Leveraging its inherent potential alongside appealing incentive policies, Điện Biên has emerged as a destination that captures the attention of numerous businesses eager to explore and devise investment strategies.

In May 2024, a ground-breaking ceremony for the Mường Thanh Luxury Điện Biên Hotel project was started, marking the second hotel by the Mường Thanh Group in Điện Biên Phủ city. Following the province’s support in finalizing paperwork and securing land clearance, the project received investment and construction approval. Slated to begin operations in the second quarter of 2025, the hotel promises professional service infused with the distinctive hospitality of the Northwestern region. To instill confidence in the company for long-term investment, the province has streamlined construction permitting processes and aided the enterprise in accessing resources and planning information, accelerating the project’s timeline.

Lò Văn Chính, Deputy Head of the Mường Thanh Luxury Điện Biên Hotel Project Management Board, shared: “Throughout the project’s execution, we have consistently received support from local authorities and agencies. They first assisted us in completing legal paperwork and procedures to expedite the deployment process. During construction, whenever we faced challenges or delays, local officials and relevant bodies promptly engaged with us to resolve issues, enabling us to maintain momentum. This step-by-step support enhances the quality of accommodation services, meeting the growing demands of tourists visiting Điện Biên.”

Currently, Điện Biên is rolling out a “one-stop-shop” mechanism to streamline dossier processing, offering convenience to businesses and investors. Procedures such as business registration, investment licensing, and other administrative tasks have been digitized to boost transparency and reduce time. To maximize support, the province has established information channels allowing investors easy access to preferential policies and opportunities. Electronic portals managed by departments and units provide comprehensive, transparent data, earning praise from many businesses for the provincial government’s partnership during project implementation.

Nguyễn Quang Ân, Director of Điện Biên Construction Joint Stock Company No.2, noted: “Recently, Điện Biên has been incredibly proactive in supporting businesses, particularly by cutting down administrative red tape. This allows us to roll out projects faster, saving both time and costs - a major advantage that reassures companies investing here.”

Looking ahead to 2025, Điện Biên aims to attract 10 to 12 projects across diverse sectors, including agriculture-forestry, cultural and resort tourism, commercial services, processing industries, and energy. Agriculture-forestry serves as the bedrock, construction as the driving force, and tourism as the spearhead economic sector propelling the province forward. Investment projects prioritize efficiency, sustainability, and environmental friendliness. The province also invites investors to contribute to a robust real estate market, adopt cutting-edge technology, and integrate science into production. Notably, Điện Biên is promoting investments in high-tech agriculture and clean produce adhering to VietGAP and GlobalGAP standards, aiming to deliver quality goods for domestic and export markets.

Nguyễn Phi Sông, Director of the provincial Department of Finance, explained: “In recent years, Điện Biên has rolled out numerous incentives to draw businesses and investors. Key among them are tax and land lease support policies. We have reduced corporate income taxes for projects in agriculture, processing, and tourism, while offering lower land lease rates in the early operational years to ease financial burdens. Alongside this, we are heavily focused on slashing administrative hurdles and speeding up investment approvals to benefit enterprises. With its strengths and incentives, Điện Biên is well-positioned to attract both domestic and foreign investors to its production and business landscape.”

Through bold administrative reforms, enticing investment policies, and untapped potential, Điện Biên is unlocking fresh opportunities for the business community. The provincial government’s collaboration in advancing infrastructure, tourism, and trade lays a vital foundation for the region to become a compelling investment hub in the near future. Investors and businesses arriving in the province find not only promising prospects but also steadfast governmental support and an increasingly refined, transparent investment environment.