HÀ NỘI — The mountainous northern province of Lai Châu has awarded investment approvals worth more than VNĐ27.7 trillion (US$1.1 billion) at an investment promotion conference on Tuesday, as it seeks to attract private capital to support long-term economic growth.

The province also signed investment cooperation agreements valued at over VNĐ172 trillion in sectors including energy, high-tech agriculture, mineral processing, infrastructure and culture and tourism.

In her speech at the conference, Deputy Prime Minister Phạm Thị Thanh Trà said "Lai Châu is well positioned for future growth" with a strategic location, abundant natural resources and biodiversity, vast mineral reserves and the distinct cultural heritage of its ethnic communities as key advantages for attracting domestic and foreign investment.

The province has the potential to become a gateway linking Việt Nam's northwestern region with ASEAN markets, while creating new opportunities for economic development, according to Trà.

Lai Châu has made progress in reshaping its development strategy since the start of the 2025-2030 provincial Party Congress term by refining its planning, identifying new growth drivers and laying the groundwork for future investment.

Trà also praised the province's efforts to decentralise decision-making, streamline administrative procedures and improve the investment climate, describing Lai Châu as one of Việt Nam's leading localities in administrative reform and business environment improvements.

In the next few years, Lai Châu should continue improving its investment climate by streamlining administrative procedures, accelerating land clearance and completing zoning plans to facilitate project implementation, the deputy PM said. 

She called on central ministries and agencies to step up coordination in supporting Lai Châu's development, urging them to help remove investment bottlenecks, mobilise official development assistance and attract strategic investors committed to the province's green and sustainable growth.

Addressing the business community, Trà urged investors to ensure their commitments translate into effective and sustainable projects.

The deputy PM highlighted opportunities in renewable energy, pharmaceuticals and medicinal herbs, including Lai Châu ginseng, as well as eco-tourism, resort tourism and agriculture and forestry.

Attracting investment should not come at the expense of sustainable development, she said, stressing that project quality is more important than the volume of investment. Future investments should strike a balance between economic growth, environmental protection and improvements in local living standards, Trà said. 

Chairman of Lai Châu People's Committee Hà Quang Trung said the province aimed to achieve double-digit economic growth for the next five years and become a moderately developed province in the northern midlands and mountainous region by 2030.

Trung highlighted Lai Châu's advantages in renewable energy, commercial agriculture, medicinal plants, tourism, border trade and logistics, noting that the province has introduced a green channel mechanism for priority private investment projects, alongside administrative reforms and other policies designed to improve the business environment.

Under its 2021-2030 provincial development plan, Lai Châu targets average annual gross regional domestic product growth of 9-11 per cent while promoting green development, environmental conservation and improvements in living standards.

Meanwhile Lê Minh Ngân, secretary of the Lai Châu Provincial Party Committee, reaffirmed the province's commitment to improving the investment climate, saying the success of businesses would be a key measure of the effectiveness of the local government's leadership and administration.

Ngân said the province would continue to streamline administrative procedures, ensure the transparent implementation of investment incentives in line with the law, prioritise strategic infrastructure development and work closely with investors to resolve obstacles to project implementation.

He also pledged to maintain social stability and a safe investment environment to support businesses' long-term operations in the province. The conference also featured presentations by representatives of central ministries, economic experts, businesses and investors on Lai Châu's investment potential and development priorities.

Discussions focused on opportunities in medicinal plants and biotechnology, renewable and green energy, high-tech agriculture and the circular economy, as well as measures to improve the province's investment climate and competitiveness.

Speakers also shared investment experiences and explored strategies to position Lai Châu as a leading green investment destination in the northwestern region. — VNS