Overview of the working session

On behalf of Yen Bai provincial leadership, Mr. Ta Van Long thanked the Embassy of Vietnam in Japan for supporting Yen Bai Province over the past time and for taking the time to welcome the delegation, assisting Yen Bai in connecting with Yamanashi Prefecture and Japanese partners during this trip.

Mr. Ta Van Long provided an overview of the socio-economic situation and investment attraction policies of the province, as well as information on cooperation between Yen Bai Province and Japanese partners in the province. He emphasized that Yen Bai currently established a cooperative relationship with Mimasaka City, Okayama Prefecture in 2019.

The two localities have signed two cooperation agreements for the period 2022 - 2025. They have also implemented several effective activities. Regarding cooperation at the department, sector, and locality level, Yen Bai General Hospital and Yokosuka Kyosai Hospital have been cooperating since 2022.

In Yen Bai Province, there are currently 4 foreign direct investment projects from Japanese investors that have been granted investment approval decisions or investment registration certificates, with a total registered investment capital of USD 218.3 million, equivalent to approximately VND 5.176 trillion. Additionally, there are one project utilizing ODA loans from the Japanese Government and 2 projects funded by non-refundable aid resources that do not fall under Japan's official development assistance in Vietnam, which are sponsored by the Japanese Embassy in Vietnam and the Japan International Cooperation Agency (JICA).

Mr. Ta Van Long emphasized that Japan is one of Yen Bai's traditional export markets. In recent years, the proportion of exports to Japan has accounted for about 5-6% of the province's total export value, with export values to Japan gradually increasing each year: in 2023, it reached approximately USD 18 million, and in the first seven months of 2024, it reached about USD17 million. Recently, the province has also added several new products for export to the Japanese market, such as silk, textile products, and plastic additive materials.

Mr. Long expressed the hope that the Embassy and Mr. Nguyen Duc Minh, Deputy Ambassador of Vietnam in Japan would continue to support the promotion of the cooperation agreement between Yen Bai Province and Mimasaka City, as well as between Yen Bai Province and Yamanashi Prefecture, in a deeper, more practical and effective manner. He requested assistance in connecting, introducing, and encouraging Japanese businesses and investors to come to Yen Bai to explore investment opportunities. Additionally, he suggested that the Embassy help promote the natural beauty, people, and unique cultural identity of Yen Bai Province to attract and inform Japanese investors interested in developing tourism projects in the province, as well as to attract Japanese tourists to the area.

Speaking at the working session, Mr. Nguyen Duc Minh praised the socio-economic development potential of Yen Bai Province. He also shared with the members of the provincial delegation about the investment needs and the issues that Japanese businesses are concerned about during their investment processes abroad. The Embassy of Vietnam in Japan committed to  accompany Yen Bai in various socio-economic development areas, especially in coordinating training and labor export activities, as well as connecting businesses and associations in Japan to explore investment cooperation opportunities in Yen Bai.

The members of the embassy are ready to collaborate with Yen Bai province and local businesses to address difficulties and obstacles in the investment promotion process, ensuring effective and sustainable invitations for businesses to invest in Yen Bai.

He also expressed confidence that this trip would yield positive results, contributing to the promotion of economic and trade cooperation between Yen Bai and Japan.