Yen Bai Creates Favourable Investment Environment

4:55:32 PM | 16/10/2012

In recent years, Yen Bai province has recorded noteworthy socio-economic achievements. The effective mobilisation of financial resources, technologies, and personnel, and active formation of favourable investment environment have created positive changes in the province’s economic structure. This is also a platform for Yen Bai to have investment attraction policies and mechanisms to accelerate socioeconomic development.
As a landlocked mountainous province, Yen Bai province has its own unique advantages. Its soil is suitable for development of agricultural and forestry production, particularly annual crops, perennial industrial crops, fruit trees and forest trees. Yen Bai has 257 ore mines in large reserves. For example, white limestone in Luc Yen district can be processed into paving stones and craft stones. Calcium marble in Yen Binh district, with whiteness degree at over 90 per cent, is being produced to process granular and powdered products for export. Iron ore reserves of 200 million tonnes are founded throughout the province. Apart from fossil minerals, agricultural products and forest products, Yen Bai is also known for the diversity of natural scenery and ethnicity - important elements for tourism development. In addition, Yen Bai province is located in the middle of Kunming (China) - Lao Cai - Hanoi - Hai Phong economic corridor. This corridor will be a driving force for Yen Bai to become a developed economic line.
2012 is the second year of the five-year socioeconomic development plan from 2011 to 2015. In the first eight months of the year, exports reached nearly US$30 million, lower than the plan, but given overall economic hardship, the result reflects great efforts of exporters and active support of relevant authorities for businesses. Some exports mad significant increases over the same period of last year like granular and powdered calcium marble, stone plank, technical porcelain, plywood, cinnamon oil and apparels. Some companies had bigger export turnover, including YBB Carbonate Joint Venture Company (US$4.16 million), Yen Bai Agricultural, Forest Products and Foods Joint Stock Company (US$3.339 million), Mong Son Joint Stock Company (US$3.3033 million), Hapaco Yen Son Joint Stock Company (US$ 1.444 million), Dat Thanh Trade, Production, Export and Import Co., Ltd (nearly US$1 million). In addition, the province’s industrial production value climbed to over VND1,900 billion. The industrial development index growth of 20.8 per cent showed great effort of the province and local enterprises in the context of difficult economic conditions.
The positive results in the midst of economic hardship came from sound development and investment policies. The province licensed 78 investment projects, with total registered capital of VND5,490 billion, and allowed 11 projects to adjust investment scale. With 145 domestic enterprises six foreign-invested firms were established in the period, the province had over 1,165 operational companies, including 43 foreign-invested units.
Yen Bai province also organises meetings with local businesses, informs policies and major investment orientations, joins forces with businesses to deal with difficulties. In addition, transparency in planning, counselling, and information support is enhanced. Administrative procedures are regularly reviewed to create best conditions for businesses.
The province actively improves the investment climate and attracts investment capital for flowing specific areas.
Tourism: Yen Bai province is currently calling for investment capital into such tourism projects as Thac Ba Lake, Suoi Giang Stream, and landscaped gardens and ecological, creational and discovery tourism sites in Luc Yen, Tran Yen and Van Yen districts, and Nghia Lo Town.
Industry: To meet socioeconomic development requirements, Yen Bai province gives priority to calling investment capital for tunnel bricks, unbaked bricks, paving bricks using new technologies and causing less impact on environment. According to development orientations to 2020, Yen Bai province will set up 17 small-scale industrial zones, covering ​1,084.92 hectares of land and costing VND1,305 billion for construction.
Agriculture: To develop tea industry, the province will encourage domestic and foreign investors to build new tea processing factories powered by advanced technologies like black tea production lines using ODT and CTC technology, high-quality green tea production lines, refined and mixed tea production lines, and aromatised tea production lines. Cinnamon wood and oil processing projects are built in Van Yen and Van Chan districts. Post-starch product processing facilities (modified starch, pure glucose, starch paper, industrial alcohol, etc.) are located in Bac Van Yen Industrial Park in Van Yen district to serve pharmaceutical, food, cosmetics and other industries.
To promote investment attraction and create most favourable conditions for investors to tap local potentials and advantages, Yen Bai province will step up administrative procedure reform, amend and abolish unnecessary provisions and procedures, and reduce waiting time needed for investment procedures. Single-entry mechanism is applied to investment procedures at the Department of Planning and Investment and the Industrial Zones Authority. Technical infrastructure at industrial zones in districts and towns will be completed. Investment promotion activities will be actively carried in major provinces and cities and other countries. The province defines that potential investors are Japan, South Korea, China, Taiwan, the US, the EU and domestic companies.
Apart from red-carpet mechanisms and policies, Yen Bai province will support investors to grasp every opportunity to enhance operating efficiency and live through difficulties.
Pham Duy Cuong
Chairman of Yen Bai Provincial People’s Committee