Lai Chau province in Vietnam's northern mountainous region has committed to accelerating administrative reforms by prioritizing document processing and reducing the time required for investment procedures by at least 70% compared to statutory regulations.

The statement was made by the Chairman of the Provincial People's Committee, Mr. Ha Quang Trung, at the 2026 Investment Promotion Conference themed “Lai Chau - Awakening Potential, Sparking Opportunities," held on June 30, according to a report by the Government News.

At the conference, the provincial authorities handed over 19 investment policy approval decisions to 18 investors, with a total investment capital exceeding VND27.7 trillion (over $1 billion).

Additionally, the province signed 19 Memoranda of Understanding (MOUs) for investment cooperation, with a total committed capital of over VND172 trillion (around $6.54 billion). These projects and commitments focus on the province's priority sectors, including renewable energy, tourism, high-tech agriculture, the pharmaceutical industry—specifically the development of medicinal herbs and Lai Chau Ginseng—and green economic sectors.

Mr. Trung emphasized that a key highlight in attracting investment is the province’s implementation of the "Green Lane" mechanism for priority off-budget projects. This mechanism operates on the principles of openness, transparency, and accountability, positioning the provincial government as a dedicated partner to investors.

Furthermore, Lai Chau continues to refine mechanisms and policies in high-advantage sectors such as agriculture, industry, trade, tourism, and services. The province is also focusing on efficient site clearance to create favorable conditions for projects to be quickly deployed and brought into operation.

Speaking at the event, Deputy Prime Minister Pham Thi Thanh Tra emphasized that Lai Chau has significant "room for growth" in sectors such as renewable energy, pharmaceuticals (especially Lai Chau Ginseng), eco-tourism, resort and adventure tourism, as well as agriculture and forestry.

However, she cautioned that development must be synonymous with sustainability, stating that the province should "not attract investment at any cost."

According to the Deputy PM, while investment opportunities are important, selecting the right projects is even more critical to ensure a balance between economic growth, environmental protection, and the improvement of local citizens' quality of life.

She urged Lai Chau to continue pushing for reform by cutting and simplifying administrative procedures, improving the quality of human resources, and fostering advantageous economic sectors to create the most favorable environment for businesses to thrive.