Lao Cai expands border gate economic zone hinh anh 1The Lao Cai International Border Gate. (Source: VNA)

Lao Cai (VNA) – The expansion of Lao Cai Border Gate Economic Zone with investment of over 14 trillion VND (around 625 million USD) from 2016-2020 has been approved by Prime Minister Nguyen Xuan Phuc.

According to the Prime Minister’s decision No. 40/2016/QD-TTg taking effect on November 15, the Lao Cai Border Gate Economic Zone includes a tax area, a border gate area, an industrial cluster and industrial craft area, an entertainment area, a tourist area, an urban area, a residential area, and other functional areas.

Of the capital, 2 trillion VND (90 million USD) comes from the State budget, 957 billion VND (43 million USD) from the local budget and the remainder sourced from enterprises.

Nguyen Tien Dung, Deputy head of the Lao Cai Economic Zone Management Board, said the move will help the province fully exploit its geographical and transport advantages to boost export-import, the local economy and cross-border trade between Vietnam and China.

The board is working with agencies to review mechanisms, policies and projects to put the expanded economic zone into operation by the first quarter of 2017.

According to the plan, the Lao Cai Border Gate Economic Zone will cover the districts of Bat Xat, Bao Thang, Muong Khuong and Si Ma Cai and Lao Cai city. The province’s import-export value is hoped to reach 4.6 billion USD by 2020 and 10 billion USD by 2030.-VNA