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Lao Cai chases high-tech projects

Update: April, 19/2013 - 08:00
A worker supervises machine operating at the Sin Quyen Copper Complex which supplies ore for the Lao Cai Copper Refining Plant. The province is trying to attract investment in hi-tech and sustainable development projects. — VNA/VNS Photo Ngoc Ha
LAO CAI (VNS)— The northern mountainous province of Lao Cai is trying to attract investment into more hi-tech and sustainable development projects, officials have said.

This is a switch from investment in small hydro-power plants, mineral exploitation or intensive agriculture and tourism projects that use up forests and forest land. Le Ngoc Hung, director of the Lao Cai Trade Department, said the province was giving priority to processing minerals, tea export, medicine and using biotechnology to produce high-quality crops.

The province has attracted more than 30 FDI projects so far, with registered capital of nearly US$500 million.

The focus is mostly put on Lao Cai city and the districts of Sa Pa, Va Ban, Bao Thang and Bac Ha.

In 2012, these projects generated revenues of nearly $40, an 18 per cent increase compared with 2010. The province estimates that it needs at least VND1 trillion ($47.8 million) for socio-economic development targets in 2013-20.

Nguyen Van Vinh, chairman of the Lao Cai People's Committee, said the province needed to take advantages of its natural resources, forest and climate but must focus more on high-tech projects that recruit more local labor, use less land and are more environmentally friendly. — VNS

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