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Last updated: Friday, November 16, 2018

 

Working to Strongly Improve Investment Climate

Posted: Friday, January 05, 2018


As part of Hanoi capital region planning, Vinh Phuc province, which is located at the centre of northern Vietnam, is one of a few localities capable of balancing budgetary revenue and spending from 2004 and standing among the biggest budget contributors in the north. The province is a dynamic and flexible locality successfully attracting more than 8,400 companies to do business, including more than 200 foreign-led giant firms like world-leading Honda, Toyota (Japan), Piaggio (Italy), Patron Vina, Heasung Vina, Jahwa, Sindoh (South Korea) and Prime Group (Thailand). Many economists and investors appreciate the province’s advantages, potential and open policies concerning investment attraction.

Mr Hiroshi Fukada, former Ambassador of Japan to Vietnam from 2013 to 2016, said that Vinh Phuc is one of the localities with good investment policies which have interested Japanese investors. Most Japanese investors in Vinh Phuc have highly appreciated the local business environment and had no complaints about the investment climate. This is a great success of Vinh Phuc province that not all localities can do. He also thought that Vinh Phuc should not only focus on attracting industrial investment, but also invest in service and tourism development to make use of local advantages to shape a more comprehensive living environment.

Mr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that, Vinh Phuc province has many advantages to draw external investment thanks to its geographical location, lying near Hanoi the capital of Vietnam and Noi Bai International Airport. After Hanoi - Lao Cai Expressway is officially put into use, Vinh Phuc has another plus to lure investment flows. In addition to geographical location, the province is also one of a few localities in the country to stay determined to improve the investment environment. The province established the Investment Promotion Agency chaired by the Chairman of the Provincial People’s Committee. This body ensures that investors are always best served in Vinh Phuc to deploy their business quickly and easily. Hailing Vinh Phuc as a “star of reform”, Loc added that the province is converging many advantages together with strong changes in investment environment, training and human resources quality. This has turned Vinh Phuc into an ideal investment destination for domestic and foreign businesses.

Ms Do Thu Hoang, Deputy General Director of Toyota Motor Vietnam Co., Ltd
Vinh Phuc is among localities with appealing investment policies and is highly appreciated for the business environment by foreign investors, especially Japanese, including Toyota Motor Vietnam Co., Ltd. Since its inception 22 years ago, Toyota Vietnam has received strong support from Vinh Phuc authorities for smooth business operation, especially tax, electricity and water supply policies. We appreciate and thank the province for timely support, effort and actions for Toyota Vietnam. The company wants to prolong production to contribute more to Vietnam, to the automotive industry, and to Vinh Phuc province in particular. We will do our best to improve our competitiveness in the context of a volatile market situation in the future. To develop sustainably, contribute more to local development and improve people’s living standards, we hope to receive more support and cooperation from provincial authorities.

Mr Costantino Sambuy - General Director of Piaggio Vietnam
We chose Vinh Phuc as our investment destination for the following reasons. Firstly, we found that people here are very knowledgeable in our field, especially in motorcycle manufacturing. Secondly, referring to previous peer projects, we saw that the motorcycle industry is getting strong support from local government. Thirdly, Vinh Phuc province has a well-trained workforce. After many years of operation, all our achievements are beyond initial expectations.

Mr Kim Woo Dong, Import - Export Director of Partron Vina Co., Ltd (based in Khai Quang Industrial Park)
In 2008, Partron Vina started its investment in Vinh Phuc province. The company’s electronic component plants supplies products to Samsung Vietnam and export a part to Japan, Singapore, India and Brazil. To date, the company has nearly 5,500 employees working in four factories in Vietnam, including three in Vinh Phuc with 5,000 workers. The average revenue reached US$60 million a year. “In Vinh Phuc, Partron Vina has received great support local authorities. As the investment climate is very good and convenient, many South Korean companies have located their projects in the province after their surveys. In addition, the factories mainly import inputs and export outputs. Sometimes, our shipments arrive late in the afternoon but customs officials are ready to support us.”

Mr Chao Wen Hsiang, General Director of Vietnam Precision Industry Co., Ltd 1 (VPIC 1)
Provincial leaders are open and ready to listen to hardships facing enterprises to seek the best solutions. This keeps investors with the province.

Mr Le Minh Hai, General Director of Viet Duc Steel Joint Stock Company
Viet Duc Steel Joint Stock Company has been investing in Vinh Phuc province since 2002, starting with a 6-ha facility campus in Binh Xuyen Industrial Park. To date, the company has three member companies hiring 20 ha of land for factories, earning revenue of VND7,000 billion a year, and employing hundreds of local workers who are paid VND8-11 million a month on average. The understanding and sharing of local authorities is key to the company’s long-term business strategy in Vinh Phuc. We are very satisfied with the investment environment here.

Mr Cao Dinh Thi, Deputy General Director of Vinh Phuc Infrastructure Development Joint Stock Company
The success of local enterprises is also the success of all levels of government in improving the business environment. When we started investing in Khai Quang Industrial Park in 2003, we were very anxious indeed. But, the determination of local authorities to ensure best supports for the company from the local authorities in investment attraction shaped the new face of the industrial park.

Mr Ngo Huu Tiep, General Director of Giza E&C Company
With the motto “Investors in Vinh Phuc are citizens. The success of enterprises is the success and the pride of the province,” Vinh Phuc Provincial People’s Committee always facilitates and supports enterprises to deal with their difficulties. This slogan impresses Giza Vietnam and our customers. It creates sympathy and confidence for foreign partners in business opportunities here.








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