(VOVworld) – As Lai Chau is set to become an average developing province in the northern region by 2020, it has adopted many incentives to attract investors. 

Hydro power is one of Lai Chau's advantages

Since a large investment promotion meeting in April, 2016, Lai Chau has simplified or removed unnecessary administrative investment procedures. In addition to a workshop on improving the investment environment and enhancing the provincial competitive index, meetings and dialogues with enterprises were held. Pham Van Tuyen, Director of Lai Chau-based Thanh Tuyen Company, said the local administration has created the most favorable conditions for businesses in land lease and capital access: “After we reported our problems to the provincial leaders through the Young Entrepreneurs’ Association, they were eager to remove obstacles facing us. In one year, Lai Chau leaders convened several meetings with businesses to listen to us.”

Lai Chau, whose advantage is small and medium hydropower, is moving towards a sustainable agriculture. Do Ngoc An, Chairman of the Lai Chau People’s Committee, elaborated on creating a transparent and favorable business climate: "We have invited businesses to discuss ideas for mutual development. Lai Chau has coordinated with the Vietnam Chamber of Commerce and Industry (VCCI) to improve the province’s business environment. But we resolutely say no to environmentally-unfriendly projects.”

Lai Chau’s investment promotion efforts have paid off. In 2016, more than 100 businesses registered to operate in Lai Chau, and 20 additional projects worth 220 million USD were licensed. Now the province has a total of 140 projects capitalized at 1.4 billion USD.