Yen Bai effectively harnesses FDI projects
- Monday, December 23, 2024
Currently, Yen Bai Province is home to 37 active foreign direct investment (FDI) projects, with a total registered capital of $420.7 million, equivalent to approximately VND 10,109 billion, from 11 countries and territories.
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The leaders of Yen Bai Province participated in the groundbreaking ceremony for the construction of the Go! Yen Bai Shopping Center project by Central Retail Vietnam Group.
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In 2024, Yen Bai has entered into multiple international cooperation agreements and launched programs and projects with foreign partners, creating numerous opportunities for development by leveraging the province's existing potential and advantages.
To enhance foreign economic activities, the Yen Bai Provincial People's Committee issued a plan in May 2024 outlining the province's international integration strategy. This plan emphasizes the need to strengthen communication about the Party's guidelines, State policies, and laws on international integration and free trade agreements (FTAs). It also focuses on diversifying information channels to promote a deeper understanding of new-generation FTAs.
Throughout the year, Yen Bai organized several high-level delegations to Japan, China, South Korea, and other countries to foster connections and partnerships with foreign localities and stakeholders while enhancing the province's investment promotion efforts. In 2024, the province approved three new FDI projects with a total investment of $131.6 million, equivalent to VND 3,295 billion.
In May 2024, at the Japanese capital of Tokyo, Tran Huy Tuan, Secretary of the Yen Bai Provincial Party Committee, presented the investment policy approval and investor acceptance for the Yen Bai Biomass Power Plant Project 1. This project, to be built in the Bac Van Yen Industrial Cluster, Dong Cuong Commune, Van Yen District, was awarded to EREX Corporation from Japan.
This marks EREX Corporation's second project approved for investment in Yen Bai, aligning with the province's economic and social development planning and its priorities for investment attraction. The project also supports Vietnam's national green growth strategy and its commitment to achieving net-zero emissions by 2050. Furthermore, it complements Japan's "Asia Zero Emission Community" (AZEC) initiative, which aims to promote carbon reduction, ensure energy security, and foster sustainable development across Asia.
Honna Hitoshi, Chairman and CEO of EREX Corporation, expressed his gratitude: "Since proposing our investment in Yen Bai, the company has received consistent attention, support, and cooperation from the provincial government and relevant agencies. This has facilitated the completion of investment policy approvals, investment registration certificates, and other necessary procedures at a pace exceeding our expectations. Thanks to Yen Bai's invaluable support, EREX Group is now advancing its preparations for the investment and development of the Biomass Power Plant Project."
The Chairman of the People's
Committee of Yen Bai Province, Tran Huy Tuan, handed over the Investment
Approval Decision for the Yen Bai Biomass Power Plant project to EREX
Corporation, Japan.
Yen Bai Province holds significant potential for the development of biomass power projects and is increasingly attractive to investors. This appeal is further strengthened by the province's progressive, business-friendly approach, including streamlined administrative procedures and proactive support for enterprises, which create favorable conditions for investors exploring cooperation opportunities in Yen Bai.
In October 2024, Central Retail Vietnam Group commenced construction on the Go! Yen Bai Shopping Center project in Yen Ninh Ward, Yen Bai City. This project is located within a new urban area (on land along the Bach Lam Bridge to Tuan Quan Bridge axis) and is managed by Vietnam-Japan Real Estate JSC, a subsidiary of Central Retail Vietnam Group. The shopping center will cover nearly 13,000 square meters, with a total investment of over VND 223 billion. According to the plan, the Go! Yen Bai project is scheduled for completion and operation in Q4 2025.
Olivier Langlet, CEO of Central Retail Vietnam Group, expressed his appreciation: "I am truly grateful for the unwavering support from the provincial leadership. From the initial stages of proposing the Go! Yen Bai project, we received maximum assistance regarding information, site selection, and legal procedures. This supportive spirit enabled us to promptly commence this important project."
Currently, Yen Bai Province hosts 37 active foreign direct investment (FDI) projects with a total registered investment capital of USD 420.7 million (approximately VND 10,109 billion) from 11 countries and territories. The realized investment capital is estimated at USD 150 million (approximately VND 1,757 billion), achieving 230% of the plan and 334% compared to the same period last year. Total revenue is estimated at USD 150 million (approximately VND 3,765 billion), meeting 100% of the plan and 135% compared to the same period last year. Taxes and other contributions to the State budget are projected at USD 14 million (approximately VND 354 billion), reaching 106% of the same period's figure.
Looking ahead, Yen Bai Province will proactively explore and expand external economic activities aligned with its development strategies, socio-economic plans, and local potential. The province aims to implement supportive measures and initiatives to assist businesses while enhancing investment promotion and trade activities with international partners. Key focus areas include strengthening collaborations with enterprises from Switzerland, Russia, Finland, South Korea, Japan, and others. These efforts seek to foster trade, explore business and tourism opportunities, showcase the province's potential and strengths, and promote Yen Bai's image, contributing to the local socio-economic development.
Duc Toan
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