Yen Bai - Potential destination for investors

Yen Bai is currently an attractive destination for domestic and foreign investors, with a favorable geographical location, rich natural resources, abundant human resources, open and attractive investment attraction policies,...

Yen Bai - Attractive investment destination

Yen Bai is located in the center of the Northern Midlands and Mountains (NMB), the midpoint of the Kunming - Lao Cai - Hanoi - Hai Phong - Quang Ninh economic corridor, with a diverse and interconnected transportation network, closely connected to the Noi Bai - Lao Cai expressway and 05 other national highways, conveniently connecting trade with important economic centers, border gates, seaports, and international airports.

The total natural land area is 689,267 hectares with a forest coverage rate of 63%, making Yen Bai considered the "green lung" of the Red River Delta and Hanoi, creating suitable soil conditions for the development of agricultural, forestry, medicinal plants and large-scale concentrated production areas.

Yên Bái - Điểm đến tiềm năng của các nhà đầu tư

Chairman of Yen Bai Provincial People's Committee Tran Huy Tuan presented the Chairman of Meabashi City, Gunma Province (Japan) with a photo book "Land and People of Yen Bai".

With a natural terrain gradually rising from the Southeast to the Northwest, majestic natural scenery and many famous scenic spots such as: Thac Ba Lake National Scenic Tourist Area of 19,000 hectares, considered as "Ha Long Bay on the mountain" of Vietnam; Mu Cang Chai terraced fields national special relic,... and many cultural values imbued with national identity, especially Thai Xoe Art recognized by UNESCO as a representative intangible cultural heritage of humanity, Yen Bai possesses the prospect of developing types of eco-tourism, resorts; community experience and discovery tourism... In the first 6 months of 2023, the province welcomed about 1,000,000 domestic and international tourists, an increase of 28.3% over the same period in 2022.

Besides, Yen Bai possesses the potential to develop mineral processing industries with large reserves and diverse types such as: White limestone (2.4 billion ^m3 ), iron ore (200 million tons), common construction materials (450 million tons), rare earth,...

Yen Bai province's population is over 850,000 people, with about 62% of working age, the rate of trained workers is over 66%, labor productivity is constantly improved - one of the province's great advantages in attracting investment and developing the economy - society.

With a favorable geographical location, rich natural resources, abundant human resources, open and attractive investment attraction policies,... Yen Bai is currently an attractive destination for domestic and foreign investors.

Efforts to innovate, develop the economy and society quickly and sustainably

After more than 2 years of implementing the Resolution of the 13th National Party Congress and the Resolution of the 19th Provincial Party Congress, term 2020-2025 with the goal of developing Yen Bai rapidly and sustainably in the direction of "Green, harmony, identity and happiness", becoming a fairly developed province by 2025 and being among the leading developed provinces in the Central Highlands region by 2030, Yen Bai's socio-economic growth in 2022 continued to maintain a growth rate of 7.86%, ranking 3rd out of 14 Central Highlands regions. The province's GRDP growth rate reached 8.62% ; budget revenue reached over 4,600 billion VND, the economic structure shifted positively.

Mr. Tran Huy Tuan - Chairman of the Provincial People's Committee and Mr. Yamamoto Ryo - Chairman of Meabashi City (Japan).

Up to now, Yen Bai province has issued investment policy decisions for 612 projects with a total registered capital of about 483 million USD (87,730 billion VND). The whole province has 04 industrial parks with a total area of about 966 hectares and 15 industrial clusters with a total area of 773 hectares that have been and are being invested in technical infrastructure to serve investors, including many corporations and enterprises such as Vingroup, TH, SunGroup, Eurowindow, ...

Besides, Yen Bai has promoted foreign affairs activities, international integration, expanded friendly cooperation relations with localities and foreign partners, especially with Japanese partners, contributing to the strong, comprehensive, substantive and effective development of the Vietnam - Japan extensive strategic partnership.

The province has established a friendly cooperative relationship at the local level with Mimasaka City, Okayama Prefecture since 2019; continues to proactively seek and connect with Meabashi City, Gunma Prefecture to move towards establishing cooperative relations in the strengths of the two localities such as trade, tourism, production, processing of agricultural and forestry products, and vocational training.

There are currently 03 "million dollar" projects invested by Japan in Yen Bai, including: (i) High-tech rabbit breeding and processing investment project of Nippon Zoki Co., Ltd. Branch with a total registered investment capital of 78,600,000 USD (1,700 billion VND), aiming to produce 30,000 rabbits/year; (ii) Bamboo shoot processing factory construction project of Yamazaki Vietnam Co., Ltd. with a total registered investment capital of 1,300,390 USD (30 billion VND). (iii) EREX SAKURA Yen Bai Biomass Fuel Plant Project, with a total registered investment capital of 20,400,000 USD (474 billion VND), expected to produce 150,000 tons of high-quality wood pellets/year and 350,000 tons of wood chip products/year.

In addition, Yen Bai is guiding and supporting EREX Joint Stock Company (Japan) to implement a biomass power production project in the province with a capacity of 50MW and a total expected investment of 100 million USD.

Key tasks in the coming time

In order to realize the 3 strategic breakthroughs and 7 key tasks according to the Resolution of the 19th Provincial Party Congress, in the coming time, Yen Bai will focus on attracting strategic investors in the following fields: (1) Processing industry, production of new materials, new energy, clean energy, supporting industry; (2) Clean, organic agriculture, high-tech application; sustainable forestry development; processing and production of key products and specialties according to the chain linked with product consumption; (3) Tourism, healthcare, training, banking and finance services, logistics transportation, industrial and agricultural support services; (4) Infrastructure business of industrial parks and clusters, commercial and service infrastructure.

Yen Bai province signed a Memorandum of Understanding with EREX Joint Stock Company, Japan.

Therefore, the province focuses on accelerating the progress of site clearance and investment in building traffic infrastructure for existing industrial parks and clusters, in parallel with comprehensive administrative procedure reform in the fields of investment, construction and improving the quality of education and training of high-quality human resources.

Digital transformation platforms and information technology applications on the Provincial Public Service Portal and the National Public Service Portal have also been enhanced, with simple, clear, accurate, and easy-to-implement processes to reduce costs and time for people and businesses.

In addition, the province aims to build an open, transparent, favorable, and equal investment and business environment through synchronous and effective implementation of support activities and dialogues with businesses to promptly grasp and remove difficulties in production, business, investment, trade promotion, brand building, etc. and implement investment projects in the spirit of "Government accompanies businesses and investors".

Source