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Vinh Phuc’s efforts in international integration pay off

The northern province of Vinh Phuc has exerted various efforts towards international integration, attracting many foreign investors with high technology and helping to boost its socio-economic development.
Vinh Phuc’s efforts in international integration pay off ảnh 1Illustrative image (Source: VNA)

Vinh Phuc (VNA) – The northern province of VinhPhuc has exerted various efforts towards international integration, attractingmany foreign investors with high technology and helping to boost itssocio-economic development.

Each year, Vinh Phuc has held exchange activities withministries and sectors of other countries, including China, Germany, the US,Italy, and the Republic of Korea, to foster investment cooperation.

The province has been actively taking advantage of multilateraland bilateral forums, while increasing economic, trade, investment, and tourismpromotion, as well as building a smooth investment environment to lure moreinvestors.

It has sent delegations to other countries to learn fromtheir experience and introduced the province’s advantages and potential toinvestors abroad.

So far, Vinh Phuc has attracted a number of big enterprises,such as Toyota, Honda, Daewoo Bus, Piaggio, and Sumitomo. As of March 2019, theprovince has hosted 1,070 projects, including 344 FDI projects from 16countries and territories, with a total investment of 4.65 billion USD, muchhigher than the mere eight projects it housed a decade ago.

In addition, the province has attracted 726domestically-funded projects, worth a total of 76.7 trillion VND (3.3 billionUSD).

According to Nguyen Duc Tai, Vice Director of the provincialDepartment of Planning and Investment, FDI projects have contributed toincreasing budget collection and jobs in the province.

The province paid 30.6 trillion VND (1.32 billion USD) tothe state budget last year and over 31 trillion VND (1.33 billion USD) in 2016,much higher than the 10 trillion VND (431 million USD) it contributed in 2009,he noted.

So far, the province’s industrial parks have created jobsfor about 85,000 labourers, he added.

Tai said that Vinh Phuc is working to speed upadministrative reform; improve the investment-business environment; enhance itsprovincial competitiveness index; and prioritise environmentally-friendly,high-tech projects with great potential to link up with local firms to joinglobal value chains.

The province will continue to remove difficulties andobstacles facing investment projects in industrial parks, while focusing onluring more investors from Japan, the Republic of Korea, and China. It alsohopes to seek new markets with ASEAN member countries and those joining theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).–VNA 
VNA
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