The industrial zones (IZs) in Vinh Phuc province achieved impressive results in attracting foreign direct investment (FDI) in the first eight months of 2023, with 17 new FDI projects and 28 existing FDI projects increasing their capital by more than US$445 million, which was 171% of the amount in the same period of 2022 and 127% of the annual target for 2023.
According to the Vinh Phuc Industrial Zones Management Board, in August 2023 alone, the board issued new investment licenses to five projects with a total registered capital of US$14.1 million and VND243.59 billion. In addition, the board approved the capital increase of existing projects, bringing the total registered capital in August to US$27.35 million and VND565.16 billion.
From January to August, Vinh Phuc IZs attracted US$445.53 million of FDI, which consisted of US$229.56 million from new projects and US$215.97 million from existing projects. This amount was equivalent to 171% of the value in the corresponding period of 2022 and 127% of the full-year plan for 2023. Moreover, Vinh Phuc IZs also attracted VND5,681.3 billion of domestic direct investment (DDI), which included VND3,744.5 billion from new projects and VND1,936.8 billion from existing ones. This amount was equivalent to 260% of the value in the same period of 2022 and 189% of the annual target for 2023.
In September 2023, the board expected to grant investment licenses to 1-2 new FDI projects and 2-3 existing FDI projects with a total registered capital of US$5-7 million, as well as to license 1-2 new DDI projects with VND50-100 billion.
To achieve these objectives, the Vinh Phuc Industrial Zones Management Board will continue to enhance its investment attraction and promotion activities through various channels, such as directly supporting investors to visit and explore the investment environment in local IZs (guiding investment procedures, providing information for investors who are interested in investing in IZs) and encouraging successful investors in the province to introduce new ones to the province.
By Quynh Ngoc, Vietnam Business Forum