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.
Illustrative image (Source: VNA)
Each year, Vinh Phuc has held exchange activities with ministries and sectors of other countries, including China, Germany, the US, Italy, and the Republic of Korea, to foster investment cooperation.VNA
The province has been actively taking advantage of multilateral and bilateral forums, while increasing economic, trade, investment, and tourism promotion, as well as building a smooth investment environment to lure more investors.
It has sent delegations to other countries to learn from their experience and introduced the province’s advantages and potential to investors 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, the province has hosted 1,070 projects, including 344 FDI projects from 16 countries and territories, with a total investment of 4.65 billion USD, much higher than the mere eight projects it housed a decade ago.
In addition, the province has attracted 726 domestically-funded projects, worth a total of 76.7 trillion VND (3.3 billion USD).
According to Nguyen Duc Tai, Vice Director of the provincial Department of Planning and Investment, FDI projects have contributed to increasing budget collection and jobs in the province.
The province paid 30.6 trillion VND (1.32 billion USD) to the 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 jobs for about 85,000 labourers, he added.
Tai said that Vinh Phuc is working to speed up administrative reform; improve the investment-business environment; enhance its provincial competitiveness index; and prioritise environmentally-friendly, high-tech projects with great potential to link up with local firms to join global value chains.
The province will continue to remove difficulties and obstacles facing investment projects in industrial parks, while focusing on luring more investors from Japan, the Republic of Korea, and China. It also hopes to seek new markets with ASEAN member countries and those joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).