Vinh Phuc Attempting to Improve the Investment Environment, to Increase PCI Ranking

10:16:23 AM | 12/13/2021

According to the Department of Planning and Investment of Vinh Phuc province, as of October 15th, 2021, the locality has attracted 32 DDI projects with a total registered capital of VND 16,365 billion, an increase of 110%; 54 FDI projects with a total registered capital of US$994 million, up 122% over the same period. Despite the positive results, according to the leader of Vinh Phuc province, the locality still needs to make more efforts in promoting and improving the investment and business environment.

Most recently, during the working program in Japan, on the afternoon of November 24, 2021 in Tokyo, Ms. Hoang Thi Thuy Lan - Secretary of the Vinh Phuc Provincial Party Committee had meetings and worked with the executives of some major Japanese corporations, including: SOJITZ Group, Sumitomo Corporation and attended the signing ceremony of a memorandum of understanding on investment cooperation between the People's Committee of Vinh Phuc province and Japanese and Vietnamese investors. With open, attractive and transparent investment policies, Vinh Phuc province is always a preferred destination for domestic and foreign investors.

Actively improving the competitive position of the province

According to a report by the Vietnam Chamber of Commerce and Industry (VCCI), the provincial competitiveness index (PCI) in 2020 of Vinh Phuc ranked 29th out of 63 provinces and cities with 63.84 points, down 2.91 points and down 12 ranks compared to 2019, failing to achieve the target (the goal was in the top 10 nationwide); belonging to the group with good governance quality.

For many years, Vinh Phuc has been evaluated by investors as a province having an attractive investment environment with clear, open and transparent investment attraction policies. In fact, many investors with famous global brands are successfully operating in the province, while continuing to expand projects on a large scale and creating an attractive "push" to attract in many satellite projects.

Accordingly, Vinh Phuc has actively implemented Resolution No. 02/NQ-CP of the Government and Resolution No. 01-NQ/TU of the Standing Board of the Provincial Party Committee on a number of basic solutions to improve the investment environment, raising the competitiveness of Vinh Phuc province for the 2016-2021 period… towards continuing to build a more open, fair and friendly business environment.

Therefore, in order to improve the PCI index in 2021 and the following years, Vinh Phuc has focused on improving the component indices with low rankings and low scores. On the other hand, it has continued to maintain and improve the indicators with high scores and rankings. It will strive to be in the top 15 provinces and cities with the best governance quality in the country in the period of 2021 - 2025.

Attempting to make the investment environment more attractive

The study to shorten the processing time of administrative procedures is considered by Vinh Phuc as one of the key solutions to create transparency, reducing time costs and informal costs in order to further increase the attractiveness of the environment. Accordingly, it has continued to focus on promoting and effectively implementing the Public Administration Service Center of the province and localities; strengthening the application of information technology and providing online public services at levels 3 and 4 for a number of administrative procedures.

Along with that, the investment promotion and attraction have been promoted with various and rich forms of promotion. The specialized agencies regularly update information, supplement the database, at the same time develop and design a new set of investment promotion documents of the province (in five languages including: Vietnamese, English, Japanese, Korean and Chinese), print a DVD introducing the general plan to provide domestic and foreign investors.

The business support activities take place continuously, including the program "Vinh Phuc leaders meet with entrepreneurs weekly" by both face-to-face and online dialogue.

Chairman of Vinh Phuc Provincial People's Committee - Mr. Le Duy Thanh said that Vinh Phuc currently had more than 500 hectares of clean land for industry, which was ready to be assigned to investors. Vinh Phuc has been improving administrative procedures, improving the investment and business environment, and removing difficulties and obstacles for businesses and investors. Mr. Thanh promised that if there were any difficulties in the investment process, businesses and investors could meet and discuss directly with the head of the province and the directors of departments, agencies and sectors to promptly solve and remove.

By Hien Nam, Vietnam Business Forum