Lao Cai (VNA) – A business networking event was held in Lao 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 Vietnam and ASEAN with southwest China.

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

He underlined Lao Cai’s strategic location along the Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh economic corridor, describing it as a strategic anchor facilitating trade, investment and economic flows between Vietnam, ASEAN, and southwest China.

To turn opportunities into concrete growth drivers, the official urged Lao Cai to fully harness strong relations between ASEAN and China, as well as Vietnam’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 Lao Cai’s sustainable, inclusive, and rapid development.

Infrastructure connectivity was also a priority, especially key projects such as the Lao Cai – Hanoi – Hai Phong standard-gauge railway, a road bridge over the Red River linking Vietnam’s Bat Xat 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 260 billion USD, up 13.5% annually. China ranked first among 114 foreign investors in Vietnam, with 955 projects topping 31 billion USD.

China is also the largest foreign investor in many Vietnamese localities, including Lao Cai. Wu underlined Lao 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 Vietnam's Quang Ninh, Hai Phong, Hanoi and Lao 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.

ﷺ Chairman of the Lao Cai provincial People's Committee Trinh Xuan Truong also pledged all possible support for investors to fulfill the PM’s vision./.