PM Nguyen Xuan Phuc stresses three orientations for socio-economic development in the northern Lai Chau province
Speaking at a conference on investment promotion and tourism development in Lai Chau on April 23, PM Phuc emphasised that the desire to escape poverty is not just the wish of the local Party, government and people in Lai Chau but also of the Party and State leaders.
He proposed three development orientations for the province to maximise its potentials, including facilitating administrative procedure reform to create an open and attractive investment environment; promoting co-operative relations with neighbouring countries to open up larger consumption markets for local products; and paying attention to ensure social security, improve people's livelihood, and maintain cultural identity.He urged investors to fulfill their investment commitments while considering environmental protection. He also reassured investors by affirming the government’s commitment to maintain a friendly and peaceful environment and macroeconomic stability.
The government leader also assigned the Ministry of Planning and Investment, the Ministry of Finance and other authorities to develop mechanisms and policies to further facilitate Lai Chau’s development.
Introducing Lai Chau’s potentials and advantages to investors, Chairman Do Ngoc An of the provincial People’s Committee said that the locality wants to attract investment in infrastructure, commercial centres, hydropower plants, and rare earth mining projects, adding that Lai Chau would work closely with businesses and create the most favourable conditions for investors to effectively and sustainably do business in Lai Chau.
At the conference, Lai Chau authorities granted investment licences to ten projects with a total capital of VND8.3 trillion (US$373.5 million).
Covering an area of over 900,000 hectares and with a population of 430,000, Lai Chau is blessed with fertile land, favourable weather conditions and rich natural resources.
Such resources, together with the Ma Lu Thang national border gate, are advantages for the province in economic development and trading with other localities and foreign countries. However, the locality’s development achievements over the past years have yet to match its potential and strengths.
Since 2004, Lai Chau has attracted 124 investment projects with a combined registered capital of VND205 trillion (US$9.2 billion) but mostly from the State budget and through the SOEs, while investment from the private sector remains low.
As of March 2016, there are only three valid FDI projects in Lai Chau with total registered capital of US$4 million. Currently, the province is calling for investment in 21 key projects.
