Vinh Phuc IPs Secure Substantial FDI in Jan-Oct

9:08:11 AM | 11/14/2024

Vinh Phuc's industrial parks (IPs) secured 28 new foreign direct investment (FDI) projects and capital expansions for 37 existing ones, totaling US$485.4 million in the first 10 months of 2024. This represents a 9% year-on-year decline and 139% of the full-year target.

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In October 2024, the board licensed four projects, including: two FDI projects with US$2 million of investment capital and two domestic direct investment (DDI) projects (DDI) with VND290.3 billion and allowed 10 existing projects to raise their investment fund, including nine FDI projects with US$71.47 million and one DDI project with VND38 billion. Thus, the total fresh and added investment fund in October was US$73.47 million and 328.3 billion (US$14 million).

As of October 15, 2024, Vinh Phuc province-based IPs attracted 495 projects, including 119 DDI projects with VND38,882.61 billion (US$1.23 billion) and 376 FDI projects with US$6.8 billion. In October, three more projects came into commercial operation. 415 projects already went into operation as of October 15, 2024, including 337 FDI projects and 78 DDI projects, accounting for 83.8% of the total projects.

Of the 80 projects that have not yet come into operation, 35 projects are under construction and installing factory machinery and equipment, accounting for 7.1% of all projects; 36 projects are completing procedures for implementation, accounting for 7.3%; five projects are carrying out land compensation and site clearance, accounting for 1%; and four projects are being delayed, accounting for 0.8%.

In November 2024, the Vinh Phuc Industrial Zones Management Board expected to license 2-3 FDI projects totaling US$20-25 million, along with 1-2 DDI projects valued at VND 100-150 billion. The province also expects

2-4 additional projects to commence operations, with FDI projects disbursing US$40-45 million and DDI projects utilizing VND 200-300 billion of their registered capital.

By Bao Ngoc, Vietnam Business Forum