Innovations in Investment Attraction

1:03:40 PM | 5/1/2021

Vinh Phuc is one of the biggest recipients of FDI funding in the north of Vietnam. The province has to date attracted 1,206 investment projects with a total registered capital of over US$10 billion.

Vinh Phuc is also home to about 800 domestic direct investment (DDI) projects with a total registered capital of over VND98.2 trillion (about US$4.2 billion) and 406 foreign direct investment (FDI) projects with over US$6,065 billion of investment capital. The province is expected to have 1,215 investment projects, including 803 DDI projects and 414 FDI projects by the end of 2020.

To achieve the above results, over the past years, Vinh Phuc province has constantly improved the investment and business environment and created favorable conditions for businesses to expand investment and business operations. Although the Covid-19 pandemic is still evolving complicatedly in the world and in Vietnam, right after the 17th Provincial Party Congress, a new administrative apparatus was formed, Vinh Phuc organized many big events to attract domestic and international investors. Specifically, on October 19, 2020, in the presence of Prime Minister Nguyen Xuan Phuc and Japanese Prime Minister Yoshihide Suga, Vinh Phuc was honored to be selected as the only province to grant investment certificates to Japanese-invested projects with a total value of US$100 million.

Recently, at the launch ceremony of ASEAN Smart Logistics Network, witnessed by Prime Minister Nguyen Xuan Phuc and Singapore Prime Minister Lee Hsien Loong, Secretary of Vinh Phuc Provincial Party Committee Hoang Thi Thuy Lan handed over the investment certificate of Vinh Phuc ICD Logistics Center project to Mr. Do Quang Hien, representative of T&T Group and YCH-YCH Holdings Group (Singapore). Vinh Phuc ICD Logistics Center, built on 83 ha in Huong Canh town and Son Loi commune, Binh Xuyen district, cost more than VND3,800 billion investment. The facility will provide logistics services for manufacturers in Vinh Phuc and other provinces.

Despite positive outcomes, the investment attraction result of Vinh Phuc province is not on par with local potential advantages, or the province’s expectations on resources for development investment to achieve long-term goals.

With the goal of becoming a developed industrial province by 2025, one of industrial, service and tourism centers of the region and the country, Vinh Phuc urgently needs to attract domestic and foreign investment projects of advanced environment-friendly technology and great socioeconomic effect.

By Hoang Tham, Vietnam Business Forum

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