Business

Vinh Phuc betters business climate to lure investments

The northern province of Vinh Phuc has worked to improve business environment and enhance provincial competitive capacity in a move to attract more foreign and domestic investments to the locality.
Vinh Phuc betters business climate to lure investments
Vinh Phuc betters business climate to lure investments ảnh 1Inside a factory in Vinh Phuc province
(Photo: dangcongsan.vn)

Vinh Phuc (VNA) – The northern province of Vinh Phuc has worked toimprove business environment and enhance provincial competitive capacity in amove to attract more foreign and domestic investments to the locality.

The provincial People’s Committee has given top priority to high-tech projectswhich are environmentally-friendly, make contributions to promoting technologytransfer, and help domestic companies to join global value chain.

Apart from removing bottlenecks for the investors, the province is paying dueattention to attracting investment from both traditional markets such as China,Japan and the Republic of Korea, member countries of the Association ofSoutheast Asian Nations (ASEAN) and countries who are members of free tradedeals like the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP).

Infrastructure developers were asked to accelerate construction at industrialparks in August while the management boards of industrial zones, departments,and localities have been ordered to handle challenges arising at Lap Thach I,Lap Thach II, Tam Duong I, and Thai Hoa – Lien Son – Lien Hoa industrial parks.

According to reports from the management boards of local industrial parks, some235.32 million USD was poured into 40 new FDI projects while 244.79 million USDwas added to 29 existing projects in the first seven months of this year,doubling the capital registered the same time last year and surpassing the setplan by 71 percent.

Also in the January – July period, the province approved investment licensesfor eight domestic projects and capital adjustment for another one, worth 2.64trillion VND (113.6 million USD) in total, nine times higher than the sameperiod in 2018.

Vinh Phuc province is now home to 330 projects, 270 of which are invested byforeigners and have a total investment of over 3.6 billion USD. Of the totalprojects, 246 are in operation, five FDI are halting operation, while constructionand equipment installation are being made to 28 others, and compensation andland clearance are underway for the remaining 51.-VNA
VNA
#northern province of Vinh Phuc #improve business environment #provincial competitive capacity #attract more foreign and domestic investments #high-tech projects #global value chain #industrial zones #FDI projects #Vietnam News Agency #Vietnamplus
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