Vinh Phuc calls for investments in supporting industry

Hanoi (VNA) - The northern province of Vinh Phuc has called for investments in support industries for automobile, motorbike and electronic production, said Nguyen Van Tri, Chairman of the provincial People’s Committee.

Statistics from the management board of the province’s industrial zone (IZ) in the first quarter of the year show that licences were granted to nine new foreign direct investment (FDI) projects with total registered capital of 45.11 million USD, meeting 17 percent of the whole year’s target.

It also granted licences to two domestic direct investment (DDI) projects with total registered capital of 85.9 billion VND, increasing by 4.3 times from the same period last year.

Some 10 out of the 11 new projects were for electronic spare parts production and the remaining was for mechanic manufacturing.

So far, the province has had 246 projects in its industrial zones, including 46 DDI and 200 FDI projects.

Tri said the province always attaches importance to providing benefits to investors, while facilitating businesses in their operation and investment in the locality.

He added that the number of investment projects in the support industry for mechanic, manufacturing and electronic production in the province is limited, which cannot meet with the market development.

Figures from the management board of the province’s industrial zone revealed that by the end of the first quarter of 2018, the three sectors of automobile, motorbike and electronics saw higher growth than the corresponding period last year, contributing more than 430 billion VND to the State budget.

The automobile and motorbike assembly sectors posted 68.5 million USD in revenue, representing a year-on-year increase of 11 percent and an export value of 34.3 million USD.

The electronic sector was estimated to have 595.1 million USD in revenue, increasing 57 percent from last year with an export turnover of 558.4 million USD.

Chairman Tri said attracting investments in the support industry and spare parts would not only benefit the State budget but also create jobs for the local people. The sectors provided jobs to 48,790 labourers, accounting for 63 percent of the total labourers working in FDI firms in the province.

He said he believes that businesses from Japan and the Republic of Korea will pay attention to the province in the future.

The province will continue with its IZs and industrial clusters to welcome both local and foreign investments.-VNA