Vinh Phuc: Fostering Business Investment in Industrial Parks

Besides enhancing investment promotion, the Vinh Phuc Industrial Zones Management Board has actively reformed administrative procedures to support businesses in expanding their operations and attracting new projects. This effort has boosted confidence among existing investors and positively influenced potential newcomers. Our reporter interviewed Mr. Ha Dinh Nha, Director of the Vinh Phuc Industrial Zones Management Board, on this topic.

Vinh Phuc Provincial People's Committee Chairman Tran Duy Dong and Director of the IZs Management Board Ha Dinh Nha chair a conference on the sustainable development of industrial parks

What were the province's key investment promotion results in the first nine months of 2024?

The province confronted a lot of difficulties in investment promotion and attraction into industrial parks in the first months of 2024, but we always paid attention to reforming focused, intensive investment promotion activities and achieved encouraging results.

Specifically, we collaborated with media outlets such as Vinh Phuc Television and VTV to produce reports on the investment environment in industrial parks. We also worked with relevant agencies to review and propose economic cooperation initiatives with Japanese organizations at the Vietnam-Japan Economic Forum. Additionally, we implemented cooperation agreements with Chungcheongbuk Province (South Korea), Pernik Province (Bulgaria), and the Toscana region (Italy) through 2025, as outlined in the Vinh Phuc Provincial People's Committee's working plan.

We also coordinated with the Department of Industry and Trade to organize the “Link to Grow” exhibition in Vinh Phuc to promote and introduce potential cooperation opportunities between Hanoi and provinces in the northern key economic region; notified and invited tenants in industrial parks to attend investment promotion programs and forums abroad such as investment and trade promotion delegations to Japan and the United States, study programs, field surveys and attendance to the 33rd Japan Information Technology Exhibition in Japan, and trade promotion delegations to France, Belgium, the Netherlands and other countries.

Besides, the province engaged with business leaders seeking to understand investment policies, procedures and projects in industrial parks, including representatives from the Korean Chamber of Business in Vietnam (Korcham), a business delegation from India, Young Poong Group, META Investment Fund, Grandway Singapore Company, Signetics Joint Stock Company (South Korea), a business delegation from Chungcheongbuk province (South Korea) that visited and worked with Powerlogics Vina Company. We collaborated with the Department of Planning and Investment and CNC Tech Group to organize the Workshop on Investment Promotion in Vinh Phuc Industrial Parks in 2024, attended by over 80 companies, including 70 participants from South Korea.

Moreover, we advised the Chairman of the Provincial People's Committee to organize a conference for the signing ceremony of the investment cooperation agreement between CNC Tech Group and South Korean investor Signetics. Additionally, we exchanged investment promotion experiences with the Binh Thuan Industrial Zones Authority.

Through our investment promotion efforts, we issued new investment registration certificates for 37 projects and revised licenses for 34 projects, totaling newly registered capital of US$411.94 million and VND4,098.6 billion in the first nine months of 2024.

Chairman of the Provincial People's Committee Tran Duy Dong pays a working visit to Ba Thien I Industrial Park

How does the board support businesses in overcoming investment challenges?

In the past time, we have regularly monitored and engaged in dialogue with businesses to understand and address their challenges promptly. Additionally, we recommended that the Provincial People's Committee create a supportive environment to assure investors of long-term stability in Vinh Phuc province.

In the first nine months of 2024, we actively supported investors in overcoming difficulties by inviting businesses for direct discussions, coordinating with relevant units through formal requests, providing written responses, and offering infographic guidance via phone and Zalo as follows:

Obstacles in investment licensing procedures: Guiding companies to adjust investment project objectives to comply with relevant legal regulations for Inno Flex Vina II Co., Ltd and Kowa Company among others.

Obstacles in investment activities: Support in removing difficulties and obstacles for companies like Big Stone Vina Co., Ltd, Space Ju Material Company, Mirae Vina Company, CoAsia Precision Vina Company, KI Tech Vina Company, Sentronix Vina Company, and Vinaton Vinh Phat Vinh Phuc Joint Stock Company.

Obstacles in infrastructure and project location: Support in tackling difficulties in infrastructure during project implementation for Notori Furniture Vietnam EPE - Vinh Phuc Branch; completely resolving project location matters between DM Vina Co., Ltd and Viettronics Company; adding project location outside the industrial park for Hiko Tech Vina Co., Ltd.

In addition, we provided guidance on resolving matters relating the management and operation of leaders and members of KSR Vietnam Co., Ltd; regularly coordinated, exchanged information, and sought opinions from relevant agencies (the Department of Planning and Investment, the Department of Natural Resources and Environment, the Department of Industry and Trade, the Department of Science and Technology, the Tax Department and the Customs Subdepartment) in consulting with experts, handling investment problems in industrial parks.

We continued to seriously and effectively implement Party and State guidelines, policies and laws on investment attraction and investment project management in industrial parks; continued to focus on improving the investment and business environment and reduce costs for enterprises; paid attention to the recommendations and proposals from enterprises and investors, including foreign investors in the spirit of sharing, understanding and accompanying with the province's overarching principle of “Placing businesses as the center, the subject, the goal, the driving force and the resource for development.”

In the future, we will continue to promptly and effectively receive and handle recommendations from companies on difficulties, obstacles and shortcomings in executing investment and business regulations; strengthen post-investment support to limit and prevent investment disputes; and advise the leaders on solutions to resolve investors' difficulties and disputes.

What specific achievements did you make in administrative reform and improving the business environment in the first nine months of 2024?

Reforming administrative procedures and improving the investment and business climate in industrial parks is always effective, helping increase more investment capital into local industrial parks. In the first nine months of 2024, the Vinh Phuc Industrial Zones Management Board continued to strengthen support, facilitate and quickly resolve administrative procedures for investors and companies to implement projects, expand production and business, increase investment capital or carry out procedures to adjust and supplement investment objectives, adjust project progress, change investor information and rename investment projects. As of September 15, 2024, we resolved 426 administrative procedures, including 422 administrative procedures completed on time and ahead of schedule (accounting for 99.06%).

In the remaining months of this year, we will continue to promote administrative reform, apply information technology to administrative management, improve the effective use of document management and operation systems, provide online public services throughout the process, and manage project activities using software to create a favorable investment and business environment for investors and enterprises.

At the same time, we will adjust the archived documents (2nd time) and carry out the LAN system and IT infrastructure upgrade investment project.

Thank you very much!

By Nguyet Tham, Vietnam Business Forum