Vinh Phuc: Promoting Investment in United States

 

According to the leaders of Vinh Phuc, the reason for choosing Washington DC as the site for investment promotion in the United States is because the city's economy has developed diversely with preference of commercial services, education, finance, public policy, real estate investment and many large corporations. The province’s orientation is investment in the service sector, contributing to the restructuring of its economy where the service sector is not commensurate with the development of the industry.

 

At the seminar, Mr Nguyen Huy Dung, Deputy Chief of Mission, Embassy of Vietnam in the United States, spoke about the socio-economic situation, investment environment of Vietnam and the friendly relations between Vietnam and the United States, which currently has new developments. Mr Nguyen The Truong, Permanent Deputy Secretary of the Provincial Party Committee, pointed out some advantages and differences in investment environment and policies of the province. Mr Tran Hong Ky, Investment Counsellor, introduced 127 national investment projects of Vietnam, including the project on solid waste disposal with the capacity of 300-400 tonnes a day in Vinh Phuc. Mr Nguyen Tien Hanh, Director of the Investment Promotion Agency (IPA) of Vinh Phuc province introduced 10 major projects on infrastructure of industrial parks, university urban, sports complex, hotel and restaurant complex, ecotourism areas and luxury amusement parks, and international hospitals, in which Vinh Phuc desires to attract investors from the United States. Accordingly, organisations and enterprises of the United States attending the seminar had the opportunity to have a systematic overview of Vietnam’s macro-economy and the investment and business environment of Vinh Phuc province.

 

US representatives of organisations and enterprises attending the seminar were interested in business and investment environment of Vietnam and Vinh Phuc. Many issues were raised at seminar. Particularly, the Public - Private partnership (PPP) in Vietnam is still not transparent and needs consistency during project implementation. Besides, it is essential to build a portfolio under PPP form of the country, as well as of the province for US investors to easily choose. In addition, the addressing administrative procedures under the "one stop shop" model of Vinh Phuc’s IPA should be promoted to improve the competitiveness of Vietnam. Regarding investment projects in the sectors that are difficult to recover capital, the Vietnamese government needs to have policies supporting research to establish feasible projects. For Vinh Phuc, representatives from businesses and organizations of the United States recommended that synchronous infrastructure connections in the northern and capital key economic region be required to develop the strength and advantages of geographical location, traffic in attracting investment. In Vinh Phuc, many foreigners are living and working including Japanese, Korean. Therefore the province needs to plan investment in resorts, entertainment, educational base and healthcare sectors to create a more attractive investment environment.

 

The above-mentioned issues brought up by representatives from US organisations and businesses were answered and explained clearly by Mr Nguyen Huy Dung and Mr Nguyen The Truong. After the seminar, a number of organisations and businesses from the US announced plans to survey the investment environment of Vietnam and Vinh Phuc in September and October 2014 including America - ASEAN Business Council, Vietnam Business Association in the United States, University of Washington, US. Vinh Phuc delegation welcomes and is committed to creating the most favourable conditions for organisations and enterprises of the United States to explore investment opportunities in the province.