To accomplish the goal in 2022 to attract 25 to 30 new FDI projects with a total registered capital of about US$300 million, Vinh Phuc province will continue to effectively implement solutions to remove difficulties for FDI projects, effectively support businesses and improve infrastructure, thereby creating a more attractive investment environment.
Completing industrial parks’ infrastructure
Up to now, Vinh Phuc province has 16 established industrial parks (IPs) covering 3,110.25 ha. The planned industrial land area is 2,275.03 ha; the compensated, ground clearance and leasable land area is 1,757.2 ha, the total area of industrial land for lease (including the issuance of the Investment Registration Certificate and the signing of a Memorandum of Understanding) is 1,287.03 ha, accounting for over 70% of the planned industrial land area for established IPs in the province.
Currently, Vinh Phuc province has put into operation 9 IPs that have basic, synchronous and modern infrastructure. Some IPs have been fully occupied such as Kim Hoa IP, Khai Quang IP, and Binh Xuyen II IP (phase 1). The remaining IPs are implementing compensation and site clearance to create a clean land fund to accommodate investors.
Particularly, 6 IPs approved to make investments by the Prime Minister in the first quarter of 2021 are carrying out compensation and site clearance procedures.
Heavy investments in transport infrastructure, electricity and water projects
The leaders of Vinh Phuc Department of Planning and Investment emphasized that investment in technical infrastructure and business facilitation were identified as among the important factors to attract investment capital and develop the society and economy. Vinh Phuc province has deployed many solutions, and gradually perfected the technical infrastructure in a synchronous and modern direction.
In order to have an appropriate strategy for investment in technical infrastructure, the province has requested specialized agencies and localities to well implement construction planning, review, adjust and supplement appropriate planning, publicize construction planning, create the best conditions for businesses and investors to access information on construction planning. It has implemented the master program on construction and urban development of Vinh Phuc up to 2030, with a vision to 2050; reviewed and synthesized needs for accommodation in industrial parks and clusters as a basis for proposing and implementing housing construction projects for workers.
On the basis of the master plans, the province has strengthened the arrangement and attraction of resources to invest in technical infrastructure with specific solutions such as encouraging the development of production and business to generate long-term revenue for the province; and synchronously and effectively implementing solutions to prevent revenue loss and increase budget revenue.
It has formulated, managed and implemented the planning on both sides of the traffic routes (including investment and investment in renovation, upgrading and new construction) of urban technical infrastructure, created a clean land fund for auction or attract investment projects, thereby generating revenue for the budget.
It has developed mechanisms and responsibilities for the management of traffic corridors at all three levels (province, district, commune) to facilitate the process of renovating and upgrading roads and implementing socio-economic development along two sides of the road.
It has reformed and simplified administrative procedures, improved the investment environment, and increased competitiveness. In the period 2017-2020, Vinh Phuc spent more than VND8,300 billion to develop the infrastructure of the provincial urban area.
Many important technical infrastructure projects in the province include Ring Road 1; the road parallel to the Northern railway route; and Ring Road 3. Besides, the province has actively exploited capital sources, especially mobilizing to attract ODA capital for investment in technical infrastructure development. In addition, the province has actively mobilized and encouraged enterprises operating in the electricity and telecommunications industries to invest in technical infrastructure works of Vinh Phuc urban framework to meet the needs of socio-economic development of the province.
According to the assessment of the Vietnam Chamber of Commerce and Industry (VCCI), Vinh Phuc is one of the localities with a good infrastructure index. It has ranked among the provinces and cities with the best infrastructure for many years. This is an important condition and motivation for Vinh Phuc to continue to promote investment attraction for socio-economic development and realize the goal of soon turning Vinh Phuc into an industrial center of the region and the whole country, and a centrally-run city in the near future.
By Le Hien, Vietnam Business Forum