Lao Cai Industrial Zones Authority: Creating Most Favourable Business Conditions

5:31:59 PM | 29/8/2013

Lao Cai province now has three industrial zones with 132 investment projects with a total registered investment capital of nearly VND19 trillion, including 126 domestic investment projects and six foreign investment projects. Operational projects pay VND1,100 billion to the State Budget a year.
Reforming investment procedures
Being aware of its strengths and potentials in goods export and import, mining and mineral processing, and supporting industries, Lao Cai province always introduces policies on industrial development investment. The province specially gives priority to mineral extraction and downstream processing. To implement the province’s policies, the Lao Cai Industrial Zones Authority has undertaken many policies and activities to attract investment capital, support and create favourable conditions for investors in industrial zones. The authority has built and applied the ISO 9001 - 2008 quality standard system to administrative procedures. Procedures are streamlined to a minimum at the “request reception and result return” division to provide the most pleasing experience for businesses and citizens when working with the authority.
Mr Nguyen Tien Dung, Deputy Director of Lao Cai Industrial Zones Authority, said the reform of administrative procedures is significant for Lao Cai province. This is an important measure to attract investment capital for economic development in the past years and in the coming period. The authority is fully aware of this importance and thus settles procedures in a rapid manner to facilitate investors to spend the shortest time for investment condition studies in the province, especially industrial parks.
Actively supporting businesses
Apart from reforming administrative procedures and creating clear mechanisms for enterprises, the Lao Cai Industrial Zones Authority is attracting more investment capital and utilising all available resources for technical infrastructure investment to quicken the modernisation of Lao Cai province-based industrial parks. The management board actively supports enterprises to get land and tax preferences, talk with banks for credit loans and train staff. It also provides information about new investment policies to investors.
So far, Bac Duyen Hai Industrial Park has 67 investment projects with a total registered capital of VND970 billion; Dong Pho Moi Industrial Park has attracted 39 projects with a total registered capital of VND840 billion; and Tang Loong Industrial Park has drawn 26 projects with a total registered investment capital of nearly VND17 trillion.
Mr Dung affirmed that the authority will continue to reform administrative procedures and create a favourable investment and business environment to attract more domestic and foreign investors to the province.
Tran Mien