Lào Cai Border-gate EZ: An important economic link

VNGOP – PM Nguyễn Tấn Dũng issued the Statutes on March 26 stipulating the operation, policies and State management in the Lào Cai Border-gate Economic Zone (Lào Cai EZ).

March 28, 2008 7:04 AM GMT+7

Lào Cai EZ is expected to boost the development of the Kunming -Lào Cai-Hà Nội-Hải Phòng economic corridor

The Lào Cai EZ will be developed to become a keynote economic zone on the Hải Phòng-Hà Nội-Lào Cai economic corridor, contributing to the development of the Kunming-Lào Cai-Hà Nội-Hải Phòng economic corridor and the Greater Mekong Sub-region (GMS). It is a gateway for the circulation of goods and services between Việt Nam, ASEAN countries and China’s Southwest.

All organizations and individuals who do investments and business in the Lào Cai EZ are allowed to mortgage their land use right at the Vietnamese and international credit organizations operating in Việt Nam.

All investment projects in the Lào Cai EZ are granted with best incentives applied for the localities with special socio-economic disadvantages.

Investment projects in the Lào Cai EZ’s Industry and Trade Area are granted with a corporation income tax (CIT) rate of 10% for 15 years since their date of operation; with a CIT exemption for four years since earning taxable income; and with a tax reduction of 50% for the 9 following years.

Chinese citizens residing in the districts bordering Lào Cai Province are permitted to enter and stay in the Lào Cai EZ for 15 days if they have a laissez-passer issued by Chinese authorized agencies. Vietnamese residents in Lào Cai Province are allowed to enter China if they have the same paper issued by Vietnamese competent bodies. Foreigners and Vietnamese holders of foreign passports and their family members will be granted with long-term visa to enter the EZ.

The 7,971.8 -a Lào Cai EZ is located in Lào Cai City and Mường Khương District of the northern province of Lào Cai, 296 km and 345 km from Hà Nội by rail and road respectively. It sits on the Kunming-Lào Cai-Hà Nội-Hải Phòng economic corridor and has the Lào Cai-Hekou Border-gate linking Việt Nam and China’s Southwest.

By Hồng Phương