VCCI, Lao Cai Ink Cooperation Deal for 2024-2029

The Vietnam Chamber of Commerce and Industry (VCCI) and Lao Cai province recently signed a memorandum of understanding (MoU) on cooperation in improving the business and investment environment and supporting businesses in the 2024 - 2029 period at VCCI headquarters.

VCCI President Pham Tan Cong (left) and Chairman of Lao Cai Provincial People's Committee Trinh Xuan Truong (right) sign a cooperation deal for 2024-2029 period

The MoU aims to improve the investment and business environment, support business development, and contribute to socioeconomic development of Lao Cai province. In particular, through this cooperation, the two sides hope to create a transparent, safe and enabling business environment for investors and businesses.

Accordingly, the first priority is to improve the business investment environment. The two sides pledged to work closely to eliminate barriers, simplify administrative procedures and create a transparent and open investment environment for businesses. Lao Cai agreed to adopt measures for a better business environment to sharpen national competitiveness in line with the resolution of the government.

The second priority is supporting business development. VCCI will accompany Lao Cai in establishing a local VCCI branch and connect Lao Cai businesses with domestic and foreign markets. At the same time, the two sides will coordinate to organize training programs to build up the capacity of businesses and foster innovation and technology application.

The next is trade and investment promotion. VCCI pledged to support Lao Cai to organize trade promotion fairs and exhibitions as well as attract domestic and foreign investment. The two sides will coordinate to promote Lao Cai's economic and tourism potential to investors.

The MoU was built on the fundamental principles of equality, voluntariness and lawfulness. Specific contents of cooperation include measures to improve administrative procedures, enhance investment promotion activities and support companies to boost business development.

The two sides were committed to seriously enforcing the MoU and remaining ready to support each other in cooperation. The MoU is effective from the date of signing to December 31, 2029 and can be supplemented and amended when necessary.

Speaking at the ceremony, Mr. Trinh Xuan Truong, Chairman of Lao Cai Provincial People's Committee, affirmed that the MoU signing ceremony is a new step in cooperation ties for mutual development of both sides.

“With its strategic location and development potential, especially in border economy, tourism and agriculture and forestry, Lao Cai has been making efforts to attract investment and boost socioeconomic development. The MoU signing will bring many new cooperation opportunities, improve the business environment and attract investors, thus contributing to Lao Cai development. Lao Cai is committed to creating favorable conditions for VCCI to carry out business support activities and boost the province’s socioeconomic development,” he emphasized.

In an enthusiastic response, VCCI President Pham Tan Cong said: "VCCI is committed to working closely with Lao Cai to effectively implement MoU contents. We believe that, with close cooperation between the two sides, the business investment environment of Lao Cai province will be increasingly improved to draw many investors and bolster the province's economic development.

Lao Cai will become an attractive destination for domestic and foreign investors and help improve people's lives and local socioeconomic development.

By Thu Huyen, Vietnam Business Forum