GO! Mall Lao Cai. (Photo: Internet)

Outstanding advantage

In early March 2022, in Tan Hong village, Bat Xat district, Lao Cai province, the ground-breaking ceremony of the project of a high-tech electric wire and cable factory, invested by Nexus Technologies and Cable (Korea) took place.

The project has a total investment capital of US$80 million (equivalent to VND1,900 billion).

In 2022, the GO! Lao Cai invested by Central Retail Group (Thailand) has come into operation at Tran Hung Dao Street, Bac Lenh Ward, Lao Cai City. The project has a total investment of over US$13.5 million (equivalent to VND315 billion).

These are some key projects in attracting foreign direct investment (FDI) to Lao Cai. According to many economic experts, Lao Cai has outstanding advantages in terms of geographical location, traffic conditions, mineral resources, and climate.

The province is located in the center of the northern midland and mountainous region, with an important geo-economic and political position, located on the economic corridor of Kunming - Lao Cai, Hanoi, Hai Phong, and Quang Ninh. It is a "bridge" not only of Vietnam but also of ASEAN countries with the market of Yunnan province and the Southwest region (China), the center of the North-South corridor in cooperation with the Greater Mekong Subregion countries (GMS).

According to the Department of Planning and Investment of Lao Cai province, by the end of 2022, the province has 27 valid FDI projects with a total registered capital of US$685.81 million.

The province has many advantages in tourism development associated with the development of the region and the whole country. Especially, Sa Pa will develop into a tourist area of international stature with unique and distinctive tourism products of Lao Cai province and a place to organize international events.

Lao Cai has many precious and high-quality minerals, leading to large reserves in Vietnam such as apatite, iron, copper, graphite, and rare earth.

With favorable natural and climatic conditions, there are many climate zones with different altitudes that have created agricultural products that are considered strengths of the province such as tea, cinnamon, artichokes, and other rare medicinal herbs.

This is a condition for developing concentrated, high-tech agricultural commodity production areas for domestic and export markets.

Attractive incentives for investors

Lao Cai international border gate (Photo: KT)

Lao Cai province's government always listens and adjusts policies related to investment, production, and business activities of enterprises.

Lao Cai commits to minimizing the time and cost of carrying out administrative procedures related to investment and business, especially for inspection, examination, and supervision; ensuring that the rights of enterprises are respected; protecting legitimate interests of enterprises, especially in accessing the information on planning and land.

The province also commits to creating favorable conditions for investors to enjoy incentives to the maximum extent according to current regulations of the State, especially incentives on corporate income tax, personal income tax, import and export tax, land rent. Provincial leaders are ready to dialogue, and promptly solve problems in the process of investors implementing the project.

The results of the Provincial Competitiveness Index (PCI) survey conducted annually by the Vietnam Chamber of Commerce and Industry (VCCI) show that the business and investment environment of Lao Cai in recent years have always been among the top localities. Lao Cai's PCI score in the past 10 years has remained at 60-66 points.

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