Lao Cai to create a strong driving force for border economy
WVR - Taking advantage of tourism, industry and border economy, Lao Cai province is making efforts to improve the business environment and attract investment to promote strong socio-economic development.
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| Lao Cai tourism has recovered strongly. (Source: Vietnamese Tourism) |
Lao Cai is located in the center of the region, having a headwater river, excellent mountains, a large border gate, and diverse ethnic cultures, rich in identity, scenic spots and rich minerals resources. With a large international border gate, Lao Cai converges infrastructure and a developed service system, which is convenient for the needs of trade, import-export, tourism and services.
To promote investment attraction
Taking advantage of those advantages, Lao Cai is making efforts to develop the border economy, attract investment and enhance provincial competitiveness. Setting the goal of becoming one of the eight key border economic zones of the country, striving for an import-export turnover value of 10 billion USD by 2025, Lao Cai province is promoting investment attraction, in order to make the Lao Cai border gate economic zone becoming the largest and most important logistics center of the country, developing multi-industry and fields.
Over the past years, Lao Cai province has devoted many resources to building a favorable investment and business environment for businesses, taking the trade economy through border gates as the core activities, bringing the border gate economy into the spearhead and driving force for local economic development. Specifically, the province has increased investment in socio-economic infrastructure in border areas; planning and arranging appropriate industrial and economic establishments; continue to build and improve the efficiency of border gate economic zones, simplify administrative procedures, create favorable conditions for immigration, export and import activities; promote comprehensive digital transformation; deploying friendly exchange activities between domestic and foreign agencies; Actively promote the development and implementation of plans to implement the Vietnam - China Border Trade Agreement signed by the governments of the two countries; promoting the opening and upgrading of border gate pairs on the Vietnam - China border, deploy the construction of a cross-border economic cooperation zone and free trade; proposing preferential mechanisms and policies to attract investors.
In particular, Lao Cai always focuses on expanding and strengthening foreign affairs activities. In 2023 alone, the province had welcomed more than 10 foreign Ambassador delegations to have working visits to Lao Cai; strengthen cooperation and implement cooperation agreements with Yunnan province (China); implementing a memorandum of understanding of cooperation among two provinces in general and seven localities of the two countries in particular.
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| Perspective of Sa Pa Airport under construction. (Source: Lao Cai Newspaper) |
The goal of rapid and sustainable development
In recent years, efforts to develop the border economy have created momentum for the socio-economic situation of Lao Cai province, achieving many important results. According to the report on the results of implementing socio-economic development targets in 2023, the province’s GRDP economic growth in 2023 is estimated to reach 5.11%, lower than plan, however, the economic scale of Lao Cai province has certain growth, with the scale of GRDP at current prices increases by 8.16% compared to 2022. The economic structure continues to shift positively as agriculture, forestry and fisheries account for 12.8%; industry and construction accounted for 41.1%. The service industry continues to have positive growth momentum, estimated for the whole year, the total retail circulation of goods and social service revenue is 111% over the same period, exceeding 3.65% of the plan. Lao Cai tourism recovered strongly, with an estimated number of tourists reaching over 7 million, an increase of 56.4% over the same period with revenue of 22,500 billion VND.
On October 14, the Prime Minister signed Decision No. 1199, approving the Planning of border gates on the Vietnam - China land border for the period 2021 - 2030, with a vision to 2050. Accordingly, by 2030, Lao Cai will have two more pairs of border gates upgraded to international border gates and six customs clearance entrances/specialized roads for transporting goods. This will help businesses have more options in importing and exporting goods. With a long-term vision, Lao Cai is promoting planning, infrastructure development, clearing bottlenecks in logistics, attracting investors...
Based on the orientation of rapid and sustainable development, Lao Cai province will prioritize investors with strong potential to implement the province’s planning and large-scale projects that have positive spillover effects on the economy of Lao Cai province, Northern midlands and mountainous regions. In addition, the province will cooperate and invest selectively to contribute to restructuring the economy, giving priority to attracting high-tech projects, new technology, environmentally friendly, less labor-intensive projects, creating high added value such as financial services, logistics, supporting industries, high-tech agriculture, agro-forestry-fishery processing, tourism; exploiting and processing minerals, producing and processing exported goods, etc.
At the same time, Lao Cai province also enhanced the promotion of investment potential and opportunities to domestic and foreign investors. The province is operating a highly effective Business Support Information Portal, researching and proposing specific solutions to support investment and business activities, contributing to upgrading the local reputation with the business community, creating confidence for businesses to expand investment and business in Lao Cai.
With open potential, clear socio-economic development plans along with drastic management direction from the Provincial People’s Committee, all levels, sectors and localities; with the support and active participation of the people and business community, there is confidence that Lao Cai province will strongly develop the border economy, reap more success and successfully complete development goals designed for socio-economic development, towards a strongly developed, modern and sustainable Lao Cai.
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