Vinh Phuc among Top 10 FDI Recipients

9:36:00 AM | 12/18/2019

Vinh Phuc has always had amongst the fastest-growing GRDP rates in the country, ranking second among 63 provinces and cities in 2018. Its economic structure has been modernized. Fiscal revenue and per capita income have stood among the top in the whole country for many years.

To date, Vinh Phuc province has attracted 376 FDI projects with total registered capital of nearly US$5 billion, ranking 18th out of 63 provinces and cities, two places higher than in 2018 and five places higher than in 2017, ranking 6th among Red River Delta provinces. Many large corporations in the world such as Toyota, Honda, Daewoo, Samsung and Compal have invested in Vinh Phuc, strongly focusing on processing technology, electronics manufacturing and assembling. Foreign investors in Vinh Phuc mainly come from Northeast Asian countries such as Japan and South Korea. Investors from Europe and the United States still account for a relatively modest share.

Speaking at the Vinh Phuc Investment Promotion Conference themed “Vinh Phuc: Potential investment destination for European and U.S. businesses” on November 27, 2019, in Vinh Phuc province, Mr. Nguyen Van Tri, Chairman of the Vinh Phuc Provincial People’s Committee, said, Vinh Phuc is currently ranked among the top performers on the Provincial Competitiveness Index (PCI). Legal institutions, time cost and dynamism of local governments are highly appreciated by the business community. In addition, the province’s business environment is highly appreciated for its transparency, soundness and fairness. One highlight of the province is that, in the process of construction and development, Vinh Phuc always works together with enterprises, promptly tackling difficulties and obstacles against them when they invest in the province. At the same time, the province creates the most favorable conditions for investors to study business opportunities and invest in the locality.

Also at the conference, Deputy Minister of Planning and Investment Vu Dai Thang said Vinh Phuc is a prime example of attracting and using foreign investment capital and will be a Top 10 recipient of foreign direct investment (FDI) in Vietnam. He hoped that Vinh Phuc will continue to work closely with the Ministry of Planning and Investment, 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 connect, advertise and introduce the local investment environment, and attract many European and U.S. investment projects. The Ministry of Planning and Investment is committed to maintaining the flame of innovation, further promoting its role as an investment advisor to the Government to create breakthroughs in reforming the business investment environment and changing business support methods. At the same time, it will coordinate with relevant ministries and branches to support and coordinate with Vinh Phuc province to introduce mechanisms and policies to unlock local potential and strengths, remove difficulties for businesses and investment projects, carry out investment promotion activities, and recommend suitable investors for Vinh Phuc.

Given local potential and advantages as well as the determination of all-tier authorities, Vinh Phuc will be a favorite destination for European and U.S. investors, and will be one of the Top 10 FDI recipients in the country.

Nguyet Tham (Vietnam Business Forum Magazine)