Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son speaks at the event. — VNA/VNS Photo

LÀO CAI — A business networking event was held in Lào Cai province on March 14 to advance the Prime Minister’s vision of transforming the northern border locality into a trade and economic hub connecting Việt Nam and ASEAN with southwest China.

Speaking at the event, Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn commended Lào Cai and the Vietnam Chamber of Commerce and Industry (VCCI) for their role in holding the event.

He underlined Lào Cai’s strategic location along the Kunming-Lào Cai-Hà Nội-Hải Phòng-Quảng Ninh economic corridor, describing it as a strategic anchor facilitating trade, investment and economic flows between Việt Nam, ASEAN, and southwest China.

To turn opportunities into concrete growth drivers, the official urged Lào Cai to fully harness strong relations between ASEAN and China, as well as Việt Nam’s partnerships with other ASEAN member states and global stakeholders, pushing for stronger cross-border collaboration in economy, trade, investment, and tourism. He also highlighted the need for new growth engines like sci-tech, innovation, circular economy, sharing economy, knowledge economy, green transition, and digital transformation to ensure Lào Cai’s sustainable, inclusive, and rapid development.

Infrastructure connectivity was also a priority, especially key projects such as the Lào Cai – Hà Nội – Hải Phòng standard-gauge railway, a road bridge over the Red River linking Việt Nam’s Bát Xát and Basa of China’s Yunnan, and a rail link between Lao Cai station and China’s Hekou North station.

EU Ambassador to Vietnam Julien Guerrier expressed hope for chances for the EU to further support Lao Cai, particularly in quality human resource training, social welfare and initiatives enabling local communities to access and benefit from EU environmental and climate protection regulations.

Meanwhile, Chinese Minister-Counselor in Vietnam Wu Guoquan described China as Vietnam’s largest trade partner for years. Conversely, Vietnam stands as as China’s top trade partner in ASEAN and the fourth-largest globally. Last year, two-way trade exceeded US$260 billion, up 13.5% annually. China ranked first among 114 foreign investors in Vietnam, with 955 projects topping $31 billion.

China is also the largest foreign investor in many Vietnamese localities, including Lào Cai. Wu underlined Lào Cai’s strategic border location, serving as a crucial point within the Southern Corridor of the Belt and Road Initiative (BRI) and the economic corridor linking Yunnan with Việt Nam's Quảng Ninh, Hải Phòng, Hà Nội and Lào Cai.

The Hekou – Lao Cai border gate plays an irreplaceable role in securing supply and production chains for both countries. It has also been instrumental in fostering deeper bilateral economic and trade ties.

Looking ahead, the completion of the Kunming – Hekou – Lao Cai – Hanoi railway is expected to further enhance cross-border infrastructure connectivity between China and Vietnam. This project will facilitate the development of seamless supply and production chains, solidifying Lao Cai’s position as a key gateway linking southwest China with Vietnam and ASEAN markets, he added.

Chairman of the Lao Cai provincial People's Committee Trịnh Xuân Trường also pledged all possible support for investors to fulfill the PM’s vision. — VNS