Vinh Phuc: Unlocking Resources for Business Development

The Vinh Phuc Provincial People’s Committee recently held a business dialogue to address enterprise challenges, pledging a transparent and supportive environment. Representatives from domestic and foreign firms voiced concerns over investment expansion, labor recruitment, power supply stability, land use, infrastructure and other key issues.

Leaders of Vinh Phuc Provincial People's Committee chair a dialogue with local businesses

Local enterprises contribute 90% of provincial budget

According to the Provincial Investment Promotion and Business Support Center, Vinh Phuc has around 17,000 enterprises with a total investment of over VND295,400 billion. More than 10,000 of these businesses operate in production and trade, providing stable jobs for about 582,600 workers and contributing 90% of the province’s total budget revenue. Following the motto, "All investors in Vinh Phuc are its citizens, and their success is the province's success," Vinh Phuc has introduced many policies and effectively implemented state regulations to support businesses, driving socio-economic development, especially in its 28 years since re-establishment.

After its establishment and official operation in August 2024, the Provincial Investment Promotion and Business Support Center formed a working group to assist enterprises. This group provides investors with information on state and provincial policies, gathers business feedback, and reports to the Chairman of the Provincial People’s Committee. It also coordinates with relevant departments to address key issues, especially those related to investment procedures and land.

The Provincial Investment Promotion and Business Support Center's efforts are highly valued by investors, enhancing the investment environment and building trust. Their support helps investors save time, access key information, understand policies, and navigate investment procedures efficiently for timely decision-making.

Many business difficulties

To unlock resources, boost production and business activities, and achieve Vinh Phuc’s double-digit growth target in 2025, Chairman of the Provincial People’s Committee Tran Duy Dong emphasized the need for departments, branches and localities to strengthen their service mindset. He urged them to work closely with businesses to resolve challenges in electricity infrastructure, site clearance, human resources and other key areas.

Mr. Lee Jong Young, Chairman of the Korean Business Association in Vinh Phuc, said that by late 2025, Korean businesses are expected to ramp up production, increasing demand for labor. However, some companies still face challenges, particularly electricity shortages and the urgent need for worker housing.

Sharing concerns about labor recruitment in Vinh Phuc, Mr. Ji Yong Ju, Director of Human Resources Administration at Interplex Vina in Ba Thien 1 Industrial Park, suggested expanding bus routes to help workers commute more easily. He also emphasized the need for affordable worker housing to ensure stable, long-term employment.

Mr. Le Xuan Luong, Chairman of Viet Anh Production and Trading Co., Ltd., urged the Vinh Phuc provincial government to address key issues, including compensation for project land allocation, adjustments and extensions of investment certificates, and upgrading power infrastructure to ensure stable production and business operations.

T&T Group and T&Y Superport Vinh Phuc Joint Stock Company also requested the province address challenges in the Vinh Phuc ICD Logistics Center Project.

The majority of business feedback focused on issues such as compensation, site clearance for project expansion, electricity and water supply, adjustments and extensions of investment certificates, traffic connectivity in industrial parks, and tax refund procedures.

The province is committed to fostering a business-friendly environment to support growth and development

Unblocking bottlenecks

Appreciating the recommendations and proposals from businesses, Chairman of the Vinh Phuc Provincial People's Committee Tran Duy Dong highlighted the province's efforts in improving the investment environment to attract investment, develop industry, and support business activities. He acknowledged the contribution of the business community to the province’s socio-economic development. Addressing the challenges faced by businesses, Chairman Tran Duy Dong emphasized the importance of sharing these difficulties and working with departments, branches and localities to resolve them, especially in the context of fluctuating business conditions.

He added that Vinh Phuc province is focused on removing obstacles and creating favorable conditions for the development of businesses. At the start of the year, the province launched major projects related to electricity, transportation and social housing. The province is also accelerating the implementation of the General Planning for 2021-2030, with a vision to 2050. Efforts include allocating resources for resettlement areas, industrial park development, and encouraging investors to build social housing for workers. Vinh Phuc is strengthening compensation and site clearance, focusing on land auctions to generate resources for investment, and improving the business environment. The province is also promoting digital transformation, investing in transport infrastructure, enhancing inter-regional connectivity, and improving workforce training to provide high-quality labor for businesses. The province will continue to organize investment promotion seminars and delegations to attract international investment and introduce local potential.

He assigned the Provincial Investment Promotion and Business Support Center to organize monthly or ad hoc meetings with enterprises and investors to promptly address challenges. Departments and sectors, according to their responsibilities, are tasked with reviewing business recommendations and proposing timely, effective solutions in compliance with regulations. The Provincial Business Association will gather monthly data on local business activities and send it to the Investment Promotion and Business Support Center for a comprehensive report to the Provincial People's Committee. Vinh Phuc province is committed to supporting businesses and resolving their issues.

At the conference, Chairman of the Provincial People's Committee Tran Duy Dong witnessed the signing of a Memorandum of Understanding (MOU) on cooperation between the Provincial Investment Promotion and Business Support Center and Phu Hung Investment and Development Joint Stock Company.

By Le Hien, Vietnam Business Forum