Illustrative image (Source: sokhcn.vinhphuc.gov.vn) Vinh Phuc (VNA) – The northern midland province of Vinh Phuc has maintainedits export growth thanks to businesses’ efforts to access new markets andoptimise opportunities from the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP).
In the first nine months of this year, the export value of brake manufacturer NissinBrake Vietnam Co., Ltd. in Quat Luu commune, Binh Xuan district increased morethan 25 percent year-on-year.
This year, along with traditional partners like Nissin Kogyo Japan, NissinThailand and PT Chemco Indonesia, the Japanese-invested firm has expanded itsreach to such markets as Malaysia, Brazil, the Philippines, the US and India.
As of the end of September, it shipped over 622 tonnes of products abroad,earning nearly 29 million USD, up more than 25 percent against thecorresponding time last year.
Once Nissin Brake Vietnam enters CPTPP member economies, the company willbenefit from tax incentives, thus improving its competitiveness.
Vin Phuc province is now home to more than 200 businesses whose products are exportedto more than 40 countries and territories, mainly the US, the EU nations,Russia, ASEAN, Japan, China, Taiwan (China) and the Republic of Korea (RoK).
In 2018, the locality’s total export revenue exceeded 2.2 billion USD, withmajor exports like motorbikes and motorbike components, electronic components,auto spare parts, tea, garments-textiles and footwear.
Since the beginning of this year, export activities have also shown rosy signs.The export value of foreign direct investment (FDI) firms was over 2.6 billionUSD, a year-on-year rise of 9 percent. Meanwhile, that of domestic enterprisesreached nearly 40 billion VND (1.73 million USD), up 47 percent.
Strong growth was recorded in auto and motorbike manufacturing and assembling,and support industries.
Experts said the CPTPP has opened up integration and development opportunitiesfor exporters, while facilitating product consumption in the domestic market.
To help businesses located in the province utilise the agreement, Vinh Phuc hasstepped up administrative reform and applied scientific and technologicaladvances in production and business.
Besides, it has assisted enterprises in improving competitiveness, implementingtrade promotion activities, seeking partners, expanding the market and buildingbrands.
Last April, the provincial People’s Committee issued a plan on theimplementation of the CPTPP in the locality, under which departments andPeople’s Committees of Vinh Yen city and districts have been asked to intensifythe popularisation of the deal.
Vinh Phuc has also reviewed local legal regulations that have not matched theagreement for timely adjustments and stepped up administrative reform,especially procedures regarding investment, export-import and tax.
According to the VinhPhuc Industrial Park Management Board, in the first ninemonths of 2019, local industrial parks drew 53 new FDI projects. Together withcapital poured into 38 ongoing projects, so far this year, the parks have lured612.35 million USD, reaching 219 percent of the yearly target.
At the sametime, the parks have wooed over 2.66 trillion VND for eight new and fourongoing domestic projects, equivalent to 190 percent of the goal for the wholeyear.
Binh Xuyendistrict is the leading locality in the province for investment attraction. Thedistrict is home to seven industrial parks with a total area of nearly 1,900hectares, namely Binh Xuyen, Binh Xuyen II, Ba Thien, Ba Thien II, Thang LongVinh Phuc, Son Loi and Nam Binh Xuyen. The parks accommodate about 200projects, mostly in garments and textiles, electronic accessories, automobileand motorbike assembly, brick and steel production. The projects employ morethan 35,000 labourers.
In the ThangLong Industrial Park alone, 11 Japanese firms are operating with a combinedcapital of 200 million USD.
Thanks to theprovince’s endeavors to complete infrastructure in industrial parks and atransport system connecting them, as well as efforts to improve the businessenvironment and reform administrative procedures, Vinh Phuc has become morepopular among foreign investors./.
VNA
