Vinh Phuc Eyes U.S. Quality Investment Flows

Investment promotion and attraction is an important activity in the socio-economic development strategy of Vinh Phuc province. In early 2023, Vinh Phuc had an investment promotion trip to the United States, which was of great significance as Vietnam and the U.S. organized many activities to celebrate the 10th anniversary of the comprehensive cooperative partnership and more than 20 years since signing the bilateral trade agreement.

Vinh Phuc province’s delegation led by Provincial Party Secretary Hoang Thi Thuy Lan during their investment promotion trip to the United States

Notably, Vinh Phuc province cooperated with Vietnam's diplomatic and trade agencies in the United States to successfully organize an investment promotion seminar on electricity, electronics, automobile, motorcycle, industry, high technology and supporting industries in San Francisco for nearly 100 large, prestigious corporations. At the seminar, Secretary of Vinh Phuc Provincial Party Committee Hoang Thi Thuy Lan introduced the province's socioeconomic development situation, potential and investment opportunities. She emphasized that Vinh Phuc attached importance to the interests of enterprises, and identified businesses as reliable long-term partners and customers, so the province always assured investors and facilitated them to invest and do effective business.

At the seminar, the Department of Planning and Investment of Vinh Phuc province signed an investment cooperation agreement with Lotus Gold Vietnam Joint Stock Company and Azura Holdings, a professional investment manager, and awarded the investment certificate to Polaris Group. Polaris Group invested a total of US$40 million to build a motorsport manufacturing factory with an annual output of 30,000 products in Ba Thien II Industrial Park, Binh Xuyen district, Vinh Phuc province. The project is expected to generate US$100 million of revenue a year when it officially comes into operation and US$500 million by 2030. To date, Vinh Phuc has attracted three U.S. projects with a combined investment capital of US$45.6 million. They primarily manufacture products for export.

Paying a working visit to Google LLC in San Francisco, Ms. Lan affirmed that Google is globally known for its millions of visits a day. Vinh Phuc sought to cooperate with Google in many fields, especially in training high-quality workers who are proficient in information technology skills, foreign languages and Google utilities at work, in order to better meet the increasing demand of multinational corporations.

In New York City, the investment promotion delegation worked with the law firm, Gibson, Dunn & Crutcher. The two sides discussed future cooperation in improving the quality of legal advice for U.S. investors in Vinh Phuc province. In the coming time, some U.S. law firms and manufacturers of electric vehicles and electric batteries are expected to survey the market and study investment cooperation in Vietnam. Ms. Lan and her delegation visited and worked with some listed companies and investment funds in New York. Working with the New York Stock Exchange (NYSE), she hoped that Vinh Phuc province would have the opportunity to introduce its investment environment to NYSE-listed companies.

Working with the City Council of Las Vegas, Vinh Phuc Provincial Secretary Lan emphasized that, in its socioeconomic development plan, Vinh Phuc province will strive to strongly develop tourism as a major economic sector to accelerate economic restructuring and rapidly increase the share of tourism and service in the economic structure. She suggested the two localities continue cooperation in management, human resource development, urban development, smart city construction, and tourism development, and hoped that the Las Vegas City Council will be the bridge to introduce businesses to investment cooperation in Vinh Phuc.

The working visit to the U.S. was a great success as it opened up many important cooperation opportunities for Vinh Phuc province and U.S. partners in many fields. The province expected to draw more resources from potential partners from the U.S. to invest in Vinh Phuc, and realize and deepen Vietnam-U.S. cooperation relations in the economic integration period.

By Tran Trang, Vietnam Business Forum