Lao Cai, May 8 - The People’s Committee of Lao Cai Province in collaboration with the Northwest Steering Committee, the Ministry of Planning and Investment and BIDV organized a conference on Lao Cai investment and tourism development for 2016.

 

​Conference attendees included Mr. Trinh Dinh Dung, Deputy Prime Minister of Vietnam, around 500 participants fromgovernmental ministries, scholars, representatives from nearly 100 diplomatic missions, international organisations and enterprises, as well as investors both local and international.

The conference focused on reviewing investment results from recent years; proposing directions for attracting more investment in the province for the upcoming period 2016-2020; the local authority’s commitment to supporting investment; improving the business environment; and awarding investment registration certificates to key projects in the province. As well as these, agreements were signed between BIDV and investors and between BIDV and the authorities of Lao Cai Province.

According to Nguyen Van Vinh, Party Secretary of Lao Cai Province, in recent years, tourism within the province has maintained a high growth rate, contributing 11.5 percent to the province’s GRDP. In 2015, Lao Cai received over two million tourist arrivals, of which 600,000 were foreign, with total revenue from tourists reaching VND4,600 billion (USD206 million).

Mr. Vinh added that tourism contributes to the development of other sectors in the province such as transport, post and telecommunication, and culture. Tourism also supports the revival and protection of the country’s cultural values, traditions and history, as well as the conservation of the natural landscape and environment, and assists in expanding exchange among regions within the country and with foreign countries.

Addressing a keynote speech at the conference, Mr. Tran Bac Ha, BIDV Chairman stressed: “Lao Cai has the ideal investment environment and therefore the potential to attract domestic and foreign investors. BIDV hopes the highly feasible solutions will generate positive social effects and strengthen the confidence of investors in Lao Cai, making Lao Cai tourism a key economic sector and significantly contributing to the socio-economic development of the province, thereby improving the living conditions of its communities.”

“BIDV can provide a reliable companion for both local and foreign businesses and investors investing in Lao Cai,” Mr. Ha affirmed.

The bank confirmed it would provide medium and long term loans in the region of VND20,000 billion (USD897 million) for key projects in Lao Cai Province, focusing on those in tourism, mining, high-tech agriculture, and border economic zone infrastructure.

Furthermore, the bank pledged to provide a credit package worth VND150 billion (USD6.7 million) with reasonable interest rates for road construction in the province’s rural areas.

At the conference, BIDV signed master credit agreements with eight companies investing in Lao Cai, worth VND2,690 billion out of total investment values of VND3,678 billion (USD165 million).

The bank also pledged its commitment to continue funding VND80 billion towards social security activities, with particular priority given to healthcare, education, housing for the poor and new rural developments.

The Lao Cai tourism development conference is a highlight of the province’s 2016 events, laying the foundation for the province to prepare for infrastructure, tourism products and services for the National Tourism Year 2017, to be held in the province.

Investment certificates awarded to 6 projects:

Five-star Accor hotel project by Fansipan Cable Car Company worth VND1,500 billion (USD67 million);Iron ore ball manufacturing factory project in Bat Xat district by Lao Cai Steel and Iron Company worth VND350 billion (USD15.7 million);Minh Luong Hydropower Plant project in Van Ban district by Nam Tien Company worth VND810 billion (USD36.3 million);Nam Xay Luong Hydropower Plant project in Van Ban district by Nam Xay Hydropower Company worth VND362 billion (USD16.2 million);Nam Khat Hydropower Plant project in Van Ban district by Southeast Asia Energy Corporation worth VND271 billion (USD12.2 million);Three-star Sapa highland hotel by Sapa Tourism Services Company worth VND120 billion (USD5.4 million).