Illustrative image (Source: VNA) Vinh Phuc (VNA) – The northern province of Vinh Phuchas been an ideal destination for investors thanks to its geographical locationand preferential policies for investment attraction.
Over the years, Vinh Phuc has been focusing on luringforeign direct investment (FDI), and this year the province has been sendingdelegations overseas to promote investment.
In September this year, the locality coordinated with theVietnamese embassies in the Netherlands and the US to organise seminarsintroducing investment and cooperation opportunities in Vinh Phuc.
As of July this year, Vinh Phuc had drawn 362 FDI projectsfrom 17 countries and territories with a total investment of over 4.8 billionUSD, ranking 19th out of the 63 localities nationwide in FDIattraction.
Currently, the province is home to two US-funded projects inthe processing-manufacturing sector with a combined capital of 15.6 millionUSD.
The province is calling for more investment to automobiles,electronics, support industries, technology agriculture, new materials,renewable energy, tourism, education-training, healthcare, the environment, andsmart city development.
Along with promoting investment activities, the locality hasalso concentrated on improving the quality of the local administration throughadministrative reform, enhancing the provincial competitiveness index,developing a smooth, transparent and attractive investment environment, andcreating optimal conditions for all economic sectors to operate in.
The province has also completed infrastructure in industrialparks and clusters, while speeding up ground clearance to hand over the groundto investors in Thang Long Vinh Phuc industrial park, Sections A and B of TamDuong II industrial park, as well as Phuc Yen, Chan Hung, Lap Thach, Song Lo,and Tam Duong I industrial parks.
Meanwhile, the local administration has dealt with the difficultiesand obstacles facing businesses to help them boost production. Regular meetingsbetween leaders of the provincial People’s Committee and local firms have beenheld with the same purpose.
With its comprehensive efforts, Vinh Phuc has seen goodresults in FDI attraction. As of the end of September 2019, local industrialparks were home to 343 projects, including 283 FDI ones worth over 3.76 billionUSD.
The Republic of Korea is the leading foreign investor ofVinh Phuc in terms of both project number and capital. Many major firms fromthe Republic of Korea as well as multinational businesses are operating in theprovince, including Patron, Heasung Vina, Interflex, Bangjoo, Cammsys, Toyota,Honda, and Sumitomo.
According to the Vinh Phuc Industrial Park Management Board,in the first nine months of 2019, local industrial parks drew 53 new FDIprojects. Together with capital poured into 38 ongoingprojects, so far thisyear, the parks have lured 612.35 million USD, reaching 219 percent of theyearly target.
At the same time, the parks have wooed over 2.66 trillionVND for eight new and four ongoing domestic projects, equivalent to 190 percentof the goal for the whole year.
BinhXuyen district is the leading locality in the province forinvestment attraction. The district is home to seven industrial parks with a totalarea of nearly 1,900 hectares, namely Binh Xuyen, Binh Xuyen II, Ba Thien, BaThien II, Thang Long Vinh Phuc, Son Loi and Nam Binh Xuyen. The parks are hometo about 200 projects worth 2.11 billion VND, mostly in garments and textiles,electronic accessories, automobile and motorbike assembly, brick and steelproduction. The projects employ more than 35,000 labourers.
In Thang Long industrial park alone, 11 Japanese firms areoperating with a combined capital of 200 million USD.
Thanks to the province’s endeavors to completeinfrastructure in industrial parks and a transport system connecting them, aswell as efforts to improve the business environment and reform administrativeprocedures, Vinh Phuc has become more popular among foreign investors./.
VNA
