Lao Bao, a special economic-commercial zone in the central province of Quang Tri, has so far lured 49 investment projects with total registered capital of over VND3,500 billion, of which 33 projects are operational.
For Quang Tri province, Lao Bao is identified as a key economic zone to promote its tourism and services. It is also the starting point of the East-West Economic Corridor (EWEC), linking Laos, Thailand, Myanmar and Vietnam.
To attract more domestic and foreign investment capital, the zone management board has proposed removing barriers concerning policies, tax and infrastructure construction.
According to the board, a special incentive policy should be introduced, with priority given to infrastructure development.
In addition, the customs sector should further simplify import-export and immigration procedures at the Lao Bao international border gate to facilitate caravan tourism development and cargo transport through the gate.
Serving as the gateway to Laos, Thailand and Myanmar in the EWEC, the zone will help facilitate trade, tourism and services with these countries and others in the Greater Mekong Sub-region (GMS).
Nguyen Duc Cuong, chair of the Quang Tri provincial People’s Committee, has said that Quang Tri will create the best possible conditions for investors and tourists to do business and stay there.
The Lao Bao economic zone was established in 1998 in line with a cooperation agreement between Vietnam and Laos.
In 2005 it changed its name into the Lao Bao special economic and commercial zone, and it has since been operating under a special mechanism offering the most preferential treatment to investors.