Driving Force for Socio-Economic Development

In the 2016-2020 term, Yen Bai province synchronously deployed many investment promotion solutions; improved production and business capacity and supported enterprises to effectively contribute to the improvement of its investment environment and socio-economic development.

2020 is a year with many difficulties and challenges; however, with the consensus and determination of the Party, government, people and business community in the province, the industry and trade sector’s targets have been maintained and achieved certain growth. The economic structure has shifted in the right direction (reducing the proportion of agriculture, forestry and fisheries, increasing the proportion of industry - construction and services); sharply reducing raw products, increasing the proportion of products in the manufacturing and processing sectors. The value of industrial production in 2020 (constant prices in 2010) reached VND13 trillion; The total retail sales of goods and service revenue in 2020 reached VND19 trillion; The export value in 2020 reached US$200 million. Industrial products have become more prestigious in the domestic and foreign markets.

The field of trade - service has achieved impressive results. The structure of the trade and service industry in the area has developed strongly; the market has been expanded with the participation of many economic sectors, the volume of goods increasing continuously, the variety of goods becoming increasingly plentiful, the network of businesses rapidly developing to all areas. The quality of exported goods has become deeply processed products, such as garments, plastic beads, votive paper, tea, cinnamon bark, cinnamon essential oil, tapioca starch, and various types of wooden boards. The consumption market has gradually shifted from Asia such as Taiwan, China, and South Korea to more difficult markets such as Japan, the US and EU.

According to Mr. Vu Vinh Quang, Director of the Department of Industry and Trade of Yen Bai province, to achieve the above results, the Department has actively performed many key tasks. Accordingly, the Department has advised the Provincial People's Committee to immediately issue a plan to implement the EVFTA in the province, focusing on and renewing propaganda and dissemination of this trade pact. It has also strengthened coordination with the Ministry of Industry and Trade and the system of Vietnamese Trade Offices abroad to consolidate and enhance information work to provide businesses with analysis and forecasts of market situations as well as laws and policies and specific trading practices of each market area.

In addition, in business support, with the assigned tasks, the Department has actively advised and implemented the administrative reform to ensure simplicity of administrative procedures. In addition, the Department has also actively supported businesses in the province, especially small and medium enterprises, cooperatives, and business households to use services in searching for market information; legal consulting services; and promoting the search for partners. In 2020, the industry and trade increased 17 places in Business Support Services Index in 2019.

With the results achieved, in the next term, the Department will continue to promote start-ups; attract and encourage enterprises to invest, develop and trade in the infrastructure of industrial parks and clusters. It will encourage all economic sectors to invest in developing industrial products with high competitive advantages; continue to attract investment in production development, export to the EU market on the basis of advantages gained from EVFTA and advantages of natural conditions, labor, and production of the province to have suitable development and exporting plans.

In addition, the Department will also promote the restructuring of industries in the direction of prioritizing the construction of production projects associated with raw material areas, deep processing projects using modern and advanced technology; re-arranging, renewing and improving the operational efficiency of state-owned enterprises; and improving quality standards of goods.

By Ngo San, Vietnam Business Forum