Yen Bai-ASEAN relations: Reap the sweet fruits together

TGVN. Located in the center of the Northern midland and mountainous and on the economic corridor of Kunming - Lao Cai – Ha Noi - Hai Phong, Yen Bai is one of the satellites that promotes the “Two corridors, one economic belt” cooperation and connects with the ASEAN free trade area.
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yen bai asean relations reap the sweet fruits together
Chairman of Yen Bai Provincial People's Committee Do Duc Duy visited Val-de-marne province in France.

Potentials and advantages

With the advantages of natural resources, Yen Bai is considered a province with huge potential but has not been fully exploited.

This mountainous province has a great potential of land, of which 588,096 hectares are reserved for agriculture, forestry and fishery development. Especially, with an area of nearly 8,000 hectares of tea trees, Yen Bai ranked 2nd in the tea area and production of Vietnam.

Cinnamon of Yen Bai is among the best and considered as one of the key products and its quality is among the best. With an area of nearly 70,000 hectares, Yen Bai prioritizes investment in building intensive processing of dried cinnamon bark products, cinnamon tea and cinnamon essential oil, etc.

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Yen Bai's incredible rice field.

Besides, Yen Bai owns diverse mineral resources and abundant in types. With 257 mines and mine points, most of the province’s minerals belong to the groups of energy, building materials, industrial minerals, metals and mineral water, etc. Yen Bai province has a white limestone reserve of over 2,4 billion m3, a metal ore reserve of around 200 million tons. These can be used as material for producing cement, paving stones of all kinds, construction materials and cosmetic technology, etc.

Yen Bai also has great potential for tourism development, with a diversity of natural landscapes and ethnicity, including Thac Ba lake, Mu Cang Chai terraced rice fields, which was praised by the American press for having the world’s most spectacular and exquisite beauty...

Connecting ASEAN

In 2019, Yen Bai achieved a number of remarkable achievements. Specifically, the province has 25 foreign direct investment (FDI) projects with a total registered capital of 405 million USD in various sectors like mineral resources, agriculture, forestry, textile, trade and services, processing and assembly.

In addition, the province’s export value reached 170 million USD, with the main export items being products processed from stone, green tea, black tea and cinnamon essential oil to markets such as Taiwan (China), China, Japan, and South Korea. There are 266 newly-formed businesses. Regarding tourism, Yen Bai welcomed over 700,000 visitors, of which 150,000 are foreigners.

Paragliding festival to take place in Yen Bai

Paragliding festival to take place in Yen Bai

These figures contributed greatly to Yen Bai’s economic growth in 2019 of 7.30% (the highest ever), making it a destination full of promises for investors.

The province has many specific mechanisms and policies to support investors, such as: accessing capital with preferential interest rates, supporting vocational training funds, simplifying the administrative procedures; setting up a Steering Committee to directly support the business to improve the investment environment. Furthermore, through the “Coffee with Entrepreneurs” program, the provincial government has the chance to communicate dỉrectly with the business community, and entrepreneurs have the opportunity to exchange experiences, creating a more effective collaboration.

yen bai asean relations reap the sweet fruits together
The signing ceremony of a cooperation memorandum between China's Yunnan province and Yen Bai province.

Yen Bai also prepared infrastructure conditions including electricity, water, communications and telecommunications services, transportation, finance, banking, healthcare, as well as vocational training facilities that met ASEAN standards. All these factors have allowed Yen Bai to become a bridge, connecting the ASEAN free trade area, which is an attractive link and investment destination.

Based on the potentials, strengths and effective policies to support businesses, Yen Bai always welcomes investors all over the world, particularly from ASEAN countries, creating new and favorable partnerships to reap more sweet fruits together.

Along with efforts to improve the business investment environment, Yen Bai has attracted a number of potential and reputable investors such as Alphanam, TH, Euro Window, APEC, TNG ... to implement large projects with trillions of VND. 80% of the projects are in the industrial sector, and the rest is invested in agriculture, fisheries, trade and services.

Yen Bai is developing strongly, modernly and synchronously in transport infrastructure. The Noi Bai - Lao Cai highway passes through the province with a length of over 80 km, which shortened the distance from Yen Bai to key economic regions, with a full system of road, rail and inland waterways, to serve the needs of domestic development and trade as well as complete the linking of Yen Bai with important places in Vietnam's economic map.

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Do Duc Duy
Chairman of Yen Bai Provincial People's Committee

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