Lao Cai urged to become economic stimulus of Northwest region

Deputy PM Phuc suggested the province take advantage of potential for its comprehensive development targets, focusing on four sectors, including the processing industry; hi-tech agriculture; tourism and services; border-gate economy, farm-product processing and consuming while minimizing bad effects on the environment, ecology and transport infrastructure.

To realize the set targets, Lao Cai should mobilize investment resources beside the capital from the State budget; socialize and attract further investment in such investment models as Build-Operate-Transfer, Build-Operate, Build-Transfer-Operate and Public Private Partnership; improve the investment climate and strengthen competitiveness and facilitate investment attraction.

The province was also to mobilize resources to develop border-gate economy, solve difficulties in farm product export, take advantage of the border gate economic zone, foster fight against trafficking and trade fraud,  and boost regional links to promote the Kunming-Lao Cai-Ha Noi-Hai Phong-Quang Ninh economic corridor.

In addition, Lao Cai should adjust its economic structure and enhance IT application and training to raise productivity; consider hunger eradication and poverty reduction as a key task for local authorities at all levels; take drastic measures with appropriate and specific roadmaps to realize the program on building new-style rural areas; as well as stabilize population.

Deputy PM Phuc noted that Lao Cai has become a highlight in socio-economic development of the Northwest region with outstanding results in steadily increasing growth in all fields, reaching a 14.3% gross regional domestic product (GRDP) growth in 2014.

The province’s economy has been shifted positively, in which agriculture accounted for 16.07%; industry and construction – 42.77%; and services – 41.16%. The poverty reduction was 4% while the poor household rate fell to 18.21%. The GRDP reached 13.8% in the first eight months of the year and positive results were attained in all aspects.