Yen Bai industry and trade sector exceeds targets

Since the beginning of this year, enterprises in Yen Bai Province have been operating in a quite difficult circumstance due to declining consumer’s demand of trading partners as a result of negative impacts from the pandemic, slow recovery of the world economy and monetary policies tightened in many countries.

To promote industrial production, the provincial industry and trade sector has advised the Provincial People's Committee to synchronously implement many solutions, including drastic directions on public investment, focusing on projects in industrial production, hydroelectricity, infrastructure of industrial zones and clusters; trade promotion, brand development to boost consumption of domestic goods and export.

Specifically, a working group has been set up to ease difficulties and obstacles for power projects; operation of hydroelectric plants in the province; and for the implementation of investment projects in the industrial and energy sectors; mining and processing of minerals, trade and services. As a result, the province's Index of Industrial Production (IIP) in the first 10 months of 2023 increased by 5.49 percent over the same period last year.

Thanks to the province's timely support, a number of local industrial enterprises have been able to maintain stable and effective production and business. They include R.K Marble Vietnam Co., Ltd., Thien An Wood Co., Ltd., Hoang Lien Son Technical Ceramics JSC, etc. In addition, many enterprises like An Tien Industries JSC and the Calcium Carbonate powder manufacturing factory have boldly invested in and innovated production and business activities and recorded flourish growth.

Regarding trade activities, in the first 10 months of 2023, the total retail sales of goods and services in Yen Bai Province was estimated at more than VND21.5 trillion, increasing by 9.56 percent over the same period, reaching 84.4 percent of the whole year plan; Export turnover was estimated at US$279.8 million, up 12 percent year on year, reaching 80 percent of the year plan. To complete the yearly plan, the provincial industry and trade sector will continue to review, promptly support and remove difficulties for businesses and production projects in the industrial sector, especially processing manufacturing industry, to improve capacity and expand their production and business scales; effectively implement industry promotion and energy efficient programs, thereby encouraging enterprises to innovate technologies, improve product quality and seek markets for products, especially wooden products, plastic beads, cinnamon, products made from cinnamon, sawn stones, etc.

In addition, the Yen Bai Department of Industry and Trade has strengthened trade promotion and e-commerce activities to support businesses in promoting and introducing products and expanding consumption markets; at the same time, enhancing popularization of rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from free trade agreements to boost the growth of their sectors, thereby contributing to promoting the province's socio-economic development.

Hoang Nguyen