According to Mr. Trinh Xuan Truong, Lao Cai holds a significant geopolitical and geoeconomic position. As a result, this province will concentrate on enhancing the investment climate considerably, finishing up infrastructure to bring about ground-breaking development, particularly in the transportation sector, increasing growth space, establishing competitive advantages, and drawing companies and investors to Lao Cai.

In addition to serving as a gateway, Lao Cai is now becoming a hub for cultural and economic exchange between Vietnam, other ASEAN nations, and Southwest China. Could you provide some information regarding Lao Cai's special advantages?

As the East-West link between the northern border provinces next to China and the connectivity hub of the Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh economic corridor, Lao Cai has been successfully serving as an economic and cultural "bridge," creating expansive and promising growth spaces for the region and the entire nation.

With national highways (QL 70, 4D, 4E, and 279) widely dispersed, Lao Cai boasts a favorable and varied transportation network, such as the longest Noi Bai-Lao Cai expressway in Vietnam; the Hanoi-Lao Cai-Kunming railway is planned to be upgraded to a gauge of 1.435 meters; and the Red River waterway is gradually proving to be effective.

With its varied natural surroundings and ideal climate, Lao Cai is poised to become a popular resort destination worldwide. By 2030, Lao Cai will welcome 15 million visitors and generate 25% to 30% of its GDP from tourism thanks to Sa Pa National Tourism Zone, which boasts a cable car line that has set two world records, and the Y Tý International Resort, which is presently undergoing investment.

With over 35 different types of minerals and 150 mining sites with substantial reserves, Lao Cai has a long-term advantage in growing processing industries related to mining activities. Especially, Lao Cai has the largest rare earth reserves in the country, which play a strategic role in the development of high-tech industries worldwide.

The Prime Minister signed to issue a plan on December 20, 2024, to turn Lao Cai into a hub for trade connectivity in Vietnam, other ASEAN nations, and China Southwest. This serves as a base upon which Lao Cai will attract investors.

What are Lao Cai province's distinctive advantages for attracting investment, sir?

Lao Cai has recently worked to make the investment climate as convenient as possible for investors. Therefore, this province is efficiently running the Business Support Team, suggesting targeted solutions to support businesses and investors, and helping to foster confidence so that companies can grow their operations in Lao Cai.

With the motto "businesses thrive, Lao Cai develops," this province always extends a warm welcome to investors and pledges to support them, viewing business success as their own success and establishing the best possible conditions to help investors realize their ideas and the province's development objectives.

At the moment, Lao Cai has about 600 domestic investment projects with a total registered capital of USD 4.68 billion and 28 active FDI projects with a total registered capital of USD 730.3 million. Over 8,000 businesses with a total registered capital of VND 103.082 trillion were among the province's businesses that had received business registration certificates as of December 31, 2024.

Lao Cai has established three pillars—digital economy, green economy, and happy economy—to improve the quality of its economic growth. Would you mind sharing some of your thoughts on this?

Lao Cai is committed to making 2025 a year of breakthroughs, acceleration, and overcoming obstacles in order to meet the highest possible standards for the objectives as set by the Resolution of the Provincial Party Congress, while promoting growth through the use of potential and advantages to build four economic pillars related to effectively implementing social welfare policies, reducing poverty in a sustainable manner, maintaining national defense and security, and ensuring social order and safety—as well as actively, proactively, and broadly participating in foreign affairs as the province's top priorities.

There are twenty-five groups of indicators that specify this objective. Five major categories of duties and solutions to be implemented have been delineated by Lao Cai. The province's main objectives are to develop four economic pillars—agriculture, tourism, industry, and the border gate economy—while building and connecting vital infrastructure and attracting investment to the region.

Lao Cai is committed to improving the quality of growth with three pillars: digital economy, green economy, and happy economy, in addition to the growth aims. This is a tangible step toward achieving the goal of a new, more sustainable era of growth.

What solutions has Lao Cai concentrated on to become a hub for trade connectivity between Vietnam, other ASEAN nations, and Southwest China?

Lao Cai province has proactively issued Resolutions, and development Plans for every sector, clearly defining important tasks and solutions, in order to become a hub for trade connectivity between Vietnam, other ASEAN nations, and Southwest China.

First, Lao Cai will quickly build socioeconomic infrastructure, particularly synchronous and contemporary transportation infrastructure, that links growth poles and regions both inside and beyond the province.

Second, Lao Cai will turn the Lao Cai border economic zone into a catalyst for the growth of the northern mountain and midland areas.

Third, Lao Cai will organize regional and global events while transforming Lao Cai province into a hub for trade, tourism, and financial services.

Furthermore, Lao Cai will keep up its efforts to improve its foreign policy, progressively establishing itself as a dependable hub for the economic corridor connecting Kunming, Lao Cai, Hanoi, Hai Phong, and Quang Ninh.

Thank you very much!

With a per capita GDP of VND 97.5 million in 2024, Lao Cai's gross regional domestic product (GRDP) grew by 7.38%. Lao Cai province's economic size increased by 11.76% from 2023 to over VND 77.223 trillion. In addition to a number of other key metrics at far higher levels than in 2024, Lao Cai hopes to achieve an economic growth rate of more than 10% in 2025.