Yen Bai province promotes economic diplomacy

Economy

Yen Bai province promotes economic diplomacy

Thursday, February 16, 2023

YBO - Over the past years, Yen Bai province has comprehensively stepped up friendship exchanges and cooperation with traditional partners and expanded ties with international ones to boost economic diplomacy, which has substantially contributed to its socio-economic development achievements.

On behalf of the provincial People’s Committee, Vice Chairman Ngo Hanh Phuc receives a gift from Director of the Erex Co. Ltd Kakuta Tomoki.

In 2022, the province received and had working sessions with many delegations of international organisations, domestic agencies, and foreign representative bodies. It also welcomed seven delegations with 64 foreign members coming to seek investment and business opportunities.

Those visits have created a new impetus for Yen Bai’s relations with partners in all fields, practically serving local socio-economic development.

For example, the Erex Co. Ltd of Japan has had many meetings with provincial authorities to discuss the building a biomass power plant. This project, to be located in the Dong Cuong Industrial Cluster of Van Yen district, will have a capacity of 75MW and total investment of more than 4.7 trillion VND (199 million USD). Construction is scheduled to start this March after the investment license is granted.

Yen Bai has also actively reformed methods for mobilising foreign capital, selectively attracted foreign investments, and expanded and intensified partnerships in science and technology to attract outside resources to the development, application, and transfer of technologies.

Last year, it gave the green light to three foreign direct investment (FDI) projects worth 6.61 million USD in total, raised over 85.5 million USD in funding for two projects using foreign official development assistance (ODA) and concessional loans, and approved 21 new programmes and projects of non-governmental organisations.

Amid Vietnam’s efforts to integrate into the world, Yen Bai issued Plan No 64/KH-UBND on the province’s international integration on March 21, 2022. Under this plan, it has boosted popularising the Party’s viewpoints and guidelines, the State’s policies and laws on international integration, as well as free trade agreements. Dissemination forms and channels have been reformed so that information can reach all leaders, key officials, businesses, and people in the province.

In addition, local authorities have increased measures for helping sectors and businesses improve their competitiveness, diversify products, and tap into and expand export markets.

As a result, many products of Yen Bai have been sold in many provinces and cities nationwide and also reached international markets. Its last year’s export revenue was estimated at 297 million USD, up 6% from the target and 31% from 2021.

In the time ahead, the province will exert efforts to carry out economic diplomacy in a drastic, brave, breakthrough, substantive, and effective manner that capitalises on every opportunity for national development, thus gradually turning Yen Bai into a province with moderately good development in the region.

Hoài Anh

Other news

Yen Bai Accelerates the Development and Application of Biotechnology in Environmental Protection

Development and Application of Biotechnology, Production of High-Value Biotechnology Products in Agriculture.

With the aim of advancing the development and application of biotechnology in environmental protection linked to sustainable development in the province, the People's Committee of Yen Bai has issued a plan for implementing the project on the development of biotechnology industries in environmental protection until 2030.

Strong Investment Inflow into Yen Bai in the First Quarter of 2025

Yen Bai’s unwavering efforts to improve the investment environment and create favorable conditions for business development.

Yen Bai has experienced a promising start to 2025 in the area of investment attraction. According to the latest data from the Provincial Statistics Office, the total investment capital into the province in the first quarter of 2025 is estimated to have reached VND 3,447.256 billion, marking a notable increase of 9.41% compared to the same period last year.

Yen Bai Businesses Accelerate Toward Year-End Targets

Leaders of the Department of Industry and Trade inspected the production activities of enterprises in the Southern Industrial Park.

The economy of Yen Bai Province has demonstrated remarkable growth in the early months of 2025, with Gross Regional Domestic Product (GRDP) increasing by 9.58%. Notably, the industrial sector experienced a growth rate of 13%. As 2025 is deemed the year of “acceleration and completion,” the province is determined to comprehensively achieve the goals and tasks set for the year as well as those of the 19th Provincial Party Congress Resolution.

Industrial Production Value of Yên Bái Reaches 100.89% of Double-Digit Growth Scenario Target 10,5%

Bamboo processing at Yen Thanh joint Stock Company.

In the first quarter of 2025, industrial production in Yên Bái continued to maintain a steady growth pace.

Economy