Khai Quang Industrial Park

As a result, major strategic investors like Honda, Toyota, Samsung and Signetics have explored opportunities in Vinh Phuc, offering support for energy cooperation, "Net Zero" commitments, and green investment to boost sustainable development and add value to the local economy.

Focus on developing green-ecological industrial park models

The Vinh Phuc Provincial Planning for 2021-2030, with a vision to 2050, aims to attract strategic investors and multinational corporations with projects that use advanced, environmentally friendly technologies and have positive spillover effects, connecting global supply chains. In line with this vision, industrial park developers in the province have been focusing on creating green-ecological parks to build sustainable competitive advantages.

As one of the early investors in Vinh Phuc's Khai Quang Industrial Park, Mr. Nguyen Anh De, Deputy General Director of Vinh Phuc Infrastructure Development Joint Stock Company (VPID), emphasized that VPID is committed to creating green, sustainable industrial parks that offer opportunities for development in a clean, safe, and prosperous environment. The wastewater treatment plant at VPID currently uses SRB technology to enhance treatment efficiency and lower operational costs. Additionally, VPID is constructing a second module with a capacity of 14,000 m³/day and night, which will increase the park's total wastewater treatment capacity to 25,000 m³/day and night.

Also focused on developing green and sustainable industrial parks, Ms. Dam Bich Ngoc, Director of Amane Joint Stock Company, the developer of the Thai Hoa-Lien Son-Lien Hoa Industrial Park, said that to achieve the province's investment and industrial development goals, future efforts should target investors with high-tech, high added value and substantial investment. She emphasized the need to prioritize projects that use low fossil energy, reduce emissions, incorporate circular economic processes and apply clean technologies.

As the investor behind the most modern industrial park infrastructure in Vinh Phuc, Mr. Kenta Kawanabe, General Director of Thang Long Vinh Phuc Industrial Park Corporation, shared that Thang Long Vinh Phuc Industrial Park currently hosts 41 investment projects, 29 of which are operational. These projects, which include renowned investors like ToTo, Daiwa and Tsuchiya, focus on high-tech, environmentally-friendly solutions. To meet the growing demand for factory space, the company is building three additional factories, set to open by February 2025.

Mr. Kawanabe emphasized the importance of developing skilled labor for sustainable industrial park growth. He suggested that Vinh Phuc should strengthen its support for businesses by facilitating job fairs and connecting companies with universities and vocational schools. The province should also continue its open policies on land, compensation and site clearance to attract investors.

Vinh Phuc will focus on transitioning from traditional industrial parks to ecological and high-tech industrial parks. This includes prioritizing science, technology, innovation, and providing resources for R&D, digital transformation and energy saving. The province plans to attract investments in key industries such as electronics, semiconductors, electric vehicles, pharmaceuticals and high-tech agriculture. Special attention will be given to multinational corporations and key suppliers in global production chains.

Working closely with investors, promptly resolving all difficulties

At the "Sustainable Development of Vinh Phuc Industrial Parks in 2024" conference, Chairman of the Provincial People's Committee, Tran Duy Dong, emphasized Vinh Phuc's commitment to supporting businesses and investors. He affirmed that the province is continuing to reform administrative procedures, apply digital technology and drive digital transformation to improve efficiency. This includes enhancing the quality of consultation services, streamlining work processes, and resolving issues related to land, investment, construction permits and fire safety quickly and effectively. Additionally, the province is focused on coordinating closely with local authorities and agencies to ensure smooth compensation and site clearance processes. Vinh Phuc also prioritizes the maintenance of green spaces, technical infrastructure, and reasonable land and factory rental prices to create a favorable investment environment.

“With the motto ‘Investors in Vinh Phuc are citizens of Vinh Phuc. Prosperous businesses; prosperous Vinh Phuc,’ the province is committed to providing all the necessary conditions for investors to operate and succeed, fostering a conducive environment for effective business and production," Mr. Tran Duy Dong affirmed.

As of now, Vinh Phuc province has established 17 industrial parks covering a total area of 3,142.96 hectares. Of these, nine industrial parks are operational (Kim Hoa, Khai Quang, Binh Xuyen, Ba Thien, Binh Xuyen II - phase 1, Ba Thien II, Tam Duong II - area A, Thai Hoa - Lien Son - Lien Hoa - area II - phase 1, Thang Long Vinh Phuc), three are under construction (Son Loi, Tam Duong I - area 2, Song Lo I), and five have not been allocated land or developed yet (Binh Xuyen II - phase 2, Nam Binh Xuyen, Phuc Yen, Song Lo I, Dong Soc).

The attractiveness of Vinh Phuc's industrial parks lies in its strategic geographical location and favorable land conditions for industrial development. Additionally, the province benefits from well-developed infrastructure and transparent, investor-friendly policies, with local authorities offering strong support through "rolling out the red carpet" for investors. Provincial leaders closely oversee the management of industrial parks and clusters, ensuring proactive state management by relevant departments and local agencies.

As of October 15, 2024, there are 495 valid investment projects in Vinh Phuc's industrial parks, including 119 domestic direct investment (DDI) projects with a total investment of VND 38,882.61 billion, and 376 foreign direct investment (FDI) projects with a total investment of US$ 6,795.11 million. Of these, 415 projects (337 FDI and 78 DDI) are currently in operation, accounting for 83.8% of total projects. The majority of FDI projects are in electronics (50.4%) and automobile and motorbike assembly (12.8%). With an implementation capital rate of 60-65%, these industrial parks provide jobs for nearly 142,500 workers.

Among the countries and territories investing in Vinh Phuc, Korea leads with 183 projects and total investment capital of US$ 1.9 billion. Japan follows with 48 projects, totaling nearly US$ 1.1 billion; Taiwan (China) has 44 projects with US$ 1.1 billion; China has 42 projects totaling US$ 387 million; and Thailand has 10 projects with nearly US$ 750 million in investment.

For the 2023-2030 period, Vinh Phuc aims to attract an additional US$ 2-2.5 billion in FDI, and VND 20,000-25,000 billion in DDI. The province also targets attracting 1-5 multinational corporations from the top 500 global companies, as ranked by Fortune magazine, and seeks investment from major economic groups and top enterprises within Vietnam's top 500.