and publish master planning and land use plans, as well as establish information and database systems for natural resource and environmental management to provide investors with necessary information. Furthermore, Lao Cai will focus on researching, changing current policies, and proposing new economic and social development policies for each period, therefore providing new impetus to the province's economic growth.