Boosting Investment Promotion in Key Markets

10:34:36 AM | 30/11/2022

Investment promotion and attraction, especially in large and key markets, has been a focus by Vinh Phuc province in recent years to create opportunities for businesses to access and join supply chains for foreign direct investment (FDI) firms and advance to global supply chains.

In early 2022, Vinh Phuc province’s investment promotion weakened amid the COVID-19 pandemic outbreak. Investment promotion and consulting were made online (via social networks and Zalo), via telephone, in writing and documents. When the pandemic was basically controlled in the province and the Government-backed policy on flexible adaptation and response to the pandemic in place, the Vinh Phuc Provincial People's Committee coordinated with the Ministry of Planning and Investment and the Vietnam Economic and Cultural Office in Taipei to organize “Vinh Phuc Investment Promotion Conference in 2022”; launch a cooperation program for Smart Factory development in Vinh Phuc; and host Vinh Phuc-Japan Economic Cooperation Forum.

In addition, Vinh Phuc province promoted friendly cooperation with foreign localities such as provinces in Laos, Akita and Tochigi prefectures (Japan), and Chungcheongbuk province (South Korea). At the same time, the province prepared conditions for introducing its investment environment in Germany; executing the cooperation plan with Tochigi prefecture (Japan) and signing a memorandum of understanding on friendly cooperation with Tuscany region (Italy), formulating cooperation between Binh Xuyen district with Pontedra City (Italy); and signing cooperation agreements and organizing investment promotion events with Taiwan Trade Association in Vietnam, Taiwan-Vietnam Association for Economic Development - Culture - Education, Shook Lin & Bok LLP, Singapore, and Samsung Vietnam Company.

To carry out the investment promotion program in 2022, the Vinh Phuc Investment Promotion Workgroup paid working visits to South Korea, Japan, the United States, Singapore and other countries. In South Korea, Vinh Phuc visited and worked with representatives of many provinces such as Gyeonggi and Chungcheongbuk, and large corporations such as Samsung Group, Korea Circuit Company of Young Poong Electronics Group and BHFlex Company. This is an opportunity for South Korean investors to better understand the province’s investment environment when they consider a business location.

In October, Vinh Phuc's representatives visited and worked with Malaysian corporations. This is also an opportunity for Malaysian investors and businesses to better understand the local business environment and promote future investment research. Many large Malaysian corporations like MCRB wished to have an opportunity to learn about the investment environment and study real estate projects and industrial parks in the province. The province’s representatives made an offer for cooperation with MIDA in supporting investors and developing supply chains in fields of mutual interest such as automobiles, electricity and electronics, machinery and equipment, medical equipment, aerospace, renewable energy and consumer technology. During a visit to Dell's APCC2 factory in Malaysia, Mr. CT Goh, CEO and factory production manager, highly appreciated the province's initiative in promoting and attracting Dell’s suppliers of electronic and computer components. He affirmed that Dell also wants to explore opportunities for cooperation, investment and development in Vinh Phuc in the near future.

Investment promotion has proven government-business cohesion. The government is always ready to accompany and support domestic and foreign investors and act as a bridge for cooperation and exchange of enterprises toward sustainable development.

By Tran Ngoc, Vietnam Business Forum