Concerted Effort to Improve the Efficiency of FDI Attraction

9:21:07 AM | 8/9/2023

In Document 4540, the Chairman of Vinh Phuc Provincial People’s Committee demanded that the departments, branches, People’s Committees of districts and cities urgently and seriously implement the tasks and directions of the Government, Prime Minister, Provincial Party Committee, and Provincial People’s Committee related to foreign investment activities in the province. This is to contribute to improving the efficiency of foreign investment in the new period. The goal is to become a developed industrial province, one of the centers of industry, service, and tourism of the region and the whole country by 2025.

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To promote the attraction of FDI capital and create growth momentum for the economy of the province, departments, branches, and localities in Vinh Phuc have actively implemented many solutions. These solutions aim to maximize and increase investment capital from FDI enterprises that are operating effectively in the province. Declaring “The success of an enterprise is also the success of the province; businesses that come to invest in the province are local citizens,” Vinh Phuc has always stood by investors from the very beginning. The provincial leaders and authorities have focused on implementing synchronous and focused solutions to improve quality. They are gradually building a safe, effective, and attractive investment environment. This contributes to making Vinh Phuc a locality with a comparative advantage in the region in terms of investment attraction.

The province advocates promoting FDI attraction in a selective way. It gives priority to attracting projects with advanced, new, and clean technology; modern management; high added value; and spillover effects. It also connects global production and supply chains. The province advocates minimizing investment attraction in the fields of mineral exploitation, natural resources, and land-consumption.

The Management Board of Vinh Phuc Industrial Zones is working to accelerate the progress of investment in infrastructure construction of Ba Thien Industrial Zone (subdivision I), Binh Xuyen district. It is also collaborating with investors and related agencies to expedite the progress of compensation and site clearance for the remaining area of industrial parks that have been put into operation, including Khai Quang, Binh Xuyen, Ba Thien II, Tam Duong II - Zone A. The board is also hastening the progress of compensation, site clearance, and infrastructure construction of industrial zones that have just been decided to establish, including Son Loi, Song Lo I, Song Lo II, Tam Duong I - area 2; Thai Hoa - Lien Son - Lien Hoa area 2 (phase 1) and Nam Binh Xuyen. The board is coordinating with investors and related units to launch the construction investment project of Song Lo I and Song Lo II industrial parks.

Ms. Hoang Thi Thuy Lan, Secretary of Vinh Phuc Provincial Party Committee said: "Vinh Phuc will prioritize attracting high-tech, emission-reducing, environmentally friendly, and socio-economic efficient projects. The province will encourage and attract investment to develop supporting industries, especially the production of electronic equipment, semiconductors, automobiles and electric motorcycles. It will give priority to the development of high-tech agriculture and encourage the attraction of projects in the fields of healthcare, high-quality education and training, tourism and hotel projects. The province will also give priority to investment projects on infrastructure business in industrial zones and clusters. It will especially invest in specialized infrastructure creating connections and linking clusters. The province will also invest in projects to treat wastewater, industrial and domestic waste.

Vinh Phuc will continue to strengthen the development of socio-economic infrastructure and step up the reform of administrative procedures. The province will flexibly apply tax and financial incentive mechanisms and policies. It will also improve the ranking of the competitive index on the business environment, meeting the increasing demands of enterprises. The province prioritizes organizing meetings and contacts to find out the demands and promptly solve problems and difficulties for investors and businesses. At the same time, it will pay attention to implementing digital transformation in management and administration. The province will publicize specific and detailed information related to land planning, industrial development planning, land price, compensation, and site clearance mechanisms. This is to create the best conditions for investors to survey local investments.

Efforts in improving the investment environment are believed to bring positive effects to Vinh Phuc. This helps the province make a good impression on investors and businesses. Currently, there are large projects, strategic investors as well as investments from multinational corporations such as Honda, Toyota and Piaggio that have contributed to the economic picture of Vinh Phuc province.

By Hoang Tham, Vietnam Business Forum