Yen Bai Industrial Zones Authority Making Best Preparation for New Investment Flow

9:35:20 AM | 8/4/2021

To make breakthroughs in investment attraction into industrial zones, Yen Bai Industrial Zones Authority has adopted many solutions to improve the business investment environment and provide the most convenient conditions for businesses.

Speeding up administrative reform

Over the past time, Yen Bai province has obtained significant success in industrial zone development, supporting local socio-economic development goals. The Prime Minister has approved the province’s plan for building three industrial zones with a total planned land area of 632 ha including 400-ha Phia Nam Industrial Park, 112-ha Minh Quan Industrial Park, and 120-ha Au Lau Industrial Park. These industrial parks have attracted 62 investment projects, including 57 domestic direct investment (DDI) projects and five foreign direct investment (FDI) projects with a combined registered investment fund of VND11,828 billion. 30 projects have already gone into stable operation. Tenants in industrial parks employ about 4,000 workers, paid about VND6 million a month on average.

To achieve the above results, the Yen Bai Industrial Zones Authority has made efforts to improve technical infrastructure of industrial zones, carry out domestic and foreign trade promotion, and especially promote administrative reform for better business support. The authority has focused on the timely settlement of investment procedures, coordinated with relevant departments and branches to assist them to complete procedures concerning construction, land, environment and labor; updated and submitted to competent authorities for approval of new administrative procedures and abolition of old ones. Documents received and delivered at the Public Reception Department are quickly handled, thus building up investor confidence.

Mr. Trinh Huynh Yen, Director of the Yen Bai Industrial Zones Authority, said, among 26 investment administrative procedures under the jurisdiction of the authority, seven require a shorter time for completion, 48 days fewer than Decision 805/QD-UBND dated April 24, 2020 of the People's Committee of Yen Bai province regulates on coordination to settle investment procedures in accordance with the Law on Investment 2014 in Yen Bai province.

In addition to administrative reform, Yen Bai province has gathered joint forces to develop human resources and the labor market; invested in upgrading and perfecting high-quality vocational training facilities to meet socio-economic development and serve the employment needs of tenants in industrial parks.

Ready for new investment wave

In the context of global supply and production chain restructuring, along with right and strategic steps, Yen Bai industrial zones have made necessary preparations to accommodate the next wave of redirected investment flows.

Accordingly, Yen Bai province has licensed Viglacera Corporation to research, survey and propose planning initiatives for a 496-ha industrial, urban and service complex in Tran Yen district and Yen Bai City at the IC12 Intersection on Noi Bai - Lao Cai Expressway. This facility is expected to draw high-tech, electronics and telecom investors, provide social utility services, help increase State budget revenue, and ensure effective and sustainable socio-economic development of the province.

Moreover, the Yen Bai Industrial Zones Authority has focused on building and completing infrastructure in the industrial parks and improving administration apparatus. It has adopted a growth pattern driven by science, technology and high-quality human resources to utilize local advantages and potential. It has picked up projects in line with sector development plans and socio-economic development plans with priority given to environment-friendly industries that use advanced technology.

According to Director Trinh Huynh Yen, in the coming time, to draw high-quality funding from the EU, the industrial parks will strengthen interconnectivity; align planning with policymaking to effect investment attraction. Additionally, the authority will diversify methods of investment cooperation for industrial zone infrastructure development, encourage private resources and public-private partnerships in construction and development of industrial zone infrastructure.

By Ngo San, Vietnam Business Forum