Vinh Phuc province continued to achieve impressive investment promotion and attraction outcomes and brighten the socioeconomic picture in the first six months of 2023 with the close direction of authorities at all levels and the ongoing effort of relevant bodies and localities.
Secretary of Vinh Phuc Provincial Party Committee Hoang Thi Thuy Lan and the provincial delegation in the United States
In the first six months, FDI inflows to Vinh Phuc increased strongly. FDI capital flows sharply increased from a year earlier while domestic direct investment (DDI) value doubled the yearly target. Specifically, the province attracted nearly US$360 million of FDI capital (up over 60% year on year, fulfilling approximately 90% of the plan) and VND11 trillion of DDI capital (up nearly 43% year on year, 2.2 times higher than the full-year plan). Of the sum, industrial parks attracted 16 new projects and 19 existing projects to invest over US$328 million of FDI capital and nearly VND4,628 billion of DDI capital.
To obtain these impressive achievements, right from the start of the year, the Provincial People’s Committee assigned specific tasks and responsibilities to each agency and locality to improve component indices of the Provincial Competitiveness Index (PCI) and reform administrative procedures to reduce the time to carry out procedures to facilitate businesses and investors. Besides, the committee hosted many meetings to seek solutions to business difficulties faced by local enterprises.
Accordingly, the assistant group for the Chairman of the Provincial People’s Committee received, guided, and supported a timely resolution to difficulties as well as recommendations of enterprises; reviewed and removed bottlenecks, shortcomings, and obstacles in State management across all branches and fields; and unleashed resources for socioeconomic development, especially in removing land bottlenecks, speeding up site clearance, and providing available technical infrastructure for industrial parks to woo domestic and foreign investors.
In addition, investment promotion was accelerated in Vinh Phuc province. The province successfully organized investment promotion events in the United States with many working sessions with corporations, investment funds, and trade promotion agencies such as Gibson, Dunn & Crutcher LLP (law firm), New York Stock Exchange, and Google as well as other activities to attract investors for electronics, automobile, motorbike, high-tech, and supporting industries. The province successfully hosted an “Investment Attraction Conference for Vietnam-Japan Strategic Investors” toward the celebration of the 50th anniversary of Vietnam-Japan diplomatic relations (1973-2023). It also welcomed and worked with many investor delegations from many countries and territories to visit and study the local business environment such as the Indian Business Association in Vietnam, the Chungcheongbuk Provincial Council (South Korea), Bloomberg Media Asia-Pacific, the World Bank (WB), Pyeongtaek University (South Korea), Ambassador of the Republic of Korea to Vietnam, Sunny Group, investors in Seongnam City (South Korea), West Point Hospital Company (Singapore), and Dhoot Transmission Ltd (India).
At the same time, responsible agencies of the province supported, guided, and provided information on the investment environment. In the first six months of 2023, many businesses came to explore the investment environment in industrial parks in the province such as KCI Co., Ltd (South Korea), Anh Quang Co., Ltd., Korea Land and Housing Corporation (South Korea), and Liftec Group (South Korea).
In the coming time, Vinh Phuc will continue to be consistent in its goals and orientations to attract investment projects in line with the planning and nature of industries according to the province’s policies. The province will give priority to attracting environmentally friendly high-tech digital projects that generate low greenhouse gas emissions, and ensure long-term and sustainable development.
By Hoang Tham, Vietnam Business Forum
Vietnamese
