Boosting Investment Promotion

The Vinh Phuc Industrial Zones Management Board recently organized an investment promotion workshop and a meeting to commemorate its 25th anniversary.

Mr. Nguyen Van Manh,  Deputy Head of the Provincial National Assembly Delegation presents flowers to congratulate the Provincial Industrial Zones Management Board

Reflecting on the board’s 25-year journey, Ha Dinh Nha, Director of Vinh Phuc Industrial Zones Management Board, stated that the board has been instrumental in advising the province on industrial zone planning, construction and development. It has played a crucial role in establishing a synchronized industrial park system that serves the province’s socioeconomic development and attracts secondary investors. When Vinh Phuc was re-established, it had only one industrial park - Kim Hoa Industrial Park - Phase 1 (50 ha). After 25 years, Vinh Phuc was authorized by the Prime Minister to develop 19 industrial zones with a total planned area of 5,487.31 ha. Among them, 16 industrial zones have been established with a total land area of 3,168.02 ha. Currently, eight industrial zones are operational and highly occupied by secondary investment projects.

Over the past 25 years, the board has significantly improved investment promotion and enhanced the quality of investment inflows. It has encouraged, supported, and facilitated enterprises to invest and conduct business in local industrial zones. Investors from 20 countries and territories are placing their projects in the province’s industrial zones, including renowned firms such as Sumitomo, Honda, Toyota, Piaggio, Foxconn and Compal. These projects/investors have made remarkable progress in terms of quantity, scale, structure and quality.

As of September 2023, the province’s industrial zones had attracted 468 investment projects. These include 107 DDI projects with a total investment capital of VND32,454.25 billion and 361 FDI projects with US$6.27 billion. Investment projects are performing well and more industries are being invested in, thus significantly contributing to the province’s socioeconomic development. Every year, tenants in industrial parks account for 60-65% of the province’s industrial production value, 60-65% of the province’s export value, and 75-80% of the province’s budget revenue. They employ over 120,000 workers. Indeed, industrial zones play an important and decisive role in turning Vinh Phuc into the industrial province it is today.

At the event, Mr. Le Thanh Quan, Director of the Economic Zones Management Department (Ministry of Planning and Investment), and Mr. Nguyen Van Manh, Deputy Head of the Provincial National Assembly Delegation, acknowledged and appreciated the contributions and efforts of the Vinh Phuc Industrial Zones Management Board toward Vinh Phuc province development over the past 25 years. The Vinh Phuc Industrial Zones Management Board has been recommended to advise and implement the Vinh Phuc Industrial Zone Planning to 2030, with a vision to 2050. This will promote local advantages in line with provincial socioeconomic development, land-use planning, industrial development planning and urban planning. The board is also required to execute Decree 35 dated May 28, 2022, of the Government on the management of industrial zones and economic zones. It should advise and recommend relevant bodies on the selection of investors with financial capacity, experience, influence, and professional governance to develop and operate infrastructure of industrial zones.

At the meeting, business representatives highly appreciated the investment environment of Vinh Phuc province. They acknowledged great contributions from the board as well as provincial and local authorities at all levels for accompanying, caring, and supporting them to deal with difficulties. The board facilitated them to develop through regular control, information exchange, and investor support. It urged the progress of investment projects and coordinated with related agencies to promptly resolve obstacles in investment procedures. It created a favorable, transparent, stable, and equal business environment for investors. They hoped that Vinh Phuc province would continue to speed up administrative reform, build a favorable investment environment, and enhance credibility to attract new investors in the coming time.

With its position and role, the Vinh Phuc Industrial Zones Management Board will always accompany investors and businesses. It will uphold its 25-year achievements and work harder to overcome difficulties and challenges for more positive and sustainable development of the board amid today’s increasingly intensive and extensive international integration.

Nguyet Tham, Vietnam Business Forum