Vinh Phuc: Secure and Appealing Destination for Investors

10:47:06 AM | 10/9/2023

Vinh Phuc is a safe and attractive destination for investors, especially those in high-tech and eco-friendly sectors, thanks to its advantages and the proactive leadership of the provincial authorities.

Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh pays a working visit to Solum Vina Co., Ltd

The province has facilitated investors and promptly solved difficulties facing enterprises, said Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh. He added that the province has followed the motto “All investors in Vinh Phuc are citizens of Vinh Phuc” and issued many preferential policies to attract investment. Some of these policies include selecting qualified investors to invest in industrial park infrastructure, reducing land rent and extending the deadline for land tax payments, mobilizing funds for quick site clearance, promoting administrative reform, perfecting mechanisms and policies on investment attraction, and concentrating investment capital for technical infrastructure outside the fence of industrial parks.

In particular, in July 2021, the province established an assisting group to advise and provide information quickly to the Chairman of the Provincial People’s Committee in order to boost on-the-spot investment promotion. After nearly 3 months of operation, the group received nearly 1,000 phone calls from businesses asking to remove difficulties, mainly in entry procedures for foreigners and the circulation of goods, and directly informed the Chairman of the Provincial People’s Committee. Along with that, specialized agencies regularly updated information, supplemented the database, and developed and designed a new set of investment promotion documents for the province (in five languages including Vietnamese, English, Japanese, Korean and Chinese), printed a DVD introducing the general plan to provide domestic and foreign investors.

As a result, Vinh Phuc has become one of the leading localities in the country for investment attraction and the FDI sector is a major contributor to the province’s industrial development. Its scale of investment capital is rather high compared to other provinces in the country, about US$11 million/project. This is a clear demonstration of Vinh Phuc’s success in attracting quality foreign investors over the years.

Mr. Hyroyoshi Masuoka, General Director of Thang Long Vinh Phuc Industrial Park Co., Ltd, said: “Sumitomo Group (Japan) chose Vinh Phuc to build industrial park infrastructure because of its convenient location, synchronous transport infrastructure system and abundant labor resources. The provincial leaders always supported and promptly removed difficulties in site clearance and the issuance of investment certificates to facilitate the construction of industrial park infrastructure.” He added that many construction items outside the fence of its industrial park have been completed and put into operation, making Thang Long Vinh Phuc Industrial Park even more attractive to investors.

Vinh Phuc is an ideal investment destination for not only Japanese investors but also many big South Korean investors. Mr. Trinh Van Quang, Project Development Manager at Vina CPK Joint Stock Company (VinaCapital Group), the infrastructure developer of Ba Thien II Industrial Park, said at the online dialogue “Vinh Phuc government accompanies businesses”: “Vinh Phuc attracts foreign investors with three important factors: favorable geographical position and natural conditions; good quality of technical infrastructure and investor support services; and the support of the provincial government to promptly remove difficulties for investors.

In the first seven months of 2023, Vinh Phuc attracted more than US$440 million in FDI, a 74.9% increase over the same period last year; and more than VND11,600,000 billion in DDI capital, a 44.9% increase over the same period last year. In the coming time, Vinh Phuc will continue to invest in socio-economic infrastructure development; accelerate administrative procedure reform, apply flexible mechanisms and policies on tax incentives and improve its ranking of the competitive index on the business environment to meet the increasing demands of enterprises.

At the same time, Vinh Phuc will adhere to its goals to attract and promote investment in projects in high-tech and eco-friendly sectors; and enhance the business environment to impress investors that Vinh Phuc is always an attractive destination for domestic and foreign investors.

By Thanh Loan, Vietnam Business Forum