Vinh Phuc Targets US$800 Mln FDI Capital in 2025

Chairman of the Vinh Phuc Provincial People's Committee Tran Duy Dong Tran Duy Dong requested provincial agencies to decentralize and assign tasks to attract at least US$800 million in foreign direct investment (FDI) in 2025, with a focus placed on green capital and sustainable sectors to achieve 14.5–15.5% growth in the industry-construction sector.

Signetics and CNCTech Group partner to develop a US$100 million conductor manufacturing facility in Vinh Phuc province, set to boost local industrial growth and innovation

In 2025, Vinh Phuc province will endeavor to draw US$800 million of FDI capital and VND5,000 billion of domestic direct investment (DDI). Total outstanding loans of local credit institutions will reach VND165,000 billion, 15% higher than in 2024. Production growth of districts and cities will be projected as follows: Vinh Yen City, 10.7%; Phuc Yen City, over 10%; Binh Xuyen district, 14.9%; Vinh Tuong district, 10.48%; Yen Lac district, 10-12.2%; Tam Duong district, 10%; Tam Dao district, 10%; Lap Thach district, 16%; and Song Lo district, 10%.

Licensed FDI projects in 2024 in Vinh Phuc were all involved in technology, generated high added value, employed high-quality workers and proved their competitiveness in global production networks and value chains. Typical examples include the US$75 million electronic components manufacturing project of BH Flex Company Limited in Khai Quang Industrial Park and VND1,121 billion HN03 Data Center Project of FPT Telecommunication Joint Stock Company. After conducting a study on the investment and business environment in many localities across the country, Signetics Joint Stock Company, a leading semiconductor manufacturer in South Korea, chose Ba Thien I Industrial Park as an ideal destination to place its US$100 million semiconductor chip manufacturing project. Accordingly, Signetics (South Korea) and CNCTech Group (Vietnam) signed a memorandum of understanding on the implementation of the semiconductor factory construction project which is scheduled to begin production in October 2025. The project is expected to leverage strong investment flows from South Korea to Vinh Phuc province.

Vinh Phuc province is an attractive destination for many investors

Having more new projects in this field will not only expand the local production capacity but also increase the value of industrial products, thus consolidating Vinh Phuc's position in global supply chains, creating thousands of new job opportunities for local workers, and improving income and quality of life of the people.

According to the strategic investor attraction project, Vinh Phuc province aims to draw an additional US$2-2.5 billion in FDI funds and attract 1 to 5 multinational corporations from among the world’s Top 500 in the world by 2030. At the same time, the province will increase the share of registered FDI capital of countries and territories in some areas to more than 80%.

In addition to local available potential advantages, provincial leaders are determined to quickly resolve procedures for investors. In 2024, Vinh Phuc province launched the Investment Promotion and Business Support Center which was assigned by the Provincial People's Committee to receive feedback and recommendations from enterprises/entrepreneurs on a daily basis; and periodically arrange a fixed meeting schedule on one day of the week to directly listen and discuss with organizations, enterprises/entrepreneurs at its headquarters. Based on their opinions and recommendations, the center will synthesize and send them to competent agencies for resolution or propose them to the Provincial People's Committee for directions for resolution in the earliest time. From the third quarter of 2025, leaders of the Provincial People's Committee will meet and receive enterprises/entrepreneurs periodically in the last week of the month. The Vinh Phuc provincial government will always support and listen to businesses to tackle their difficulties in the timeliest and most effective manner.

By Huong Hau, Vietnam Business Forum