Vinh Phuc: Ideal Destination of Asean Enterprises

2:16:32 PM | 8/10/2019

Since Vietnam officially joined the Association of Southeast Asian Nations (ASEAN) in 1995, the friendly and cooperative relationship between Vietnam in general, Vinh Phuc province in particular, and other countries in the ASEAN bloc has continuously developed. This is not only reflected in the friendship and cooperation activities between Vinh Phuc and other countries in the bloc, but also is concretized by the large investment projects of enterprises from ASEAN countries.

Following the Party and the State's foreign policy, Vinh Phuc province has actively implemented many external activities to integrate deeply into the ASEAN. In particular, the province has focused on building cooperative relationships with the countries in ASEAN; organizing local leaders’ delegations to promote investment and exchange economic development cooperation; strengthening cooperation in training human resources; organizing many people-to-people exchange activities; attracting and creating favorable conditions for ASEAN businesses to invest in Vinh Phuc.

There are many projects from ASEAN countries successfully operating in Vinh Phuc. One of the most successful investment projects is the Prime Group Joint Stock Company (Binh Xuyen Industrial Zone) of a company from Thailand. Over the years, the company has been constantly improving product quality. From 2015 to the present, the company has annually produced 200-350 new brick patterns to meet the consumer preferences with revenue constantly growing over the years, creating stable employment with income of about VND8 million/ person/month for more than 3,000 employees. With positive contribution to the socio-economic development of Vinh Phuc province and the whole country, Prime Group Joint Stock Company is now among the 500 largest enterprises in Vietnam. In 2015 and 2016, the company won Silver prize of the National quality award and was awarded the Second-Class Labor Order by the State. Sharing about the investment environment in Vinh Phuc, the company's leader said, “We see that the investment environment of Vinh Phuc is very favorable for business development, the provincial leaders have always created best conditions for businesses, they treat us as local residents. Therefore, we feel secure when investing in the province.”

Choosing Vinh Phuc as a stopping point right in the early years of re-establishing the province, thanks to the "good absorption" of mechanisms, policies for investment incentives of the province and the initiative to overcome difficulties, Japfa Comfeed Vietnam Co., Ltd. has made strong progress, ranking 130th in the top 500 largest companies in Vietnam and becoming one of the three enterprises of Vietnam in producing animal feed; raising chickens and pigs and slaughtering in clean food business.

According to the Board of Directors of Japfa Comfeed Vietnam Co., Ltd, the company is the only Indonesian enterprise to invest in Vinh Phuc. On the first day of establishment, the company faced many difficulties and challenges. But thanks to the support of provincial authorities, Japfa Comfeed has gradually overcome difficulties and gained a foothold in the market. From only 200 employees, a feed factory in Huong Canh town, Binh Xuyen, and a breeding chicken farm in Tam Duong, Japfa Comfeed has now invested over US$240 million in five breeding chicken farms, 206 processing farms and 14 pig farms nationwide; six feed manufacturers in Vinh Phuc, Hoa Binh, Thai Binh, Long An, Binh Thuan and Binh Dinh with a capacity of 800,000 tons/year. Especially in Vinh Phuc, with the orientation of continuing to maintain and expand the scale of poultry production, breeding, slaughtering factories, the company not only fulfills its long-term commitment, but also helps the province form a modern and closed animal husbandry industry according to the objectives of Vinh Phuc's agricultural restructuring project.

Not only Prime Group and Japfa Comfeed Vietnam Co., Ltd, now, all other projects of ASEAN investors are operating effectively in the province. The effectiveness of investment projects of ASEAN countries, not only demonstrates that the investment environment of the province is very favorable, but also indicates the proper foreign policy of Vinh Phuc province in tightening the friendship with ASEAN countries.