Efforts to Attract and Promote Investments into Vinh Phuc IZs

The industrial zones (IZs) in Vinh Phuc province attracted substantial investment in the first eight months of 2023, demonstrating their strong performance. To sustain this achievement, the Vinh Phuc Industrial Zones Management Board will intensify its investment promotion efforts and capitalize on its competitive advantages in the future. Our reporter interviewed Mr. Vu Kim Thanh, Deputy Director of the board, to learn more about their plans and strategies.

The leaders of the Vinh Phuc Industrial Zones Management Board present flowers to commemorate the groundbreaking ceremony of Song Lo II Industrial Park

Could you please tell us about the investment attraction result in Vinh Phuc industrial zones in the first eight months of 2023?

Vinh Phuc industrial zones achieved remarkable results in promotion and investment attraction in the first eight months of 2023, securing 17 new FDI projects and 28 FDI expansions with a total registered capital of US$445.53 million (US$229.56 million from new projects and US$215.97 million from expansions), a 71% increase from the same period last year and 127% of the annual target. They have also obtained nine new DDI projects and four DDI expansions with a total registered capital of VND5,681.3 billion (VND3,744.5 billion from new projects and VND1,936.8 billion from expansions), a 260% increase from the same period last year and 189% of the annual target. In September 2023, the board anticipates issuing new investment registration certificates to 1-2 FDI projects and revised certificates to 2-3 existing FDI projects with a total registered capital of US$5-7 million, as well as to approve 1-2 DDI projects with a total registered capital of VND50-100 billion.

To achieve the above results, what key solutions has the Vinh Phuc Industrial Zones Management Board implemented?

The board has pursued various and effective promotion channels to reach its target, providing direct assistance to investors who visit and explore the investment environment in IZs (guiding them through the investment procedures and offering them information about investing in IZs) and showcasing the success stories of investors in the province’s IZs. Moreover, the board has continuously enhanced administrative reform, improved the investment and business environment, and increased the Provincial Competitiveness Index. As a result, the province’s IZs have maintained a positive reputation among domestic and foreign investors as a secure, open and trustworthy investment environment and a potential destination for achievements.

Ba Thien 2 Industrial Park

Could you please tell us about the major investment promotion tasks of the Vinh Phuc Industrial Zones Management Board in the last months of this year?

The board will continue to diversify its investment promotion channels, with an emphasis on on-site promotion method, which entails providing direct support to investors who visit and examine the investment environment in IZs; conducting dialogues with enterprises to understand their issues and propose effective solutions; and preparing adequate technical infrastructure for domestic and foreign investors.

Furthermore, the board will proactively engage, contact and collaborate with potential investors and large corporations to assess the business investment environment in industrial zones; and attract and stimulate investment projects in various sectors. Special attention is given to high-tech FDI projects that employ green, clean and eco-friendly technologies and optimize the use of natural, land and labor resources. Preference is given to Industry 4.0 development (ICT, digital and nanotechnology) and competitive industries (mechanical manufacturing, electrical and electronic components, auto and motorbike parts, construction materials, new materials and real estate development).

Simultaneously, the board will maintain close coordination with relevant agencies and localities to advise and recommend the province on support policies for high-tech industrial projects; enhance FDI - DDI business linkage; encourage businesses to cooperate, transfer technology, shift from processing and assembly to design and production, increase added value, and create a foundation to attract and develop high-tech industries. The consistent implementation of effective measures to woo more investors and improve the business environment in industrial zones will create a vital “leverage” for Vinh Phuc to achieve more success in investment attraction in the future.

Thank you very much!

By Nguyet Tham, Vietnam Business Forum