Yen Bai enjoys rise in FDI inflows

Economy

Yen Bai enjoys rise in FDI inflows

Monday, July 17, 2023

YBO - Yen Bai is hosting 52 foreign-invested businesses from 10 countries and territories, including 30 firms having 100% capital being FDI. The firms make up 1.7% in the total number of businesses in the province, with a combined capital of about 4.4 trillion VND (186.08 million USD).

Luc Yen gemstone mineral resources have received great attention from foreign investors who are seeking investment opportunities.

Over the years, FDI has played an important role in supporting the local socio-economic development, and a dynamic economic sector with positive influences on other sectors and active engagement in the local economic transition, creating jobs and developing workforce. The FDI sector has diversified investment activities in the locality and promoted its international integration.

Currently, Yen Bai is housing 52 foreign-invested businesses from 10 countries and territories, including 30 firms having 100% capital being FDI. The firms make up 1.7% in the total number of businesses in the province, with a combined capital of about 4.4 trillion VND (186.08 million USD).

To date, 33 FDI project have received investment policy licences with a total investment of 477.85 million USD. As of March 31, 240.5 million USD had been disbursed, equivalent to 50% of the registered capital.

According to the provincial People’s Committee, there are 14 outstanding FDI projects with effective operation in the province, including one to exploit white marble of R.K Vietnam Marble Co., Ltd; a cinema complex of the Yen Bai branch of CJ CGV Vietnam Co., Ltd; and a garment factory with a capacity of producing 16 million products a year of Vina KNF International Co., Ltd.

FDI enterprises in the locality have contributed to promoting local socio-economic development. The accumulated revenue of FDI enterprises as of March 2023 was estimated at 656 million USD. They paid about 96 million USD to the State budget, while creating jobs for over 4,800 local workers.

Anh Dung

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Economy