Overcoming difficulties and impacts of the COVID-19 pandemic, especially with solutions to improve the investment environment, Vinh Phuc has continued to assert itself as a destination for investors as it exceeded the target of attracting DDI capital by the end of the second quarter and the target of attracting FDI capital by the end of the third quarter for the whole year of 2021.
According to the report of the Provincial People's Committee, by the end of October, the province attracted 426 FDI projects, with a total registered investment capital of US$7.1 billion; 822 DDI projects with a total investment capital of more than VND106.4 trillion. The investment projects came from 20 countries and territories around the world. According to the businesses, Vinh Phuc has been an attractive destination for investors thanks to three factors: Geographical location, favorable natural conditions; quality of technical infrastructure and services to support investors of industrial parks; the determination and companionship of the authorities at all levels in attracting investments, promptly removing difficulties and obstacles for investors. In particular, in the context of the COVID-19 pandemic, the province has promptly taken measures to both prevent the pandemic and protect the safety of production and business activities; giving priority to vaccination for experts and workers. The provincial leaders often have working sessions, dialogues and checks, and offer encouragement and sharing with businesses.
At the end of July 2021, the province established a working group to assist the Chairman of the Provincial People's Committee to remove business difficulties. The working group has focused on building a new investment process, reducing by about 20% the time to handle administrative procedures; strengthening online administrative procedures to help foreign-invested enterprises that could not go directly to carry out investment procedures in the context of the COVID-19 pandemic.
Many investment promotion activities aimed at some major countries' markets have been organized in the forms suitable to the pandemic context. At the end of June 2021, the Provincial People's Committee collaborated with the Italian Chamber of Commerce in Vietnam (ICHAM) and the Vietnamese Embassy in Italy to organize a webinar with the region of Tuscany, Italy with the theme: “Vietnam: race, dream, challenge - The Asian nation's opportunity in light of the recent Free Trade Agreements with the European Union”; and at the end of October 2021, the Provincial People's Committee coordinated with the German Chamber of Industry and Commerce in Vietnam to organize the Seminar "Promoting investment and business cooperation between Vinh Phuc, the Federal Republic of Germany and Europe".
In order to attract large investors from Europe, the United States, the Federal Republic of Germany, Vinh Phuc will continue to innovate investment attraction activities, ensure harmony between the interests of the state and investors and the people; improve the quality of projects to attract new investments in the direction of increasing the content of technology and technical labor. The province will prioritize industries that are embracing the industrial revolution 4.0 such as ICT industry, digitalization, nanotechnology, biotechnology, new environment-friendly materials, making great contributions to socio-economic development. Other priorities are projects capable of participating in global value chains; projects in the fields of electronic industry, telecommunications, mechanical industry, building materials, new materials and supporting industries of the manufacturing and assembling industries of automobiles, motorcycles and electronics; industrial park infrastructure development projects, tourism service projects, world-class universities and investment projects in service industries such as: finance, banking, insurance, healthcare and education - training.
The province will focus on attracting investment projects in industrial parks, improving occupancy rates in its industrial parks. It will associate industrial development with environmental protection; thoroughly deal with the environmental pollution in industrial parks and clusters; to step by step form regional industrial centers and encourage the attraction of supporting industry projects of the manufacturing and assembling industries of automobiles, auto parts and motorcycles.
By Vietnam Business Forum