10:26 | 07/06/2016 Investment
(VEN) - The northern border province of Lao Cai not only has famous tourist attractions such as Sa Pa but also is a vital commercial gateway. The province offers great potential to develop mining and electricity generation as well as transport projects.
The Lao Cai Province People’s Committee, in association with the Northwestern Steering Committee, the Ministry of Planning and Investment, and the Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV) recently organized a conference to promote investment into Lao Cai Province and popularize its tourist attractions. The event attracted the attention of hundreds of businesses and domestic and foreign investors.
The conference offered a forum for investors and businesses to discuss policies as well as opportunities and challenges that would face them when investing in the province. They also talked about specific measures to promote investment into Lao Cai in the coming time.
Provincial party committee secretary Nguyen Van Vinh said, “Lao Cai’s tourism has achieved breakthrough growth in recent years, contributing 11.5 percent to the provincial gross domestic product.” Promoting tourism development has become an important policy of the province. Last year, Lao Cai received more than two million tourists, including about 600,000 foreign tourists and more than 1.4 million domestic tourists, with revenue from tourism reaching over VND4.6 trillion. “Tourism development has contributed to boosting other economic sectors such as transport, posts and telecommunications, culture, and handicraft production. Tourism is also a factor promoting the restoration of cultural, historical and traditional values of the nation, helping accelerate economic restructuring, and increasing exchanges between Vietnam and other countries,” Vinh emphasized.
Along with promoting tourism development, Lao Cai has opened its door to attract investment into the mining and hydropower industries. The provincial people’s committee has granted investment certificates for six projects with total capital of more than VND3.41 trillion. These include the five-star Accor Hotel of the Fansipan Cable Car Service Joint Stock Company (VND1.5 trillion), an iron ore pellet production plant of the Lao Cai Steel Investment Joint Stock Company (VND350 billion), the Minh Luong Hydropower Plant of the Nam Tien Joint Stock Company (VND810 billion), the Nam Xay Luong Hydropower Plant of the Nam Xay Hydropower Joint Stock Company (VND362 billion), the Nam Khat Hydropower Plant of the Southeast Asia Energy Investment Joint Stock Company (VND271 billion), and a three-star hotel of the Sa Pa Tourism Services Joint Stock Company (VND120 billion).
Lao Cai Province is calling for investment into major projects such as Lao Cai Airport, Lao Cai-Hanoi express rail route, Noi Bai-Lao Cai Highway (second stage), a border crossing economic zone in the center of the province, and developing Sa Pa as a major tourist site of the whole country. Cao Cai pledged to create an open and favorable investment environment.