Vinh Phuc (VNA) – The management board of industrialparks in northern Vinh Phuc province granted investment licences to 57 projectsin the first nine months of this year. 

They included 21 new projects and 36 existing ones that want toadjust their investment.

The province now accommodates 371 valid projects in industrialparks, including 65 domestic direct investment (DDI) projects with totalinvestment capital of more than 15.19 trillion VND (656.8 million USD), and 306foreign direct investment (FDI) projects valued at over 4.27 billion USD.

The board said it will step up investment promotion activities,targeting both traditional markets like Japan, the Republic of Korea, China,and Taiwan; promising markets such as the US and the EU; and countries that aremembers of the Free Trade Agreements (FTAs) and the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).

The locality expects to attract 550 million USD in FDI this year.As of August, it licensed 20 new FDI projects with combined capital amountingto 110.89 million USD, and 35 existing projects with additional capital of191.82 million USD.

By the end of August, the province counted 402 valid FDI projectsworth more than 5 billion USD.

From now till the end of this year, apart from containingCOVID-19, Vinh Phuc will continue with measures to improve its investmentenvironment, remove difficulties facing businesses, and step up the compensationand land clearance work.

Vinh Phuc has been a destination of choice for investors, bothdomestic and foreign, amid the COVID-19 pandemic. 

Representatives from the province’s Department of Planning and Investment saidfactors that help draw investors to the locality include the availabilityof cleaninfrastructure, convenienttransport and reasonable land lease prices.

Many global groups have made their presence in Vinh Phuc, such as Toyota,Honda, Sumitomo from Japan, Piaggio from Italy, De Heus from the Netherlands,Daewoo, Haesung Vina, Partron Vina, Cammsys from the Republic of Korea, PrimeGroup from Thailand and Weldex from the US.

Officials from the Department of Planning and Investment said the provincialauthorities will continue to push forward with administrative reform, focusingon streamlining administrative procedures to reduce time and costs forenterprises.

Vinh Phuc will promote the application ofinformation technology (IT) in administrative procedures with the goal ofcreating the best possible environment for production and business, thusenhancing the attraction of FDI and investment from society.

During the period of social distancing to curb the spread of the COVID-19pandemic, agencies in Vinh Phuc still maintained their connections withinvestors through many channels, providing them with consultations and latestinformation. The province has also intensified online investment promotionactivities, so as to attract investors after the pandemic is put under control.

Vinh Phuc has designated 18 industrial parks with total area of 5,228 ha in amaster plan to 2020 approved by the Prime Minister. By now nine industrialparks have received investment certificates. Industrial parks in Vinh Phuc havegood technical infrastructure and professional management, thus contributing toattracting investors to the province. They reported an average occupancy rateof 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, Vinh Phuc has becomemore popular among foreign investors.

The province reported total industrial production value of 11 trillion VND inthe first six months of this year, down 9 percent year on year, which itattributed to the impact of the COVID-19 pandemic. The output of most mainproducts declines, such as automobile down 24.8 percent, motorbike 14.4percent, and electronic parts 7.7 percent./.