With mechanisms and policies in place to support and create favorable conditions on the part of the central government and the province, the team of businesses and entrepreneurs in Lao Cai has steadily grown. Lao Cai province currently has over 5,500 enterprises registered for production and business activities, with a total registered capital of more than 70,300 billion dong, of which more than 3,000 enterprises are operational. Enterprises are widely distributed throughout the province, operating in a wide range of diverse and rich industries, professions, and business fields. From 2011 to the present, the number, size, and quality of enterprises in the province have increased rapidly; many enterprises have clearly demonstrated their creative bravery, vision, rising to compete with domestic and foreign enterprises.

Create a fair business environment

Lao Cai has successfully implemented solutions to improve the business investment environment over the years, creating an equal and favorable environment for entrepreneurs. Publicize transparently the Lao Cai Province Master Plan for Socio-Economic Development to 2020, with a vision to 2030; plan the development of industries and fields, ensuring investment interests for entrepreneurs when choosing Lao Cai as a destination. Effectively implement the Government's guidelines and policies in the spirit of assisting businesses and the motto "Enterprises thrive, Lao Cai develops.".

Awarding investment policy decisions to 8 enterprises implementing 11 investment projects in Lao Cai province in the period of 2019-2025.  

Encourage administrative reform and the use of information technology to create the best possible conditions for businesses and people. Lao Cai has now completed nearly 1,600/1,999 administrative procedures, earning a level 4 rating on the Provincial Public Service Portal. This rate accounts for 80 percent of total administrative procedures in the province and meets the Government's target for the entire period 2021-2025. Shortening the time it takes to issue business registration certificates to 1.5 days; simplifying procedures, reducing the time it takes to buy VAT invoices or print invoices yourself to one day; reducing the time it takes to pay tax on land use right transfer and registration to four days; shortening the processing time for import and export goods, allowing for faster customs clearance; In the field of natural resources and the environment, 30% of the settlement time for four administrative procedures was reduced from 50 to 35 working days,... More than 500 administrative procedures have been eliminated. Lao Cai province has also approved a list of 828 administrative procedures, which will reduce processing time by at least 30% when compared to Central Government regulations. Connecting electronic one-stop software with the zalo application to make it easier for businesses and individuals to look up results and resolve administrative procedures.

In 2020, Lao Cai province's Provincial Competitiveness Index (PCI) ranked 16th out of 63 provinces and cities in the country, placing well in the management group. When compared to 2019, this ranking climbed 9 positions. Lao Cai ranked 12th out of 63 provinces and cities nationwide in terms of digital transformation.  

Supporting businesses improve operational efficiency

Lao Cai actively assists entrepreneurs and businesses in expanding their ability to participate in the market by promoting production linkages, promoting trade promotion, connecting product production and consumption, seeking to expand markets for product output, organizing fairs and festivals on a regular basis, and connecting businesses to promote, introduce, and consume products. So far, 70 businesses have created information transparency and electronic traceability systems with nearly 265 product lines tagged with QR codes, connecting nearly 80 supply chains of safe agricultural products and food. Supporting businesses in credit with the Program "Connecting banks - businesses. Tax support, IT application in management, support businesses to pay taxes electronically, refund electronic taxes, perform synchronously, smoothly through the "one-stop shop" mechanism, 100% of enterprises in the province have been granted tax identification numbers to declare tax online and pay taxes electronically. taxes, land use levies, land rents, water surface rents, etc. for businesses. Encouraging and supporting entrepreneurs to apply science and technology and innovatation.  

onference to promote investment, trade and tourism in Lao Cai province in 2019.

The contribution of the private sector and enterprises to the province's economic development is increasing as a result of these favorable mechanisms and policies. The average contribution rate is approximately 28% of the province's GRDP, the highest proportion of the three non-state sectors (private, collective, and individual). Contribution to total social development investment increased in proportion, from 15.8 percent (in 2011) to 42.7 percent (in 2019). The number of employees working in enterprises nearly doubled, from over 42,000 to nearly 80,000. Annual growth of 9% on average. The average salary in state-owned enterprises is estimated to be 8,900,000 VND/person/month; in private enterprises, it is 6,200,000 VND/person/month; and in foreign-invested enterprises, it is 6,000,000 VND/person/month... Contributing to the province's job creation, social security, hunger eradication, and poverty alleviation. On average, the proportion of poor households in the province decreased by 4-5 percent per year. The province's poverty rate will be 7.04 percent in 2020.  

With the formation of the Asean Economic Community, an East-West economic corridor, and participation in new FTAs, particularly TPP and FTAs, in the context of globalization and deeper international integration, The EU's "bridge" on the Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh economic corridor and the ASEAN-China free zone has created numerous opportunities for businesses and entrepreneurs. Lao Cai has access to a sizable goods and services market.

Lao Cai aims to build a strong team of Lao Cai entrepreneurs with national spirit, political enlightenment, business culture, and high social responsibility; to comply with the law, to have sufficient capacity and qualifications to lead and manage businesses with quality and efficiency, to apply science and technology and to implement digital transformation, to have high competitiveness, close linkage, actively participating in production networks, domestic and global value chains./.