The northern province of Lao Cai will play a bridging role in economic and diplomatic exchanges between Viet Nam and ASEAN nations with the Southwest China, according to the recently-approved Lao Cai master plan in the 2021-2030 period, with a vision to 2050. 

Accordingly, the province will turn into a key region for developing tourism, service, border gate, metallurgical industry, clean and organic agriculture in line with upgrading the socio-economic infrastructure and preserving and upholding the characteristics and culture of ethnic minorities in the Northwest. 

Lao Cai Province will become the developed province in the Northern midland and mountainous region by 2025 and a high-tech and comprehensive development province by 2050. 

Earlier at a meeting with Lao Cai Province’s authorities in July this year, Prime Minister Nguyen Xuan Phuc recommended Lao Cai Province to make efforts to be named among top 15 developed localities in Viet Nam.

In the first six months of 2019, its Gross Regional Domestic Product (GRDP) grew 10.02%. The province welcomed nearly 3 million tourists, generating an annual tourism revenue increase of over 20%. Lao Cai fulfilled 60% of its budget collection target. The rate of poor household reduction also reached nearly 60% of its plan.

Border gates in Lao Cai Province which borders China recorded the trade value of US$3 billion in 2018, according to the customs office at the Lao Cai International Border Gate.

The import-export turnover through the Lao Cai International Border Gate on the Viet Nam-China border hit US$372.8 million in the first quarter of 2019, equivalent to 78.2% of the figure in the same period last year.

The value of exports reached US$239.9 million in the reviewed period, according to the customs office at the gate.