Vinh Phuc: Devising New Investment Attraction Strategy

In its socioeconomic development and investment attraction strategies, Vinh Phuc province set a goal that foreign investment must play a role in creating inclusive and extensive economic development. The province will develop a foreign investment sector with higher technological potential and undertake some high-tech stages instead of manufacturing, assembling, processing and adding product value.

The province's investment attraction strategy lies in the national master strategy, matches with local socio-economic development strategy; and fits with infrastructure development, market development and human resource development plans.

In the coming time, Vinh Phuc will innovate investment attraction activities to ensure harmonized interests of the government, investors and people; and improve project quality to attract new investment funds by increasing technological content and technical labor; prioritize 4.0 industries such as ICT, digital, nanotech, biotech and new eco-friendly materials that facilitate socioeconomic development. The province will prioritize projects capable of participating in global value chains; projects engaged in electronics, telecom, mechanical engineering, building materials and new materials; supporting industries for automobile, motorcycle and electronics manufacturing and assembly; industrial park infrastructure development projects; service tourism projects; international universities and service investment projects like finance, banking, insurance, healthcare, and education - training. Besides, the province will focus on attracting investment projects in industrial parks to raise their occupancy rate.

The province will align industrial development with environmental protection; thoroughly handle environmental pollution in industrial zones. It will gradually form industrial zones and encourage automobile and motorcycle component manufacturing projects.

Vinh Phuc will supplement, call for investors and identify key markets for expansion such as the European Union, the United States, Japan and South Korea.

To realize Vinh Phuc's new investment attraction strategy, as an advisor to the provincial government, in 2022, the Department of Planning and Investment has strongly innovated investment promotions, expanded target markets and intensified access to potential foreign funds in the world.

In late September, Mr. Le Duy Thanh, Chairman of the Provincial People's Committee, hosted a meeting with the Department of Planning and Investment and the Vietnam Initiative Network on developing the Vinh Phuc investment attraction strategy in 2022-2025, with a vision to 2030 as well as resolutions and schemes to encourage and support investment, create favorable business conditions, attract large projects, strategic investors and multinational corporations into Vinh Phuc.

He hoped that attending experts, with their experience and knowledge, will clarify strengths, weaknesses and solutions to find strategic partners to promote and attract investment capital into Vinh Phuc province.

The province will also care about the interests of investors of large projects and strategic investors. It will clearly define the direction of global investment flows to seek solutions for investment attraction.

To draw FDI funds, Vinh Phuc hosted a dialogue meeting with 160 leading banks, investment funds and financial companies in Singapore in late October. Through this meeting, investors learned more about the investment environment and potential projects, as well as how to provide loans and support their investment over time.

By Hien Nam, Vietnam Business Forum