10:36:55 AM | 9/22/2023
Despite the global economic slowdown, businesses in Vinh Phuc province, including tenants in industrial zones (IZs), have overcome numerous difficulties and challenges this year by seeking new orders and restructuring their operations. As a result, companies in Vinh Phuc IZs have maintained their stable production and business activities, gradually penetrated international markets, and contributed more to local socioeconomic development.
Despite the numerous difficulties and challenges faced by businesses in Vinh Phuc province, they have demonstrated resilience and adaptability by securing new orders and restructuring their operations
VITTO - VP Co., Ltd, a ceramic tile factory in Tam Duong II Industrial Park, has been operating for 10 years and has created jobs for nearly 1,000 workers with an average monthly income of over VND8.5 million each. Besides dynamism and creativity, the company also attributes its success to building a harmonious relationship with its employees. Its trade union recognizes and rewards outstanding teams and individuals every month; organizes visits and gives gifts to employees, workers in difficulty, and workers with labor accidents; coordinates with authorities at all levels to ensure employment, employee policies and labor policies, and improve the working environment and conditions. Therefore, unlike many companies that have to reduce working hours or even temporarily shut down due to insufficient orders, employees of VITTO - VP Co., Ltd still have enough work with a stable income.
After running effective production in Noi Bai Industrial Park, Soc Son district (Hanoi), Vietnam Safety Equipment and Products Co., Ltd (a wholly U.S.-owned company) saw much potential and many opportunities for development in Vinh Phuc province and decided to invest and open a production branch in Ba Thien II Industrial Park (Binh Xuyen district) in 2020. With the care, support, sharing and prompt troubleshooting of Vinh Phuc authorities, the company quickly completed its factory investment and started its official production. To date, the company’s total investment fund in Vinh Phuc has reached nearly US$6 million, creating jobs for more than 200 workers with an average monthly income of VND8-10 million each. A company representative said that Vietnam Safety Equipment and Products Co., Ltd is a manufacturer and processor of helmets of all kinds, products from paper and plastic, and medical equipment for dentistry, orthopedics and rehabilitation, exported to the U.S. and European markets. The company chose Vinh Phuc for its factory because the province has favorable investment policies. Moreover, Vinh Phuc is adjacent to Hanoi, with a convenient transportation system. The diversity of domestic and foreign investors in the city will help tenants expand their production and business cooperation and product supply to the market.
Despite the market difficulties in the first months of 2023, CNC Technology Solutions Joint Stock Company in Thang Long Industrial Park persevered with its constant expansion of investment, cooperation and application of advanced modern production technologies from Japan, South Korea and Hong Kong, which enhanced the competitiveness of its products in the domestic and export markets.
In addition to their efforts to seek orders and expand markets, tenants in Vinh Phuc-based industrial zones also proactively developed business scenarios based on market, labor, exchange rate and interest rate fluctuations to promptly adapt to new developments. At the same time, they aligned their production with the market demand based on their proposed plans for 2023. Many of them divided their plans into short cycles to have flexible adjustment measures.
In the last months of the year, they are expected to continue facing many difficulties and challenges. Therefore, they will need more support from local authorities and easier access to bank loans for investment in business development to achieve their full-year goals. Ultimately, they will help improve the investment and business environment in Vinh Phuc industrial parks and the province’s socioeconomic development as a whole.
By Tran Ngoc, Vietnam Business Forum
Vietnamese
