Yen Bai - Potential destination for investors

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

Yen Bai - An attractive investment destination.

Yen Bai is located in the heart of the Northern Midlands and Mountains region, at the midpoint of the Kunming - Lao Cai - Hanoi - Hai Phong - Quang Ninh economic corridor. It boasts a diverse and interconnected transportation network, closely linked to the Noi Bai - Lao Cai expressway and five other national highways, facilitating trade connections with important economic centers, border gates, seaports, and international airports.

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

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

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

With its naturally undulating terrain from Southeast to Northwest, majestic natural landscapes, and numerous famous landmarks such as the 19,000-hectare Thac Ba Lake National Scenic Area, often referred to as the "Ha Long Bay in the mountains" of Vietnam; the Mu Cang Chai terraced rice fields, a special national historical site; and many rich cultural values reflecting the ethnic identity, especially the Thai Xoe dance art, which has been recognized by UNESCO as a Representative Intangible Cultural Heritage of Humanity, Yen Bai possesses promising prospects for developing eco-tourism, resort tourism, experiential tourism, and community exploration. In the first six months of 2023, the province welcomed approximately 1,000,000 domestic and international tourists, an increase of 28.3% compared to the same period in 2022.

In addition, Yen Bai possesses the potential to develop mineral processing industries with large and diverse reserves such as: white limestone (2.4 billion ^m³ ), iron ore (200 million tons), common building materials (450 million tons), rare earth elements, etc.

With a population of over 850,000 people, approximately 62% of whom are of working age, and a trained workforce rate exceeding 66%, labor productivity is constantly improving – these are some of the province's major advantages in attracting investment and developing socio-economic aspects.

With its favorable geographical location, abundant natural resources, large workforce, and open and attractive investment policies, Yen Bai is currently an attractive destination for domestic and foreign investors.

Efforts to innovate and achieve rapid and sustainable socio-economic development.

After more than two 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, harmonious, distinctive and happy," becoming a relatively prosperous province by 2025 and among the leading developed provinces in the Northern Midlands and Mountains region by 2030, Yen Bai's socio-economic development in 2022 continued to maintain a growth rate of 7.86%, ranking 3rd out of 14 in the Northern Midlands and Mountains region. The province's GRDP growth rate reached 8.62% ; budget revenue reached over 4,600 billion VND, and 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).

To date, Yen Bai province has granted investment approval for 612 projects with a total registered capital of approximately US$483 million (VND 87,730 billion). The province has 4 industrial parks with a total area of approximately 966 hectares and 15 industrial clusters with a total area of 773 hectares, all of which have received significant investment in technical infrastructure to serve investors, including many corporations and businesses such as Vingroup, TH, SunGroup, Eurowindow, etc.

In addition, Yen Bai has promoted foreign relations and international integration, expanding friendly cooperative relations with foreign localities and partners, especially with Japanese partners, contributing to the strong, comprehensive, substantive and effective development of the Vietnam-Japan extensive strategic partnership.

The prefecture established friendly local cooperation with Mimasaka City, Okayama Prefecture in 2019; and continues to proactively seek and connect with Meabashi City, Gunma Prefecture to establish cooperation in areas where both localities have strengths, such as trade, tourism, production, processing of agricultural and forestry products, and vocational training.

Currently, there are three "million-dollar" Japanese investment projects in Yen Bai, including: (i) The high-tech rabbit breeding and processing project of Nippon Zoki Co., Ltd. Branch with a total registered investment capital of USD 78,600,000 (VND 1,700 billion), aiming to produce 30,000 breeding rabbits/year; (ii) The bamboo shoot processing plant construction project of Yamazaki Vietnam Co., Ltd. with a total registered investment capital of USD 1,300,390 (VND 30 billion); (iii) The EREX SAKURA Yen Bai Biomass Fuel Plant project, with a total registered investment capital of USD 20,400,000 (VND 474 billion), expected to produce 150,000 tons of high-quality wood pellets/year and 350,000 tons of wood chips/year.

In addition, Yen Bai province is guiding and supporting EREX Corporation (Japan) in implementing a biomass power generation project in the province with a capacity of 50MW and a total estimated investment of 100 million USD.

Key tasks in the coming time

In order to realize the 03 strategic breakthroughs and 07 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 in a linked chain associated with product consumption; (3) Tourism services, health, training, finance and banking, transportation and logistics, industrial and agricultural support services; (4) Business of infrastructure of industrial parks and clusters, commercial and service infrastructure.

Yen Bai province signs a Memorandum of Understanding with EREX Corporation, Japan.

Therefore, the province is focusing on accelerating the progress of land clearance and investing in the construction of transportation infrastructure for existing industrial zones and clusters, while simultaneously reforming administrative procedures comprehensively in the fields of investment and construction, and improving the quality of education and training of high-quality human resources.

Digital transformation platforms and information technology applications on the provincial and national public service portals have also been strengthened, with simple, clear, accurate, and easy-to-implement processes to reduce costs and time for citizens and businesses.

Furthermore, the province aims to build a transparent, favorable, and equitable investment and business environment through the synchronized and effective implementation of support activities and dialogues with businesses to promptly identify and resolve difficulties in production, business, investment, trade promotion, brand building, etc., and to implement investment projects with the spirit of "Government accompanying businesses and investors".

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