Businesses prosper, Lao Cai develops

Update: 16:07 | 26/06/2020
TGVN. With its own, readily advantages, Lao Cai has been the successful destination of domestic as well as foreign investors and businesses.
TIN LIÊN QUAN
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An overview of Lao Cai city.

Locate in an important geo-economics, geopolitical position, Lao Cai played a central role in the economic corridor Kunming – Lao Cai – Ha Noi – Hai Phong – Quang Ninh and was the bridge, gateway of not only Vietnam but also ASEAN countries with the Yunnan and Southwestern China markets. It also has an inter-regional, international traffic infrastructure system, including National highway; railway, seaway and in the future, the airway.

Lao Cai Border-gate economic zone, with a total area of nearly 16.000 hectares, adequate infrastructure and services, is among the 9 Border-gate economic zones invested by the Government; the Sapa national tourism zone is famous for its diverse cultural identity, majestic sceneries and year-round pleasant weather, with various locations at high altitude up to 1,000 meters (5,000 hectares of land with a subtropical climate, suitable for developing offseason products). Moreover, with an abundance amount of reserves in apatite, iron and copper ore, along with a system of modern, large-scaled metallurgic, fertilizers and chemical plants, Lao Cai has many advantages in developing industries.

Sa Pa autumn festival kicks off in Lao Cai

Sa Pa autumn festival kicks off in Lao Cai

Using these advantages, recent years, Lao Cai has completed many strategic goals, which laid the important basis and foundations for the province to develop, attract investments and support businesses in upcoming time, such as:

(i) Actively implementing projects on planning and synchronous development strategies as a guideline for the province, specifically the Comprehensive plan for developing Sapa national tourism zone, Detailed planning of the Lao Cai Border-gate economic zone, the project of building the City of Lao Cai into a logistic hub on the economic corridor, as well as economic, trade, foreign relations and international cooperation center; establishing Sapa as a national, international tourism city.

(ii) Upgrading and completing inter-regional and international connection infrastructure with projects such as Sapa 4C-graded Airport with capacity up to 3 million customers/year; a project connecting Ha Noi Highway – Lao Cai and Sapa; a project upgrading national highway 279 connects Lao Cai with Lai Chau, Ha Giang; high-speed railway connecting Lao Cai – Ha Noi – Hai Phong; logistic center at the Border-gate economic zone and projects of developing urban areas, tourism at Lao Cai, Sapa district…

(iii) Fast and sustainable socio-economic development; with GRDP growth maintained above 10%: Average GRDP income has risen to meet the national average; positive shifting of the economic structure; budget revenues continued to rise over the years, with domestic budget revenues take up to 70%; the total import-export volume increased by 20%/year; tourism expanded by roughly 20%/year; the province has taken steps to build agriculture – forestry hi-tech production areas with high economic efficiency; administrative reforms, business and investment environment are positively improved; the living standards and cultural lives of the people have gradually improved.

(iv) Expanding foreign affairs and international cooperation to achieve results, maintaining traditional and friendly cooperative relationships with international partners such as Yunnan (China), Nouvelle Aquitaine (France), Brest (Belarus); major global financial organizations and institutions such as World Bank (WB), Asia Development Bank (ADB), French Agency of Development (AFD), Japan International Cooperation Agency (JICA), Korea International Cooperation Agency (KOICA), Danish International Development Agency (DANIDA)… and Embassies in Vietnam. Through cooperation programs that gradually, strategically established economic relations with territories, financial institutions and foreign partners, Lao Cai has slowly ensured its economic interests, improved its standing and received high remarks by the Central Government, friends and partners alike.

businesses prosper lao cai develops
A corner of Sapa in the winter.
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On the basis of achieved results, in order to effectively explore its own advantages, Lao Cai always welcomes investors and businesses to invest, conduct production and business activities, especially in areas that the province is encouraging and prioritizing, such as deep mineral production and processing, environmentally friendly manufacturing industries with high added value; industrial areas infrastructure; logistics and border trade services; hi-tech agricultural production,…

With the commitment to accompany and support businesses, Lao Cai always welcomes domestic and foreign investors who had or will come to invest and do business in the province. The success and prosperity of businesses are the development of Lao Cai. “Businesses prosper, Lao Cai develops” is the slogan that over the past few years, Lao Cai has always determined to implement.

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Dang Xuan Phong

Chairman of Lao Cai’s People Committee