Vinh Phuc Further Improves Investment Climate, Welcomes New Investment Wave

10:35:41 AM | 26/10/2020

Vinh Phuc province has carried out many consistent measures to build an open and transparent business investment environment. Particularly, administrative reform and business support are considered first priorities. In the new period, the province will continue to accelerate administrative reform to pave the way for the new investment wave. Our reporter has an interview with Mr. Nguyen Van Tri, Chairman of Vinh Phuc Provincial People's Committee, on this issue. Hoang Tham reports.

Could you please briefly introduce outstanding administrative reform results of the province over the past time?

With efforts of relevant bodies at all levels, the administrative reform of Vinh Phuc province has produced positive results: Business establishment procedures and investment procedures are streamlined to reduce the time of granting business registration certificates. Vinh Phuc province encourages and promotes online business establishment procedures. By the end of August 2020, 43% of companies carried out online business registration procedures. In addition, in 2019, the Provincial People’s Committee issued Decision 42/2019/QD-UBND dated September 25, 2019 on carrying out investment projects under the Law on Investment in Vinh Phuc province. This is one of the province's efforts to have open and transparent administrative procedures for investors to reduce their time, administrative costs and informal costs when conducting business and investment procedures in the province.

In addition, land administrative procedures (including land acquisition, land allocation, land-use purpose changing, land-use right certification, land-attached asset ownership) have been promptly revised, supplemented and issued in accordance with the Land Law and existing regulations in an open and transparent manner, enabling businesses and people to easily access and implement them. The time to implement some administrative procedures has been shortened. Administrative procedures have been integrated to provide best conditions for businesses to invest in the province. Vinh Phuc has reduced by 11-52% the time to resolve 20 out of 34 land-related procedures at the provincial level.

Carrying out the Government's direction on immediate measures to rectify administrative discipline at the service of people and enterprises, local agencies have amended and abolished internal regulations on administrative processes and procedures that are no longer appropriate; established an internal inspection and supervision mechanism for administrative agencies; publicized hotline phone numbers of competent authorities and persons responsible for solving complaints and denunciations regarding administrative proceedings. Then, the province can raise the awareness of public employees in performing administrative procedures for people, businesses and investors.

How has the provincial leadership directed the improvement of the investment climate, especially business support policies and measures?

In the past time, the Provincial Party Committee, the Provincial People’s Council and the Provincial People’s Committee have issued many policies on business support and development, including Resolution 01-NQ/TU dated September 1, 2016 on basic solutions for a better investment environment and stronger competitiveness in 2016-2021; Resolution 02-NQ/TU dated September 1, 2016 on incentivized investment in high-quality service projects in given regions in 2016-2021; Resolution 57/2016/NQ-HDND dated December 12, 2016 on specific measures on investment attraction and business support in the province.

In response to the Government's Resolution 35/NQ-CP dated May 16, 2016 on business support and development to 2020; Resolution 02/NQ-CP dated January 1, 2020 on key tasks and solutions for a better business environment and stronger national competitiveness; and the written commitment on formation of a favorable business environment for businesses between Vinh Phuc province and the Vietnam Chamber of Commerce and Industry (VCCI), from October 2016 to date, every Friday afternoon, leaders of the Provincial People’s Committee and relevant agencies of the province host regular business meetings. The weekly business meeting program is practical and effective for investors, enterprises and entrepreneurs. At the same time, this event creates a friendlier and closer relationship between the provincial government and businesses and investors in the province. Besides, Vinh Phuc province has persuaded existing investors to recommend others to invest in the province.

To accommodate the new investment wave, what breakthrough solutions will Vinh Phuc province take?

Given volatile economic development and the COVID-19 epidemic outbreak, we need certain preparations to catch fresh investment flows from giant firms. We need to create an open, attractive and competitive business environment for investors. To do this, we will extend solutions to promote our existing advantages like favorable geographical location and natural conditions (near Noi Bai International Airport, Hanoi downtown), a developed road, railway and waterway transportation system, an abundant labor force, and a young population structure. The government and people are always active, creative and ready to give highest support to investors; administrative procedures are open and transparent and the settlement time is faster than the regulatory framework. The socioeconomic infrastructure has been synchronously invested and modernized. Being a center for automobile and motorbike manufacturing, the province is a good place for parts suppliers. Given its strong magnetism to investors, Vinh Phuc province will implement the following solutions in the coming time:

Support for troubleshooting in business:

Thoroughly solving proposals and problems confronted by businesses in such fields as loan support, debt restructuring, exemption and reduction of loan interest and bank fees, salary, overtime work, and foreigner employment; price reduction and payment rescheduling for electricity, water, internet and telecommunications service charges; export and import support and customs clearance. In the coming period, Vinh Phuc will drastically foster more business support measures, especially for those affected by the COVID-19 epidemic in areas such as power supply, infrastructure, clearance assistance, customs procedures, electronic tax, security and orders. It will regularly survey and grasp situations and difficulties of businesses. It will organize surveys on business satisfaction with State agencies at all levels in the province and run telephone hotlines and the business meeting program.

Regarding administrative procedure reform:

Vinh Phuc defined that administrative reform is one of most important factors to improve the business investment environment, especially business registration procedures; implement administrative reforms in the single-window mechanism from provincial and district/local levels, and increase administrative procedures of Level 4. This is one of efforts to make administrative procedures public and transparent to assist investors to reduce time, administrative costs and informal charges for better business and investment performance in the province.

Strengthening State management of industrial zones

Vinh Phuc will have investment incentive policies, engaging all domestic and foreign economic sectors, targeting financially viable experienced investors with technological potential. The province will complete restoring and upgrading provincial roads, water supply and drainage systems, technical infrastructure, and social infrastructure. Industrial zones will provide a clean land fund with relatively synchronous infrastructure and meet basic requirements to serve investors’ needs.

Vocational training system restructuring

Determining investment attraction is linked to human resource development to ensure sufficient manpower supply, both domestic and external strategy, for advanced development of enterprises, Vinh Phuc will conduct planning, training and human resources development, especially highly qualified human resources that meet investment targets.

With the resolution of the entire political system for a better investment environment, Vinh Phuc province is expected to become a reliable investment destination for all domestic and foreign investors and create a premise to attract investors and boost new-phase development.

Source: Vietnam Business Forum

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