Vinh Phuc Teams Up with Businesses for Double-Digit Growth Target

At the recent business meeting, Mr. Tran Duy Dong, Chairman of the Vinh Phuc People's Committee, emphasized the province's determination to achieve double-digit growth and affirmed that this goal relies heavily on the support and investment of the business community operating in the province.

Chairman of the Vinh Phuc People's Committee Tran Duy Dong commends enterprises for their outstanding achievements and contributions to local development

Engagement of leading enterprises

Aiming to contribute to the province's double-digit growth target and leveraging its support, businesses have proactively launched production and business activities from the start of the year. They have proposed many solutions with maximum effort and determination to achieve their 2025 goals and plans.

Mr. Nguyen Van Hung, Chairman of the Board of Directors of CNCTech Group, expressed his support for the province's determination. As a leading enterprise in Vietnam’s supporting industries, CNCTech supplies millions of mechanical and plastic components each month to domestic and FDI corporations, as well as for export. Its products serve many sectors, including automotive, medical, automation and semiconductors.

In 2025, CNCTech Group aims for approximately 60% growth compared to the previous year. Specifically, the production technology sector is targeted to grow by 35%, while the industrial-logistics sector is expected to expand by 25%. As part of this growth, the industrial-logistics sector plans to introduce around 60 ha of ready-built factories and warehouses for lease this year.

Hung said that Phase 2 of CNCTech's factory rental project in Ba Thien 1 Industrial Park is nearing completion. Meanwhile, Phase 3, covering a total area of 32.4 ha, is under rapid construction to ensure timely delivery. Expected to be completed in the second quarter of this year, the project will provide an attractive option for both domestic and foreign investors, thanks to its prime location and well-developed infrastructure within Ba Thien 1 Industrial Park.

To achieve its annual targets, CNCTech will continue working closely with the province to attract and promote investment. By encouraging domestic and international businesses to utilize its infrastructure and facilities, the company aims to drive its growth while contributing to the province’s economic development.

BHflex Vina Co., Ltd., located in Khai Quang Industrial Park, Vinh Yen city, has maintained steady growth throughout its 11 years in Vinh Phuc, solidifying its position as a leading electronic component manufacturer in the province. The company is a trusted supplier and partner of major global corporations such as Samsung, LG and SK. In addition to serving the domestic market, BHflex Vina actively expands its exports. In 2024, the company's export revenue grew by 49%. With strong production and business development, its total investment capital has reached US$140 million after several capital adjustments. In 2024, BHflex Vina achieved a 20% growth rate and provided employment for over 4,000 workers, offering an average monthly income of VND11 million per person.

To sustain its success and achieve a growth target of over 20% in 2025, BHflex Vina continues to expand its investments, secure more orders, install additional production lines, complete factory upgrades and recruit more workers. Simultaneously, the company is enhancing its technological capabilities by investing in automation to produce high-tech, reliable products that meet the increasingly stringent demands of its partners. Beyond BHflex Vina, many major enterprises in the province, including Solum Vina, Patron Vina and Vinh Phuc Pharmaceuticals JSC, are also targeting at least double-digit growth. This collective effort reflects the strong determination of the business community to contribute to the province’s economic growth goals.

Sumitomo Corporation and CNCTech Group, both having significant contribution to Vinh Phuc province’s development, sign an MoU for strategic cooperation

Commitment from Vinh Phuc provincial leaders

Vinh Phuc is currently home to over 17,000 registered businesses with a total capital exceeding VND230 trillion. Among them, more than 470 are FDI enterprises, which provide stable employment and income for nearly 600,000 workers. These businesses have significantly contributed to the province’s total budget revenue and overall economic growth.

Following the motto "All investors coming to Vinh Phuc are citizens of Vinh Phuc," the Provincial People's Committee has assigned specific tasks to each sector and locality to enhance the Provincial Competitiveness Index (PCI). A key effort is the establishment of a dedicated focal point, the Investment Promotion and Business Support Center, to promptly address investor and business concerns related to administrative procedures. Additionally, the Chairman of the People's Committee's working group has been formed to swiftly resolve business challenges. The province also maintains a hotline and actively promotes business support activities, earning high praise from investors and enterprises for its proactive and efficient approach.

The province has introduced many directives to support businesses and attract investment. These include Action Program 66 of the Provincial Party Committee, which implements Resolution 41 of the Politburo on fostering and strengthening the role of Vietnamese entrepreneurs in the new era; a plan to support small and medium enterprises (SMEs) in the province throughout 2024; Document 1921 issued by the Provincial People's Committee outlining measures for investment promotion, attracting investors, supporting businesses, and addressing challenges to create a more favorable business environment.

At a recent meeting with businesses and investors in Vinh Phuc, Provincial Party Secretary Dang Xuan Phong reaffirmed the province's commitment to innovation and solidarity in fostering a favorable investment environment. He emphasized that Vinh Phuc will continue to enhance its business and investment climate, with a strong focus on administrative reform, land clearance, and infrastructure development to create ample space and opportunities for business growth.

By Hien Huong, Vietnam Business Forum