Investors pledge VND3.4 trillion for projects in Lao Cai
The northern upland province handed over the investment certificates to investors at an investment and tourism promotion conference last Sunday. The event was jointly organized by the Lao Cai government, the Steering Committee for the Northwest Region, the Ministry of Planning and Investment, and the Bank for Investment and Development of Vietnam (BIDV).
The investment certificates for hydropower projects went to Minh Luong worth VND810 billion (US$36.4 million) of Nam Tien Joint Stock Company (JSC), Nam Xay Luong worth VND362 billion (US$16.24 million) of Nam Xay Hydropower JSC, and Nam Khat worth VND271 billion (US$12.2 million) of Southeast Asia Energy Investment JSC.
The two tourism projects are Fansipan Cable Service JSC’s five-star hotel project with VND1.5 trillion (US$67.3 million) and Sapa Tourism Services JSC’s Sapa Highlands three-star hotel worth VND120 billion (US$5.38 million).
Nguyen Van Vinh, secretary of Lao Cai Province’s Party Committee, told the conference that in recent years, the tourism sector has grown strongly and contributed 11.5% to the province’s gross regional domestic product (GRDP).
Last year, the province welcomed 600,000 foreign and 1.4 million domestic visitors, and posted tourism revenue of VND4.6 trillion (US$206.3 million).
Tourism development has also supported other sectors in Lao Cai, including transportation, telecoms and handicraft production, and improved incomes for locals, especially those of ethnic minority groups. It has helped restore cultural, traditional and historical values, and boost economic restructuring in the province.
The province also approved a project of Lao Cai Steel Investment JSC to build an iron ore factory capitalized at VND350 billion (US$15.7 million) in Bat Xat District.
At the conference, representatives of Lao Cai, Hanoi, Quang Nam, Yen Bai, Quang Ninh, Lai Chau and Son La clinched a cooperation agreement on tourism development.
