Yen Bai External Economic and Investment Commission: Bridgehead of Investment Promotion

12:26:35 AM | 18/8/2011

In the nearly two years since its establishment in September 2009, Yen Bai External Economic and Investment Commission has expanded international cooperation, attracted investments and promoted trade of the province.
On September 4, 2009, by Decision 1302/QD-UBND of Yen Bai People’s Committee, Yen Bai External Economic and Investment Commission was established to serve as a bridgehead to connect local and foreign partners, to promote and ensure the most efficient investments for the province.  
Business connectivity
Over the last years, the External Economic Commission has developed connections with related central ministries and agencies to regulate the activities of local authorities and businesses. The Commission has promoted the image of the province by providing information on local comparative advantages, developed cooperation with international organizations, and sponsored contacts and working sessions with foreign businesses and big Vietnamese companies to increase local and foreign investments.
Among those efforts, Yen Bai has established close cooperation with Haiphong city and served as the centre for the Kunming – Lao Cai – Hanoi – Haiphong economic corridor. The province has also developed and expanded cooperation relations with Val de Marne (France), Yunan (China), and Vientiane (Laos). Yen Bai has maintained relations with over 50 NGOs and international organizationssuch as World Vision (WVI), Save the Children (SC), GVC (Italy), Bread for the World (BftW), and Codespa (Spain), as well as UN international organizations and development agencies of Japan, Sweden, France, etc. Those relations have facilitated cooperation and investment.
As a result, foreign investment projects in the province keep increasing every year. In 1996-2000, investment value was VND311.8 billion, but from 2006 to now it is VND836.7 billion. Foreign investment projects increased both in the number of projects and total value. Since 2006, there are 127 licensed projects with total capital of VND10,884 billion. Both ODA and NGO investment capital have increased year by year.
Increasing external relations  
The Commission will continue its orientation and objectives in 2011 and the following years, increasing external relations to develop economic activities, promoting investments and trade, and attracting more resources for socio-economic development. To attain those objectives, the Commission has set for itself the following tasks:
On ODA and NGO sources:  The Commission will promote funding under various forms, with priorities for infrastructure projects linking rural areas with urban areas and projects in public health, education, environment and poverty reduction. The Commission will mobilize assistance for socio-economic projects in line with the policy of the province and concerned investors, contributing to sustainable development and social security. In 2011-2015, the total investment of ODA and NGOs will be at VND2,500 billion, double that of 2006-2010.
On trade and investment promotion: In conjunction with concerned local authorities and businesses, the Commission will promote local and foreign trade. The export value of 2015 will be US$30 million, increasing the total for 2011-2015 to US$130 million, double that of 2006-2010. Total FDI investment capital in 2011-2015 will be VND600 billion, 2.6 times that of 2006-2010.
On cooperation with Vietnamese and foreign cities and provinces: While maintaining and improving existing relations, the Commission will expand relations with Vietnamese and foreign cities and provinces to meet the demand of integration in the coming years. The forms of cooperation will be appropriate with the conditions of concerned partners. For instance, with Val-de-Marne (France), on the basis of long-term cooperation, comparative advantages of Val-de-Marne in both capital and technology will be tapped, such as water supply, waste water treatment, public health and cooperation in implementing ODA projects financed by the French government. For Vientiane (Laos), the Commission, in coordination with concerned authorities, will assist Vientiane in education, health, agriculture and forestry in conformity with the conditions in Laos, and at the same time promote businesses from Yen Bai province to invest and trade with Laos.
The efforts of the Commission will be an important factor for the success of Lao Cai in 2011 and the years to come.