The northern province of Vinh Phuc has worked to improve business environment and enhance provincial competitive capacity in a move to attract more foreign and domestic investments to the locality.

Inside a factory in Vinh Phuc province 
(Photo: dangcongsan.vn)

The provincial People’s Committee has given top priority to high-tech projects which are environmentally-friendly, make contributions to promoting technology transfer, and help domestic companies to join global value chain.

Apart from removing bottlenecks for the investors, the province is paying due attention to attracting investment from both traditional markets such as China, Japan and the Republic of Korea, member countries of the Association of Southeast Asian Nations (ASEAN) and countries who are members of free trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Infrastructure developers were asked to accelerate construction at industrial parks in August while the management boards of industrial zones, departments, and localities have been ordered to handle challenges arising at Lap Thach I, Lap Thach II, Tam Duong I, and Thai Hoa – Lien Son – Lien Hoa industrial parks.

According to reports from the management boards of local industrial parks, some 235.32 million USD was poured into 40 new FDI projects while 244.79 million USD was added to 29 existing projects in the first seven months of this year, doubling the capital registered the same time last year and surpassing the set plan by 71 percent.

Also in the January – July period, the province approved investment licenses for eight domestic projects and capital adjustment for another one, worth 2.64 trillion VND (113.6 million USD) in total, nine times higher than the same period in 2018.

Vinh Phuc province is now home to 330 projects, 270 of which are invested by foreigners and have a total investment of over 3.6 billion USD. Of the total projects, 246 are in operation, five FDI are halting operation, while construction and equipment installation are being made to 28 others, and compensation and land clearance are underway for the remaining 51.