In the past years, Yen Bai province has obtained many achievements in development investment, thus contributing significantly to local socioeconomic growth in 2016-2020. These results are attributed to the finance sector timely advising on many solutions to attract, mobilize and effectively use investment capital, especially administrative reform.
The Department of Finance has advised the Provincial People's Committee to announce administrative procedures of the finance sector, including the administrative procedure “Granting, paying and settling the budget for public irrigation services and products under the jurisdiction of the People's Committee of centrally governed provinces and cities” in the corporate finance field, to be executed at the Public Administration Center to be made public, transparent, orderly and punctual. In addition, the department consulted the provincial government to amend inappropriate operating mechanisms, especially operating mechanisms of local public utilities, changing from the planned operation to order-based operation, to reduce State budget spending. Seeing the importance of enterprises to budgetary revenue increase, the departmental leadership always directs professional divisions to remove difficulties and obstacles faced by enterprises, provides guidance on current policy regimes in a bid to shorten the time of notifying land rent valuation, land handover and site clearance from five days to three days, and instruct businesses to deduct compensation for land clearance.
The Department of Finance has worked together with relevant agencies to advise the Provincial People’s Committee to effectively transform and reshuffle State-owned enterprises as approved by the Provincial People’s Committee and the Provincial Enterprise Reform Committee. So far, the province has completed transforming five State-owned enterprises into joint stock companies and reshuffling forestry companies like merging Van Chan State Forestry Enterprise into the Mu Cang Chai Protective Forest Management Board. Transformation and rearrangement has helped companies to improve their operational efficiency. Beside SOE transformation and arrangement, the Department of Finance reviewed their financial plans to report to the Provincial People's Committee for annual SOE evaluation. At the same time, it worked with relevant bodies to perform financial supervision of SOEs, thereby fully and promptly assessing their financial situations and operational efficiency to have timely measures and solutions to their existing hardships, to complete their business objectives and plans, and improve their business performance and competitiveness.
The Department of Finance has actively coordinated with the Department of Industry and Trade, the Department of Planning and Investment and the Tax Department to work on such issues as extended corporate income tax payment time, extended VAT payment, land rent reduction and extended land-use fee payment time. Besides, the department joined the delegation of the Provincial People’s Committee to work with businesses, meet and share with entrepreneurs at the Business Coffee Program to clear policy obstacles to enterprises. Therefore, the department has helped improve the local business environment and effectively use investment projects.