Impressive numbers
Lao Cai has an important geographical position, being a gateway for trade with China through the Lao Cai international border gate, and has strengths in minerals, agricultural specialties, tourism and young labor force. On that basis, the private economic sector has grown steadily, creating a significant "push" for the province's growth.
Over the past decade, the private economic sector in Lao Cai has grown strongly in both quantity and scale. The number of enterprises in Lao Cai is increasingly large and strong, operating in many fields such as industrial production, mining, services, import-export, tourism ...
According to statistics, from the beginning of the year to mid-May 2025, Lao Cai issued new registration certificates to 211 enterprises and 28 affiliated units; the total registered capital reached 1,767 billion VND. By May 9, 2025, the total number of enterprises in the province granted registration certificates reached 8,222 (up 3.8% over the same period) with a total registered capital of 104,902 billion VND; Certificates of registration of operation were issued to 993 affiliated units (up 1.4% over the same period). The total number of enterprises operating in the province is estimated at 4,065.
The presence of the business community inside and outside the province is contributing to changing the socio-economic landscape of Lao Cai. Most economic sectors have a clear mark of the private sector.
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Geo-economic advantages have helped Lao Cai border gate economic zone develop rapidly, aiming to become a logistics center connecting Vietnam - ASEAN - China. |
Mr. Nguyen Huy Long - Chairman of Lao Cai Provincial Business Association commented: “The past period was full of challenges when businesses were recovering from the pandemic, facing natural disasters and supply chain disruptions. However, thanks to the spirit of self-reliance, many units remained steadfast and continued to expand investment. The number of new businesses, especially in key areas, continued to increase. Most businesses after restructuring had positive business results, creating thousands of jobs and making large contributions to the provincial budget.”
Lao Cai province's total budget revenue in 2024 will reach nearly VND13,000 billion, the highest level ever. This is a direct result of the relentless efforts of the business community, especially the private sector, during the period of economic recovery and transformation after the pandemic.
However, Mr. Long also frankly admitted: “Lao Cai’s private economy still lacks strong enough leading enterprises - the “leading cranes” - capable of shaping the industry value chain. The province needs to continue creating conditions for the formation of large-scale enterprises, especially in key areas such as export, logistics and high technology.”
Private economy - the foundation for the future
In recent years, Lao Cai province has also been the destination of many economic groups and large strategic investors such as: Sun Group, T&T, Geleximco, Bitexco, TNG, Phu Hung Import-Export Production Joint Stock Company, KOSY Joint Stock Company... The presence of large enterprises has created more motivation for small and medium enterprises in the province to develop in a more professional and systematic direction.
With the achieved results and development motivations in the coming time, Lao Cai is striving to become a growth pole, a connecting center, an economic, political, cultural, and foreign affairs center of the Northern Midlands and Mountains region.
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Ms. Nguyen Thi Minh Hien, President of Lao Cai Province Young Entrepreneurs Association. |
Ms. Nguyen Thi Minh Hien - President of Lao Cai Young Entrepreneurs Association affirmed: "Although Lao Cai enterprises and entrepreneurs still face many difficulties, they are always full of enthusiasm, desire to get rich and have a spirit of self-reliance. We constantly learn and innovate to lead the trend, create jobs and improve the quality of life for workers."
Ms. Hien quoted General Secretary To Lam in the article “Private economic development - a lever for a prosperous Vietnam”, saying: after nearly 40 years of renovation, the private economic sector has made very important contributions to the country's development achievements. Ms. Hien believes: The Politburo's resolutions will continue to create favorable mechanisms and policies, promoting the strong development of the private sector, including the Lao Cai business community.
Ms. Hien emphasized: “This is not only a positive signal, but also a call for young entrepreneurs nationwide, especially in border areas such as Lao Cai, to break through and affirm their pioneering role in economic development.”
Lao Cai has identified tourism as a key economic sector, with Sa Pa recognized as a National Tourist Area. In the process of developing the sector, private enterprises play a key role in investing in infrastructure such as hotels, resorts, restaurants, tourism services and unique experience products.
Many community tourism and agricultural tourism models associated with cultural preservation in Sa Pa, Bac Ha, and Bat Xat have created their own brands, attracting a large number of domestic and international visitors. In 2024, Lao Cai will welcome about 7.8 million visitors, creating a large source of revenue for private enterprises and contributing significantly to the province's GRDP growth.
In parallel, the geo-economic advantage has helped Lao Cai border economic zone develop rapidly, aiming to become a logistics center connecting Vietnam - ASEAN - China. Private enterprises are active in the import and export of agricultural products, minerals, and consumer goods, contributing to bringing the import and export turnover through border gates in the area to 3.625 billion USD in 2024 - an increase of 68% over the previous year.
Not only contributing in terms of scale, the private economic sector in Lao Cai is demonstrating its pioneering role in technological innovation, improving labor productivity and diversifying production and business models. Enterprises are gradually shifting from extensive to intensive development, with a systematic strategy, associated with green - clean - sustainable standards, in line with global development trends.
According to the development target until 2030, Lao Cai strives to form an infrastructure system of the economic trade connection center between Vietnam and ASEAN countries with the Southwest region of China; GRDP per capita is among the top 10 provinces and cities in the country. In the economic structure, the service - trade sector is expected to reach 36%, industry - construction accounts for 50.6%.
To achieve that goal, Lao Cai is placing great trust and expectation in the private economic sector. This is not only the driving force for growth but also the foundation for the locality to realize its aspiration to rise up and become a dynamic growth pole of the region and the whole country.
(To be continued)
Source: https://baophapluat.vn/ky-1-kinh-te-tu-nhan-lao-cai-dong-luc-moi-cho-tang-truong-ben-vung-post552108.html
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