Yen Bai organised an investment promotion conference in Seoul, the Republic of Korea, in early 2017 (Source: VNA) Yen Bai (VNA) – Foreign direct investment (FDI) has helped boostsocio-economic development in the northern mountainous province of Yen Bai,contributing to shifting the economic structure, creating more jobs andimproving locals’ living conditions.
To attract more FDI, the mountainous province hascontinuously promoted its strengths in natural resources and preferentialpolicies to enterprises, especially those with foreign investment.
The Foreign Investment Law was issued in 1987, but Yen Baidid not see any project coming until nine years later. The first FDI project wason limestone exploration, exploitation and processing at Mong Duong mine in YenBinh district with a registered capital of 7.6 million USD. At that time, YenBai was not attractive to foreign investors as the building of preferentialpolicies remained limited.
FDI flow into the province only increased in 2007 when theprovince began to pay attention to policies on encouraging, attracting and managingforeign direct investment. Notably, after the Noi Bai-Lao Cai opened to trafficin 2014, the province attracted several large-scale foreign-invested projects,including an electronic component factory project worth 220 million USD of theRepublic of Korea’s Edge Glass JSC, and a hi-tech rabbit raising and processingproject worth 78.6 million USD of Japan’s Nippon Zoki Ltd., Co.
Currently, there are 23 valid FDI projects totalling 438.7million USD in Yen Bai, of which eight projects are operating effectively,focusing on mining, agro-fishery-forestry processing, and garment and textiles.
According to the provincial Department of Planning andInvestment, total revenues of FDI businesses in the province were estimated at39.5 million USD in the first nine months of this year, and their exportturnover at 54.1 million USD. They contributed 3.86 million USD to the Statebudget, and are generating jobs for over 3,600 labourers.
The locality’s business and investment environment has beenimproved, and the infrastructure system upgraded as well. The province now hasfour industrial zones and 11 industrial clusters. The transport system has beenconsolidated and roads linking with the Noi Bai-Lao Cai Highway expanded.
Chairman of the provincial People’s Committee Do Duc Duysaid that Yen Bai has paid much attention to bettering its business andinvestment environment with a motto of “investors to Yen Bai are Yen Bai’sresidents, enterprises’ success is the province’s success”.
The province has given priority to investors with advancedand environmentally-friendly technologies to achieve a harmonious developmentbetween industry and tourism, Duy stated, adding that the province has alsointensified investment in infrastructure, especially regional, inter-regionaland inter-provincial transport networks.
He also pointed to several difficulties facing Yen Bai inattracting FDI, including its long distance from major economic and urbancentres, a lack of high-quality human resources, and limited investmentpromotion.
To lure more foreign investment, Director of the provincialDepartment of Planning and Investment Nguyen Minh Toan, stated that theprovince will continue efforts for a more favourable and transparent investmentenvironment, call for investments in processing industry, agriculture andforestry, tourism, trade and services, and electronic component assembly, stepup investment promotion activities, and improve the provincial competitivenessindex.-VNA
VNA
