Transforming Lao Cai into hub connecting VN, ASEAN, China, and Eastern Europe
The northern province has favorable conditions and fully harnesses its potential and advantages to emerge as a growth pole for both the region and the country
Norther Lao Cai province should make significant investments in logistics infrastructure, particularly within the Lao Cai Border Economic Zone to enhance the movement of goods and optimize border trade, Minister of Industry and Trade Nguyen Hong Dien suggested.
That will position the locality, which borders China, as a pivotal trading hub connecting Vietnam, ASEAN, Southwest-Central China, and Eastern Europe, according to the minister.
During a working session with the local authorities on August 30, the minister stated that “Situated in the heart of the midland and northern mountainous region, and part of two major economic corridors (Lao Cai - Hanoi - Hai Phong - Quang Ninh and Lao Cai - Hanoi - Lang Son), Lao Cai is recognized as a gateway linking Vietnam and ASEAN countries with China. This highlights its significant geo-economic, geopolitical, and national defense location.”
“Lao Cai has favorable conditions and fully harnesses its potential and advantages to emerge as a growth pole for both the region and the country, particularly in the development of clean energy, mineral mining and processing, border economy, goods trade, logistics services, as well as ecotourism, resort tourism, and cultural tourism,” said Mr. Dien.
According to the minister, the industrial and trade sector accounts for nearly 80% of the province's GRDP. Export turnover has seen a remarkable increase, more than doubling (compared to a national increase of 15.7%), while import turnover has surged by 50% (with the national increase at 18.5%).
"This indicates that the volume of imports is not only for Lao Cai but also for the entire country. This demonstrates that the raw materials for production and export to the world through this border gate are on the rise, which is a very encouraging sign," he said.
However, he noted that Lao Cai must enhance the restructuring of its industrial sector towards modernization, large-scale operations, green practices, circular economy principles, and sustainable development.
“Emphasis should be placed on developing deep processing industries for key agricultural products in which the locality excels (such as tea, cinnamon, and medicinal herbs) to increase export value and meet the demands of discerning markets (such as the US and Europe),” the minister said.
