Investor Perspectives on Vinh Phuc Investment Landscape

In recent years, Vinh Phuc has demonstrated a steadfast commitment to fostering an optimal environment for investors while proactively addressing business challenges. This approach has earned the province considerable trust and high regard from both domestic and international companies. As a result, Vinh Phuc has established itself as an attractive destination characterized by an open and transparent investment landscape.

Jahwa Vina Co., Ltd., Khai Quang Industrial Park 

Looking back on the Conference on "Vinh Phuc in Vietnam-Japan cooperation and development connection in 2022", a representative of Sumitomo Corporation, the developer of Thang Long Vinh Phuc Industrial Park project, said, before selecting Vinh Phuc for their project, Sumitomo surveyed 30 locations in the north and 20 in the south. Sumitomo gave three reasons for choosing Vinh Phuc province for its investment: First, Vinh Phuc has rich natural conditions and a lot of trees that make Japanese investors feel comfortable and remember their homeland. Second, Vinh Phuc has an advantageous geographical location, with a developed transportation system, helping investors easily access major traffic routes in Vietnam. Third, the complete infrastructure and the support of provincial leaders are also important factors for the firm to choose Vinh Phuc for investment.

To date, Thang Long Vinh Phuc Industrial Park is strongly attractive to domestic and foreign investors, especially those from Japan.

In 2023, despite negative impacts of global and domestic economic slowdown, thanks to its flexible and creative approaches and enabling mechanisms and policies, Vinh Phuc successfully attracted a motorbike, automobile and vehicle engine assembly project from Polaris Group, one of the 500 largest companies in the United States. The US$40-million project is built on over 12 ha of land in Ba Thien II Industrial Park (Binh Xuyen district) to make motorbikes, spare parts and accessories for automobiles and other motor vehicles. This is the group's second factory in Vinh Phuc and the 20th worldwide, which shows that the firm truly believes and expects Vinh Phuc will be the site of new successes.

Managing Director of Polaris Group Matthew Justin Kantrud highly appreciated the investment and business environment in Vinh Phuc province in particular and in Vietnam in general. He emphasized that the enthusiastic attention, help and support of Vinh Phuc leaders and agencies have facilitated the group to expand its investment plans, believing that, with its effective support mechanisms and policies along with its investor support and sharing solutions, Vinh Phuc will continue to be an attractive and successful destination for investors in the future.

Nearly 10 years of operation in Ba Thien II Industrial Park (Binh Xuyen district), Vietnam Garments Manufacturing Limited (Hong Kong) has continuously expanded its production scale to become a garment supplier for giant retailers in the US, Europe and Asia through world-class fashion brands and labels like Burberry, Brooks Brothers, Banana Republic and Tommy Hilfiger in recent years. The company always highly appreciates the investment and business environment in Vinh Phuc province, which is built from a geographical location, favorable natural conditions, quality infrastructure and investor support services at all levels. The provincial government consistently supports investors by listening to their needs and swiftly addressing challenges. This has made the company quite satisfied with the investment climate.

At a working session with Chairman of Vinh Phuc Provincial People's Committee Tran Duy Dong on August 8, 2024, Mr. Song Young Hee, CEO of Signetics, a semiconductor company affiliated with Youngpoong Group of Korea and employing over 1,000 people with production branches in the U.S. and the Netherlands, said that Vietnam is the next target for the company’s collaboration and investment expansion. He highly appreciated the investment environment and investment attraction policies of Vinh Phuc province and decided to choose Vinh Phuc as its investment destination in the coming time. After surveying the Vinh Phuc investment environment, Signetics found that Ba Thien Industrial Park is suitable for its production scale and business strategy. He hoped that Vinh Phuc province will continue to facilitate the company to implement the project.

The investment environment in Vinh Phuc is highly regarded by both current and potential investors, as well as by experts and leaders of global business associations. During a recent meeting with Mr. Tran Duy Dong, Mr. Hong Sun, Chairman of the Korean Chamber of Commerce and Industry in Vietnam (Korcham), appreciated Vinh Phuc's investment climate and expressed his commitment to encouraging further investments from Korean companies in the province. "Korcham has recently organized some workshops on high technology and semiconductor technology where many businesses showed their interest. I am confident that Vinh Phuc will attract more new investors, with many Korean companies looking to expand into Vietnam and specifically into the province in the coming time," Sun emphasized.

To further improve the effectiveness of investment attraction and create momentum for socioeconomic development, Vinh Phuc will continue to direct relevant agencies, localities, and units to carry out consistent and effective solutions, including the focus on researching and building incentive mechanisms and policies to attract strategic investors. The province will streamline administrative procedures in the investment sector, innovate investment promotion strategies, and quickly address challenges for companies. This approach aims to encourage existing investors to expand and attract more foreign firms.

At the same time, Vinh Phuc province will maintain and reform conferences, meetings and dialogues with companies, business associations, foreign chambers of commerce in Vietnam, and business support organizations to objectively grasp matters of concern and introduce solutions to deal with them. The province will publicize policies and legal regulations and projects in search of investment capital on relevant websites to ensure providing complete and useful information for enterprises and investors.

By Nguyen Mai, Vietnam Business Forum