YEN BAI INDUSTRIAL ZONES AUTHORITY BOOSTING INVESTMENT PROMOTION AND ATTRACTION

The Yen Bai Industrial Zones Authority has actively diversified investment promotion and attraction forms for local industrial zones and achieved positive outcomes in recent years, helping improve the vibrant, high-quality and effective investment and business climate in local industrial zones.

Better and more effective investment promotion

Considering investment promotion as one of the important tasks, a lever to accelerate the speed of investment attraction into industrial parks, the Yen Bai Industrial Zones Authority has strengthened the administration and development of industrial parks (IPs). In particular, the authority has actively coordinated with relevant agencies to attract and invite investors, and diversified investment promotion forms. In this way, the authority has aroused and improved the efficient use of resources, increased budget revenue and new jobs, created strong motivation for socioeconomic development.

Currently, Yen Bai province-based industrial zones have attracted 85 projects with a total investment of VND14,229 billion, registering to hire 420 ha of land, including Southern Yen Bai IP (Section A): 57 projects, Southern Yen Bai IP (Sections B+C): four projects, Minh Quan IP: 14 projects, and Au Lau IP: 10 projects. Among them, 47 projects have been commissioned and put into production, nine projects are under construction, 26 projects are completing necessary procedures for implementation, and three projects are preparing for implementation. The occupancy rate is high, with Southern Yen Bai IP (Section A): 76.78%, Southern Yen Bai IP (Section B + C): 100%, Minh Quan IP: 84.73% and Au Lau IP: 73.98%.

From 2021 to July 2024, a total of 28 projects with a total registered investment capital of VND4,956 billion were licensed by the Yen Bai Industrial Zones Authority. Hiring a total land area of 156.3 ha, these projects mainly tapped industries and fields with locally strong potential like mineral processing, construction materials manufacturing and forest product processing.

Regarding their business performance in 2024, tenants in industrial parks made an estimated industrial production value of VND673.57 billion in July and VND4,071.59 billion in January-July, an estimated revenue of VND770.14 billion in July and VND4,324.61 billion in January-July, and an expected export value of US$10.91 million in July and US$57.07 million in January-July. They paid VND11.62 billion in July and VND80.04 billion in January-July to the State Budget.

Tenants employ over 5,000 workers whose average monthly salary is about VND5 million each, with 98% of workers provided social insurance, health insurance and unemployment insurance.

Better planning

To bolster industrial development, the authority defines industrial park system development as one of the key tasks. In recent years, IP planning and construction management has been directed by the Provincial Party Committee, the Provincial People's Committee and competent authorities and produced positive results. Local industrial parks have their internal and external infrastructure systems constructed synchronously to attract more investors. The occupancy rate of operational industrial parks is about 80% and operational projects have contributed to local socioeconomic development. Industrial parks are formed and developed in line with the national IP construction and development planning, as well as provincial land use planning and industrial development planning.

With their preferential policies, favorable infrastructure conditions and transparent and public administrative procedures, Yen Bai province-based industrial parks continue to become attractive destinations for investors, especially foreign investors, thus helping accelerate the industrialization and modernization process.

Up to now, Yen Bai has approved construction plans for four industrial parks with a total area of 955.827 ha, particularly Southern Yen Bai IP (Section A): 400 ha, Southern Yen Bai IP (Section B + Section C): 75 ha, Minh Quan IP: 107.887 ha, Au Lau IP: 118.35 ha and Tran Yen IP (Phase 1): 254.59 ha. Currently, all four industrial parks have been approved by the Prime Minister to be included in the national industrial park planning.

Of the four industrial parks, three industrial parks (Southern Yen Bai, Minh Quan and Au Lau) are operational with complete infrastructure like traffic roads, power grids and water networks. Tran Yen IP - Phase 1 is currently waiting for the Prime Minister’s approval of infrastructure investment, construction and operation.

Mr. Trinh Huynh Yen, Director of the Yen Bai Industrial Zones Authority, emphasized that, supported by central and local authorities, the Yen Bai Industrial Zones Authority is committed to further actively and effectively assisting and supporting investors in all stages of investment, from investment proposal, investment licensing and investment implementation to production and operation, in line with its "Correct - Good - Quick" working principle to make Yen Bai industrial parks “Convenient - Safe - Reliable" investment locations for investors.

Source: VCCI