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Cao Bang: Emerging investment destination for ASEAN investors

Cao Bang has a number of natural advantages such as border gate economy, tourism, mineral resources, hydropower, etc. for investors all around the world and particulary from ASEAN to tap into its raw potentials.

A view of Non Nuoc Cao Bang UNESCO Global Geopark. (Photo: Shutterstock)

The mountainous province of Cao Bang situated in the Northeast of Vietnam, is a border province, linking with Guangxi – China. The province has a natural land area of 6,724.6 km2, with a forest area of over 61%, which has a great potential for agricultural and forestry development in the direction of commodity production in association with processing.

Besides, the province has quite large mineral reserves, including iron ore, bauxite ore, suitable for industrial development, especially in the mining and processing industry.

In addition, the province also has an abundance of water resources, many rivers with relatively steep slopes, which is befitting for developing small and medium hydropower plants. Cao Bang also has a number of branded mineral products such as Ferromanganese of NIKKO Vietnam Mineral JSC; steel billets of Cao Bang Cast Iron And Steel JSC.

The locality also owns many historical sites, landscapes, spiritual tourism. Some famous tourist spots include Ban Gioc Waterfall- Nguom Ngao Cave, Truc Lam Buddhist Temple; Pac Bo Special National Monument; and other national monument areas: Victory monument campaign border 1950 in Thach An District; Non Nuoc Cao Bang UNESCO Global Geopark, etc.

Currently, the province is promoting and gradually turning tourism into a key economic sector, creating a driving force for socio-economic development of the province.

Especially, Cao Bang is located at the gateway of goods exchange from Guangxi and the provinces of West, Southwest of China to the sea; and is also linked with ASEAN countries through the National Highway 4A (Cao Bang - Lang Son – Ha Noi - Hai Phong), National Highway 3 (Cao Bang - Thai Nguyen – Ha Noi). Thus, Cao Bang is a favorable destination for developing border-gate economy, trade and services, especially cross-border economic development.

These recent years, Cao Bang’s socio-economic is constantly developing. In 2019, the gross regional domestic product (GRDP) reached 7,23%. The province is also investing in its infrastructure system like constructing roads, border-gate economic zones, infrastructures for tourism, services...

By the end of 2019, Cao Bang has 12 foreign-invested projects of 9 investors with a total registered capital of 21,675 million USD and 618 billion VND. With the motto "Creating the best conditions for investors”, Cao Bang always strives to perfecting mechanisms and closely accompanying investors by properly apply investment mechanisms and policies promulgated by the Vietnamese Government.

In the future, Cao Bang will focus on implementing a number of important tasks such as developing sustainable tourism, organic and clean agriculture, geographical indications, food security, etc. In parallel, Cao Bang will focus on implementing many incentive policies and mechanisms to attract investment, creating favorable conditions and an open market for investors, especially ASEAN investors.