The business community, including foreign direct investment (FDI) firms, has encountered numerous challenges and obstacles in the year to date due to the adverse effects of global and domestic economic slowdowns. However, with the timely assistance and guidance of the provincial government and their determination to overcome difficulties and leverage internal resources, FDI companies in Vinh Phuc province-based industrial zones have achieved positive business results and confirmed their vital role in local industrial production and budgetary growth.
Ba Thien Industrial Park 1- a hub for high-tech industries in Vinh Phuc province
Vinh Phuc currently hosts 358 FDI projects in industrial zones. To proactively cope with difficulties caused by global economic downturns, they have efficiently exploited the Vietnamese market and explored new markets and new export orders. In the first six months of 2023, they generated nearly US$5 billion in revenue, earned roughly US$4.5 billion in export turnover, and contributed more than VND2,500 billion (US$100 million) to the state budget.
FDI firms are projected to make over US$5.2 billion of revenue and nearly US$4.7 billion of export value in the last six months of the year, up 2% and 3% from the first half while paying VND2,500 billion to the state coffers. The Vinh Phuc Industrial Zones Management Board will continue to support and facilitate investors and companies to quickly complete administrative procedures to launch their projects, increase their investment capital or revise their investment objectives or progress.
At the same time, the board will coordinate with relevant agencies to promptly and effectively address their complaints and suggestions about difficulties, obstacles and inadequacies in regulatory compliance relating to investment and business affairs.
By Quynh Ngoc, Vietnam Business Forum
Vietnamese
