The expansion of Lao Cai Border Gate Economic Zone with investment of over VND14 trillion (around US$625 million) from 2016-2020 has been approved by Prime Minister Nguyen Xuan Phuc.
According to the Prime Minister’s decision No. 40/2016/QD-TTg taking effect on November 15, the Lao Cai Border Gate Economic Zone includes a tax area, a border gate area, an industrial cluster and industrial craft area, an entertainment area, a tourist area, an urban area, a residential area, and other functional areas.
Of the capital, VND2 trillion (US$90 million) comes from the State budget, VND957 billion (US$43 million) from the local budget and the remainder sourced from enterprises.
Nguyen Tien Dung, Deputy head of the Lao Cai Economic Zone Management Board, said the move will help the province fully exploit its geographical and transport advantages to boost export-import, the local economy and cross-border trade between Vietnam and China.
The board is working with agencies to review mechanisms, policies and projects to put the expanded economic zone into operation by the first quarter of 2017.
According to the plan, the Lao Cai Border Gate Economic Zone will cover the districts of Bat Xat, Bao Thang, Muong Khuong and Si Ma Cai and Lao Cai city. The province’s import-export value is hoped to reach US$4.6 billion by 2020 and US$10 billion by 2030.