Lao Cai: Paying attention to supporting and accompanying businesses in socio-economic development

Recently, the People's Committee of Lao Cai province organized a meeting with businesses and investors in the area to inform about the results of the implementation of the two-level local government; the socio-economic development situation of the province. At the same time, listening to opinions and solving difficulties for businesses, cooperatives, and investors operating in production and business in the province.

At the meeting, Mr. Trinh Xuan Truong, Secretary of the Provincial Party Committee, Chairman of the People's Council of Lao Cai province, informed about the socio -economic development situation of the province in the first 6 months of the year; directions and key tasks for the last 6 months of 2025. At the same time, he called for solidarity, efforts and creativity of the provincial authorities at all levels, all cadres, civil servants, public employees, people and especially the business community of Lao Cai province to work together to build a Lao Cai with sustainable development, prosperity, worthy of the potential and advantages of the locality.

After the merger, Lao Cai province has opened up many great opportunities to continue to break through and grow strongly. Up to now, the whole province has 1,438 projects granted Investment Certificates and valid decisions approving investment policies, with a total registered investment capital of about 274,721 billion VND (including 67 FDI projects, with a total registered capital of more than 1,082 million USD). In the first 6 months of 2025, Lao Cai province has 36 projects approved for investment policies, with a total registered investment capital of about 11,671.7 billion VND.

Leaders of VCCI and leaders of Lao Cai province presented flowers to congratulate the Chairman and Vice Chairmen of the Provincial Business Association.

Speaking at the conference, Mr. Nguyen Quang Vinh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that Lao Cai province has set a growth target of 8% for the year, but with the province's potential, it can develop even further, so that when talking about Lao Cai, it will no longer be a poor province but a pioneer in economic development, poverty reduction and environmental protection. Moreover, the commitment of the government, the early and proactive involvement of departments and branches are the decisive factors for success in attracting investment.

Mr. Vinh highly appreciated the early merger of the business associations of the two provinces. In the coming time, members of the provincial business associations will be more active in the province's decisions to further inspire the contributions of the business community of Lao Cai province. VCCI continues to plan to expand to Lao Cai province and connect and link the business community in the Northwest. Lao Cai province needs to pay more attention to improving the investment and business environment, enhancing the province's competitiveness and establishing groups between the unit and the province to facilitate exchanges and resolve problems.

At the conference, Mr. Nguyen Huu Cuong, representative of Viglacera Corporation, emphasized that the Corporation is currently implementing the Tran Yen Industrial Park Infrastructure Investment and Business Project, located in a strategic trading center, close to the Hanoi - Lao Cai highway and adjacent to the Kunming - Lao Cai - Hanoi - Hai Phong international railway. This is an outstanding advantage that helps to quickly connect with major economic centers of Vietnam and the Southwest region of China; at the same time, opening up strong development potential for logistics services and cross-border trade. The Corporation hopes to continue to receive the attention, direction and close support of provincial leaders, departments and branches in site clearance, investment licensing and attracting secondary investors.

Representatives of businesses and investors in Lao Cai province spoke at the Conference

A representative of the Van Yen Business Association in Lao Cai province said that recently, the output market for cinnamon products has faced many difficulties such as slow consumption of goods, sharp decline in selling prices, many businesses have had to reduce production or stop operations. Meanwhile, since July 1, cinnamon products after conventional preliminary processing (drying, drying, cutting, splitting, peeling, packaging, etc.) are subject to a value-added tax rate of 5%. This policy is creating an additional cost burden, greatly affecting the ability to maintain production and business of units in the industry.

The Van Yen Business Association recommends that the Lao Cai Tax Department, the General Department of Taxation and relevant agencies study and consider adjusting to apply a 0% value-added tax rate to conventional pre-processed cinnamon products, in order to promptly remove difficulties for the business community; soon have specific instructions on payment methods when purchasing agricultural and forestry products from farming households without invoices. The Lao Cai Provincial People's Committee should pay attention to, promulgate or submit to competent authorities to promulgate specific mechanisms and policies to support cinnamon production and export enterprises.

Concluding the conference, Mr. Tran Huy Tuan, Chairman of Lao Cai Provincial People's Committee, emphasized that in the coming time, Lao Cai province will always pay attention to supporting and accompanying enterprises in socio-economic development. The province commits to investors and enterprises to issue Business Registration Certificates in no more than 2 days; issue Investment Policy Decisions in no more than 2/3 of the prescribed time; issue Construction Permits in no more than 10 days; tax and customs procedures are convenient and quick; there are specialized agencies to support investors and enterprises in site clearance; no strikes; ensure security and order inside and outside enterprises.

Source: https://phunuvietnam.vn/lao-cai-quan-tam-ho-tro-va-dong-hanh-cung-doanh-nghiep-trong-phat-trien-kinh-te-xa-hoi-2025080212082929.htm