Yen Bai Province: Potentials turned into advantages

WVR - From a mountainous province with various limitations in attracting investment, Yen Bai has been actively leveraging its available resources and implementing proactive and environmentally friendly investment attraction policies. It is striving to achieve its goal of becoming a prominent province in the Northern Mountainous Region.

With a commitment to supporting businesses and investors, addressing challenges promptly, and promoting production and business activities for the common development of the province, Yen Bai has become an appealing destination for investment and business ventures.

Those renowned corporations such as Vingroup, Sungroup, APEC Group, BB Group, TH Group, Euro Window, Flamingo Holding Group, Bao Lai, and others have recognized the favorable natural and socio-economic conditions of Yen Bai and have initiated or are currently implementing large-scale projects in sectors that align with the province's potential and strengths. These projects have made significant contributions to the economic growth and development of the province, generating job opportunities for the local workforce and acting as a driving force for the province's socio-economic progress in the future.

According to statistics, in 2022 and the first quarter of 2023, the province witnessed the establishment of nearly 400 new enterprises with a total registered capital exceeding 4,720 billion VND. The outcomes show that the private sector has become the pillar of the economy, contributing over 60% of the province's total budget revenue.

Entrepreneurs in Yen Bai contributed to social security activities.
Entrepreneurs in Yen Bai contributed to social security activities.

By the end of the first quarter of 2023, Yen Bai had approved the investment of 612 projects with a total registered capital of 89,824 billion VND and 402.1 million USD across various sectors. Many of these projects belong to sectors that are advantageous for the province, such as the mining and mineral processing industry, agriculture and forestry, and tourism services. These achievements are the outcomes of the province's guidance and direction, with a statement that investment attraction is a “top, regular, and continuous priority task of the political system.”

To enhance the attraction of investment resources, Yen Bai province has exerted its efforts to innovate and implement flexible investment promotion activities, improve the business environment by ensuring openness, convenience, equality, and transparency, and create favorable conditions for enterprises and investors to explore investment opportunities in the province.

The province also prioritizes investment in improving the economic and social infrastructure, enhancing the quality of planning to ensure proper development orientation, and continues to streamline administrative procedures in line with the government's directives. Additionally, Yen Bai maintains regular activities such as “Weekends with Enterprises” and the “Entrepreneur Coffee” program to accompany, support, and resolve difficulties and obstacles faced by enterprises and investors during their production, business, research, investment survey, and project implementation processes. These efforts aim to create a healthy business environment and promote equitable development among enterprises.

An overview of Yen Bai City.
An overview of Yen Bai City.

Moreover, the province has outlined breakthrough solutions for modern and environmentally friendly investment. It prioritizes those projects with high technology, resource-efficient practices, and significant value-added, and focuses on strategic investors with the capacity and experience to implement large-scale, directional, leading projects that can create a ripple effect. This approach aims to accelerate rapid and sustainable socio-economic development in line with the spirit of the Resolution of the 19th Provincial Party Congress, making Yen Bai an attractive destination for domestic and foreign enterprises and investors.

Being instilled with determination, relentless efforts, and strengthened collaboration between enterprises and the local authorities, Yen Bai's investment attraction endeavors will gain leverage. It is expected to create new opportunities for cooperation and investment at the local level.

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