According to the decision No. 40/2016/QD-TTg taking effect on November 15,the Lao Cai Border Gate Economic Zone will cover the districts of Bat Xat, Bao Thang, Muong Khuong and Si Ma Cai and Lao Cai city.The economic zone has a tax area, a border gate area, an industrial cluster and industrial craft area, an entertainment area, a tourist area, an urban area, a residential area, and other functional areas.
Regarding investment capital, 2 trillion VND (90 million USD) comes from the State budget, 957 billion VND (43 million USD) from the local budget and the remainder sourced from enterprises.
Nguyen Tien Dung, Deputy head of the Lao Cai Economic Zone Management Board, said the move will help the province fully exploit its geographical and transport advantages to boost export-import, the local economy and cross-border trade between Vietnam and China.
The board is working with agencies to review mechanisms, policies and projects to put the expanded economic zone into operation by the first quarter of 2017.
