Deputy Prime Minister Hồ Quốc Dũng speaks at an investment promotion conference in the northern province of Lào Cai on July 17. — VNA/VNS Photo

LÀO CAI — Investing in Lào Cai Province is more than a sound business decision, Deputy Prime Minister Hồ Quốc Dũng told business leaders on Friday; it's a chance to help preserve local ethnic culture, raise living standards in the highlands and push the province toward its annual target of growing more than 11 per cent through 2030.

The remarks came as the northern border province approved 24 new investment projects worth more than VNĐ24 trillion (roughly $920 million) at its annual investment promotion conference, themed 'Connectivity for Green, Sustainable Development', part of a push to cement the province's status as a gateway for cross-border trade and green growth.

Secretary of the Lào Cai Party Committee Dương Quốc Huy told delegates that Lào Cai sits at the crossroads of Việt Nam's northern mountain and midland region, a location he called a growing draw for domestic and foreign capital.

Improving the business climate remains the province's top priority, he said, citing plans to expand infrastructure, advance administrative and digital reforms and make the provincial government more responsive to residents and businesses.

In his keynote address, Deputy PM Dũng identified five priority sectors for investment: logistics and border-trade infrastructure, deep processing industry paired with renewable energy, world-class tourism and cultural industries, high-tech ecological farming, and modern urban and hospitality development – all areas he said play to the province's strengths.

He called on central ministries and agencies, and the Việt Nam Chamber of Commerce and Industry (VCCI), to work closely with the province to translate its investment incentives into concrete policy and accelerate the transport links needed to connect Lào Cai with neighbouring regions.

He urged local authorities to make greater use of the province's young workforce to strengthen its competitiveness. He also said the government 'highly values' the commitment shown by the companies that have already invested in Lào Cai, or plan to.

Deputy Prime Minister Hồ Quốc Dũng tours a booth at the product showcase held ahead of the investment conference on July 17. — VNA/VNS Photo

Chairman of Lào Cai People's Committee Nguyễn Tuấn Anh said years of reform have visibly improved the investment climate. The province now has 1,446 active investment projects with combined registered capital of more than VNĐ294 trillion ($11 billion), including 68 foreign-invested projects worth over $753 million.

The 24 projects approved on Friday are concentrated in industrial infrastructure, solar power, mining, processing and commercial housing – all priority sectors for the province.

Ahead of the conference, the Deputy PM and provincial leaders toured a display of goods from the 'One Commune, One Product' programme and other local specialties.

The showcase, spread across 79 booths run by local businesses and cooperatives, was meant to raise Lào Cai's profile as an investment, trade and tourism destination nationwide. — VNS