Vinh Phuc Endeavors to Achieve New-Phase Goals

10:18:48 AM | 4/1/2021

In the socioeconomic development plan for the 2021-2025 period, Vinh Phuc has set the objectives of becoming one of the industrial, service and tourist centers of the region and the country by 2025; promoting local advantages for economic and business development; and ensuring sustainable, comprehensive and continuous economic growth.

The province also targets attracting about US$400-500 million of FDI funding each year and VND5,000-6,000 billion (US$215 - 260 million) of domestic investment funding. The average GRDP growth will be 8.5-9% a year. The economic structure will be: 61.5-62% industry and construction sector, 32-32.5% services, and 6.0-6.5% agriculture, forestry and fishery, by 2025.

To achieve the above objectives, Vinh Phuc will create all favorable conditions for economic and business development; further renovate investment attraction activities, harmonize interests of the government, investors and people; improve the quality of new projects by adding technological content and technical labor; give priority to sectors moving ahead of the Fourth Industrial Revolution such as ICT industry, digital, nano-engineering, biotechnology and environmentally friendly new materials; projects likely to reach global value chains; projects engaged in electronics, telecommunications, mechanical engineering, construction materials, automobile and motorbike parts manufacturing, electronics manufacturing; infrastructure development projects for industrial parks; tourism and service projects; world-class universities, and service projects involved in finance, banking, insurance, health care, and education - training.

Besides, Vinh Phuc province will focus on luring investment projects into existing industrial parks in Phuc Yen City,  Tam Duong, Vinh Tuong and Yen Lac districts; form industrial axes along key traffic routes like National Highway 2, Provincial Road 310, National Highway 2C and Trans-Asia Highway (Hanoi - Lao Cai); and call for investment projects for mining, mineral processing, building materials manufacturing, textile and garment, footwear, and export packaging industries in Song Lo and Lap Thach districts.

In the 2020-2025 period, Vinh Phuc will build and complete a policy on selective investment attraction; continue to maintain markets in traditional countries such as Japan and South Korea; and expand investment promotion in industrialized countries such as the United States, Canada, France, Germany, Italy and the United Kingdom. To inspire existing investors to recommend the province to new investors, the Provincial People's Committee has directed relevant agencies and localities to support business development, improve business investment environment, and enhance provincial competitiveness in the spirit of Resolution 19 of the Government on main tasks and solutions for better business investment environment and stronger competitiveness; Resolution 01 of the Provincial Party Committee and the Provincial People's Committee Project on better investment environment and stronger provincial competitiveness index.

Besides, the province periodically organizes investment promotion conferences in the province or other provinces and cities; maintains regular dialogues with local businesses and investors; and continues to reform administrative procedures, create transparent and fair investing administrative procedures of which investment procedures will be simplified, compact and cause no cost increase for investors.

By Thanh Loan, Vietnam Business Forum