The Lao Bảo border gate that connects Quảng Trị Province and Savannakhet Province in Laos. — VNA/VNS Photo

QUẢNG TRỊ — Authorities in the central province of Quảng Trị are adjusting the master plan for the development of the Lao Bảo Special Economic and Trade Zone, the province’s acting chair Hà Sỹ Đồng said on Monday.

The goal is to develop the zone into a dynamic and sustainable economic centre for the province, and form a cross-border economic trade zone between Lao Bảo (Quảng Trị, Việt Nam) and Densavan (Savannakhet, Laos).

“The adjustment is an urgent task, which aligns with the planning of the north-central region, the central-coastal region, and of Quảng Trị Province for the 2021-30 period and until 2050,” Đồng said.

The Quảng Trị People's Committee has asked relevant agencies to complete the adjustment of master plan by reviewing, adjusting and reorganising functional areas while maintaining the zone’s boundaries and scope, he said.

The plan should also clearly identify the advantages and potential of the economic zone in creating regional links and improving international relations and logistics services, by capitalising on its position as the starting point of the East-West Economic Corridor.

It should also demonstrate how the adjustment will be consistent with the formation of the Lao Bảo-Densavan cross-border economic trade zone.

The updated plan will be submitted to the provincial People's Council for approval, then to the Ministry of Construction for appraisal, and finally to the Prime Minister for approval.

Established in 1998, the Lao Bảo Special Economic and Trade Zone spans 15,800 hectares, stretching through five communes and two towns along the East-West Economic Corridor in Hướng Hóa District.

An one of Việt Nam’s eight key border gate economic zones, it was chosen by the Prime Minister to receive State funding for development from 2021 to 2025.

It functions as an industrial park, export processing zone and border gate economic zone, and is classified as a ‘special duty-free zone’, which means it enjoys the highest preferential mechanisms by Vietnamese law and international agreements that Việt Nam has joined.

To date, the zone has attracted about 60 investment projects with a total capital of over VNĐ3.7 trillion (US$144 million). — VNS