Cao Bằng needs more than $6.83b in investment

March 08, 2023 - 09:51
Under the scheme, the province strives for an average Gross Regional Domestic Product (GRDP) growth of 9.72 per cent annually by 2030.
A part of Cao Bằng City. — VNA/VNS Photo Văn Đạt

HÀ NỘI — The northern mountainous province of Cao Bằng will need a total investment capital of VNĐ160.2 trillion (over US$6.83 billion) from now until 2030, under the provincial development planning scheme for 2021-30.

All Provincial Planning Appraisal Council members approved the scheme dossier last week, reported.

Under the scheme, the province strives for an average Gross Regional Domestic Product (GRDP) growth of 9.72 per cent annually by 2030. The provincial GRDP per capita is expected to reach VNĐ101.7 million by 2023. The province's total State budget revenue will likely increase by over 12 per cent each year.

By 2050, Cao Bằng aims to become one of the top seven provinces in terms of per capita income in northern midland and mountainous regions, one of the important international exchange hubs, and a driving force for developing the border gate economy, tourism and services in the areas.

To this end, the province will focus on creating an open, attractive and competitive business and investment environment to attract strategic investors and promote the development of its business community. It will also concentrate on building and creating a breakthrough in the socio-economic infrastructure system in a synchronous and modern direction.

Improving the quality of human resources, especially high-quality human resources among ethnic minorities and facilitating the application of science and technology in the production and lives of local people will be included.

According to Provincial Planning Appraisal Council members, the province needs to continue to identify and evaluate its location, development strategy and potential compared to other localities in the region while finding out the causes that hinder its development.

Deputy Minister of Planning and Investment Trần Quốc Phương requested Cao Bằng to update new guidelines and new trends in socio-economic development, regional development, and national master plan. At the same time, it should focus on clarifying the province's role in developing the region's border economy.

In 2022, Cao Bằng's economy grew 5.04 per cent, with import-export revenue nearing $885 million, up 11 per cent year-on-year. The province, which houses 27 ethnic minority groups, also served 1.1 million tourists, an annual growth of 165 per cent, and a 762 per cent increase in tourism revenue. — VNS