Khai Quang Vinh Yen Industrial Park in Vinh Phuc province (Photo: baovinhphuc.com.vn) Vinh Phuc (VNA) – The northern midland province of VinhPhuc has reaped significant achievements in investment attraction thanks to itsefforts in renewing methods in this regard.
During the 2016-2019 period, apart from investment promotionactivities at home, the province has promoted its images abroad, especiallydeveloped countries like the UK, Germany, the Czech Republic, Italy, Japan andthe Republic of Korea (RoK).
During working trips to Japan, the RoK, Europe (the Netherland,Germany and the Czech Republic) and the US, Vinh Phuc’s delegationssuccessfully organised six investment promotion conferences with theparticipation of nearly 500 investors.
The province’s officials also had working sessions withrepresentatives from 100 organisations and businesses in these countries,contributing to promoting its images and position to foreign investors.
During a large-scale investment promotion conference held in 2018,Vinh Phuc approved investment plans and signed memoranda of understanding on 10projects with total capital amounting to nearly 1.5 billion USD.
Last year, at another conference introducing Vinh Phuc’s potentialto businesses from Europe and the US, the relevant sides also signed memorandaof understanding on investment cooperation and support to Vinh Phuc inattracting EU-invested projects.
On this occasion, Vinh Phuc also signed three memoranda ofunderstanding on three projects worth over 1 billion USD with T&T Group.
Notably, provincial leaders had meetings with ambassadors andofficials of Vietnamese representative agencies abroad, and representatives ofinternational organisations and business associations.
At the same time, they met with prestigious groups at home andabroad to call for their investments.
Vinh Phuc province has prioritised major projects with high-quality,using high-technologies.
Between 2016 and 2019, the province attracted 2.5 billion USD inforeign direct investment (FDI) and some 55.28 trillion VND (2.38 billion USD)in domestic direct investment (DDI).
By the end of June 2020, Vinh Phuc was home to392 FDI projects with total registered capital of 5.57 billion USD, accordingto statistics of the provincial Department of Planning and Investment.
The projects were run by investors from 18countries and territories. The Republic of Korea has the most projects with210, followed by Japan, China and Thailand.
Many global groups have made their presence inVinh Phuc, such as Toyota, Honda, Sumitomo from Japan, Piaggio from Italy, DeHeus from the Netherlands, Daewoo, Haesung Vina, Partron Vina, Cammsys from theRepublic of Korea, Prime Group from Thailand and Weldex from the US.
The province has also attracted 782 DDI withtotal investment surpassing 93.7 trillion VND (around 4 billion USD at currentexchange rate). Several major Vietnamese corporations have chosen Vinh Phuc fortheir investment, such as FLC, Vingroup, SunGroup, and Viet Duc Steel.
The flow of investment capital, both FDI andDDI, into the province in the first six months of this year decreased as aconsequence of the coronavirus pandemic. Total FDI capital in the period stoodat 135.6 million USD, equivalent to only 32.1 percent of the figure in the sameperiod last year. The money was poured into 14 new projects and 19 existingones.
Meanwhile, DDI capital attraction in theperiod came to 2.67 trillion VND, equivalent to 51.5 percent of the figure inthe same period of 2019. The capital was pumped into 24 new projects and 9existing ones.
Vinh Phuc has designated 18 industrial parkswith total area of 5,228 ha in a master plan to 2020 approved by the PrimeMinister. By now nine industrial parks have received investment certificates.Industrial parks in Vinh Phuc have good technical infrastructure andprofessional management, thus contributing to attracting investors to theprovince. They reported an average occupancy rate of nearly 62 percent.
Thanks to the province’s endeavours to complete infrastructure in industrialparks and a transport system connecting them, as well as efforts to improve thebusiness environment and reform administrative procedures, VinhPhuc has become more popular among foreign investors./.
VNA
