Vinh Phuc: Potential Destination for European and U.S. Businesses

10:33:05 AM | 12/16/2019

After the EU - Vietnam Free Trade Agreement (EVFTA) was signed, Vinh Phuc province established high-level missions to promote investment in European countries and some potential markets like the United States to court big corporations to invest in the province.

Since early 2019, Vinh Phuc province’s leaders have met and worked with many business delegations from European countries and the United States and led many investment promotion delegations to European countries like the Netherlands and Germany and the United States to woo investors to invest in the province. Its investment promotion trips to other countries conveyed a common message: “Investors in Vinh Phuc are citizens of Vinh Phuc; their success is the success of the province; Vinh Phuc always welcomes and facilitates businesses to invest in the locality.”  The message has assured investors of doing business in this potential and friendly land.

To readily welcome investors, Vinh Phuc has prepared a clean land fund and a good investment mechanism, created a friendly investment environment by meeting, exchanging and solving difficulties and obstacles, recommendations proposed by local businesses. Currently, the province has planned to build 18 planned industrial parks covering a total area of ​​over 5,000 ha and 32 industrial complexes situated in convenient positions to meet investors’ demands. Many gigantic corporations in Vinh Phuc industrial parks are performing very well and making great contributions to local economic development. A typical example is Piaggio Vietnam Co., Ltd from Europe. Remarking on the local investment environment, Piaggio Group's leaders said, “Piaggio Vietnam is proud to be the first European investor to invest in Vinh Phuc in 2007 and we are very pleased with this decision. Piaggio Vietnam Industrial Complex in Vinh Phuc is also a production center of Piaggio in Asia Pacific. To date, Piaggio is one of few foreign-invested companies to headquarter in Vietnam. Over the past 12 years, we have witnessed the strong development of Vinh Phuc, which is now the heart of the automobile and motorbike industry in Vietnam. The province's infrastructure has improved significantly over the years and can be conveniently connected to important transshipment ports of Vietnam. Vinh Phuc has high-grade suppliers for manufacturing factories in the locality”. Piaggio is very pleased with increasingly open investment attraction policies and timely business support activities from the local government.

To introduce the local investment, trade and tourism potential to European and American investors, the Vinh Phuc Provincial People’s Committee coordinated with the European Chamber of Commerce in Vietnam (EuroCham), the German Chamber of Commerce and Industry in Vietnam (AHK) and the American Chamber of Commerce in Vietnam (AmCham) to organize an investment promotion workshop themed “Vinh Phuc - A potential investment destination for European and US businesses”. The event attracted more than 300 delegates who are foreign-invested enterprises and cooperative joint ventures in Vietnam.

Resolved to improve the open and favorable investment environment, Vinh Phuc province is actively cooperating with foreign investors and affirms an attractive and potential investment environment for European and American investors.