Taiwanese Investors Consider Vinh Phuc Attractive Destination

Vinh Phuc province is committed to supporting businesses and investors in their investment projects. The province has been an attractive and reliable destination for investors, including those from Taiwan. With the motto “Investors in Vinh Phuc are citizens of the province, their success is the success of the province,” Vinh Phuc province has always cared for, supported and facilitated businesses to study investment opportunities and carry out their investment projects.

Chairman of Vinh Phuc Provincial People's Committee Le Duy Thanh hands over investment registration certificates to Taiwanese investors

Currently, Vinh Phuc province has 46 Taiwan-invested projects, mainly specialized in supporting industries and the electronics manufacturing industry. Many Taiwanese investors are partners of LG, Samsung, Apple, Honda, Toyota and other giant manufacturers. One of the best performers of Taiwan is Vietnam Precision Industrial Co., Ltd 1 (VPIC1) in Khai Quang Industrial Park. The company manufactures components and spare parts for automobiles, motorcycles, snowmobiles and medical equipment for the domestic market and for export to European and North American countries.

With its continuous investment in production modernization, productivity improvement and product quality, VPIC1 has increasingly asserted its leadership in manufacturing precision mechanical products as well as its position as a top exporter in Vinh Phuc province. Its business performance has continuously improved over the years and the livelihoods of its employees are always guaranteed. In 2022, the company’s revenue grew by nearly 20% from 2021. Currently, the firm has 5,100 employees, each of whom is paid an average monthly income of VND13 million.

Like VPIC1, several Taiwanese companies such as Vietnam Compal Co., Ltd (Ba Thien Industrial Park), Lam Vien Winfull Co., Ltd (Khai Quang Industrial Park) and Arcadyan Technology Vietnam Co., Ltd (Thang Long Vinh Phuc Industrial Park) have achieved outstanding business performance and provided decent jobs for many local workers. This outcome is attributed to Vinh Phuc province’s right policies and orientations towards foreign investors, especially those from Taiwan, which share many similarities in culture and life.

To become a modern industrial province, Vinh Phuc always encourages and facilitates investors to launch their projects in all fields, with priority given to high technology, electronics, medicine and education.

Recently, Mr. Le Duy Thanh, Chairman of the Vinh Phuc Provincial People’s Committee, handed the Investment Registration Certificate to the “Vietnam Lioho Machine Works” Project invested by a two-investor consortium - Lioho Machine Works Ltd and Vietnam Precision Industrial Co., Ltd 1, both from Taiwan. The project costs a total investment fund of US$75 million (VND1,770 billion) and occupies a land area of 5.9ha in Thang Long Vinh Phuc Industrial Park. This project brought the total foreign direct investment (FDI) in Vinh Phuc province in the first six months of 2023 to US$435 million, which is equal to 108.75% of the target set for 2023. This result reconfirms that Vinh Phuc is a safe, attractive and potential destination for domestic and foreign investors.

To successfully attract 20-25 FDI projects in 2023 and retain important strategic investors, Vinh Phuc will continue to implement FDI support and incentive policies for local potential and advantageous industries. It will prioritize key economic sectors such as electronic component manufacturing, parts manufacturing and environmentally friendly high-tech industries. At the same time, the province will step up technical and social infrastructure construction and foster high-quality human resource training.

By Tran Trang, Vietnam Business Forum