Creating Motivation to Attract Investment

Implementing Resolution 57 of the Provincial People's Council on a number of specific measures to attract investment and support enterprises in the province, besides issuing documents on the implementation of the Resolution, the Provincial People's Committee has promoted communication on the law, mechanisms and policies to support the people and businesses, making an important contribution to attracting investment to the province.

To effectively implement the Resolution, in addition to publicizing it on the Vinh Phuc Portal, websites of departments, branches and localities, at meetings and working sessions of provincial leaders and leaders of departments, branches and enterprises, the contents of this policy are integrated into its working program.

Vinh Phuc province has provided investment support outside industrial, urban, tourism and service areas in the area. In the Public Investment Plan 2018 and 2019, the Provincial People's Committee has balanced the allocated VND5,200 billion for investment projects on construction of urban infrastructure. In particular, in 2018, more than VND2,900 billion was allocated, equivalent to 48% of total development investment expenditure and nearly VND2,300 billion was allocated in 2019, equivalent to 37.6% of total development investment expenditure. It is expected that in public investment plan in 2020, the province will continue to balance the arrangement for investment projects on construction of urban infrastructure of about VND2,000 billion.

According to the evaluation of Vinh Phuc People's Committee, since the promulgation of the Resolution up to now, it has created a spillover effect to attract investors to the province. The results of investment attraction have contributed to promoting socio-economic development in the area, creating jobs, and gradually improving people's lives. Especially, at the Investment Promotion Conference on the occasion of the 20th anniversary of the establishment of the province, Vinh Phuc has attracted 55 projects with a registered capital of about US$8.15 billion. Accumulated to the end of June 2019, the whole province had 1,098 projects including 356 FDI projects with a total registered capital of nearly US$4.8 billion and 742 DDI projects with a total registered investment capital of over VND76.8 billion.

Thus, implementing the Resolution from 2017 to September 2019, the whole province had attracted about 211 projects, including 86 DDI projects with a total investment capital of over VND8.3 billion and 125 FDI ​​projects with a total investment capital of about US$1,185 million.

Hong Yen