Vinh Phuc remains attractive to investors

Vinh Phuc (VNA) – The northern province of Vinh Phuc has become popular among both domestic and foreign investors as a friendly and promising destination for successful projects.

Projects in the locality have continued to expand, and the number of newly-licenced ones on the rise.

So far this year, nearly 10.7 trillion VND (460.1 million USD) has been poured into nearly 40 ongoing and new domestically-invested projects, up 250 percent over the same period last year and surpassing the target by 7.7 trillion VND (331.1 million USD).

Meanwhile, around 570 million USD has been injected into nearly 100 foreign-invested projects, a rise of 67 percent year on year, exceeding the target for the whole year by 70 million USD.

The province is currently home to 750 domestically-run projects worth over 82.3 trillion VND (3.53 billion USD), along with more than 370 FDI ones with a total registered capital of more than 4.9 billion USD.

This success is due to the province’s efforts to focus on promising markets and reliable partners. At the same time, Vinh Phuc has issued various mechanisms and policies to support investors and improve the investment environment, assisting businesses to overcome difficulties and develop operations.

Vinh Phuc has also focused on ways to develop local businesses by applying measures to boost their growth, enhancing competitiveness and encouraging startups.

Particularly, the province has upgraded infrastructure in industrial parks and clusters, while simplifying administrative procedures by applying information technology. Regular dialogues with businesses have also helped them to tackle any difficulties they are facing.

As of the third quarter of this year, the locality had seen the establishment of nearly 10,200 new firms, surpassing the target set in a resolution by the provincial Party Congress by 200.

Along with strong performance in investment attraction, Vinh Phuc has also enjoyed high achievements in other economic aspects in the first nine months of this year.

The locality recorded a gross regional domestic product (GRDP) growth of 8.63 percent year on year, with the industrial sector expanding by 13.01 percent, reported the provincial Department of Statistics.

Among major industrial sectors in the province, the production of electronic accessories grew 45.55 percent.

Meanwhile, the service sector continued to record stable development with a year on year gain of 6.98 percent, contributing 1.38 percent point to the overall growth of Vinh Phuc.

As of September 24, the province’s State budget collection reached over 24.76 trillion VND, fulfilling 89.09 percent of the annual target.

At the same time, the consumer price index rose 1.32 percent compared to the same time in 2018, the lowest level in the last four years.

The rise was attributed to increases in health care services and education fees, rising prices of gold and the US dollar, and the impact of African swine fever in pigs.

In September alone, consumer price index in the province was up 0.35 percent over the previous month, and 1.38 percent over the same period last year. During the month, three out of the 11 goods groups saw an upturn in prices, with the highest rise of 4.06 percent recorded in education fees, followed by food and catering services at 0.8 percent, and other goods and services at 0.04 percent.

The prices of five goods groups dropped, with the sharpest fall seen in transportation at 1.29 percent. Prices of housing and construction materials decreased by 0.66 percent, while those of post and telecommunication reduced by 0.3 percent, culture, entertainment and tourism dropped 0.08 percent, and equipment and household appliances fell 0.11 percent./.