Chairman of Vinh Phuc Provincial People's Committee Le Duy Thanh at a working session with Solum Vina Co., Ltd

Industrial zone development as the foundation

Vinh Phuc has 16 licensed industrial parks whose registered investment capital amounted to VND17,536.39 billion (US$740 million) and US$212.53 million. Currently, nine of them are in operation with synchronous and modern infrastructure for investors. Some have already leased out 100% of their industrial land and the others are carrying out land compensation and site clearance to create a clean land fund for new projects.

Considering industrial zones an industrial backbone of industrial development, Vinh Phuc has directed the industrial zone authority to keep improving its professional roles and functions of administering industrial zones and especially launching work programs of central, provincial and local agencies. Furthermore, industrial zones are constructed to create a clean land fund for investors, thus making the province an attractive destination for domestic and foreign investors.

The industrial park planning has also been actively implemented to accelerate the establishment of new industrial parks and deploy infrastructure construction investment in licensed industrial parks. The Vinh Phuc Industrial Zones Management Board has effectively urged investors to build and complete the technical infrastructure in industrial parks, improving the infrastructure quality of existing industrial parks, and creating a favorable business environment to woo more secondary investors to increase the occupancy rate. Land compensation and ground clearance for remaining industrial zones have been carried out as expected to provide more available land for new investment projects. The current occupancy rate of nine operational industrial zones is nearly 90%. In 2022, Son Loi, Thai Hoa - Lien Son - Lien Hoa and Nam Binh Xuyen industrial parks all started infrastructure construction.

In addition, administrative reform is very effective. Administrative procedures are carried out in single-window divisions at the Provincial Public Administration Service Center. 98.6% of administrative procedures handled by the Vinh Phuc Industrial Zones Management Board were completed on time. 100% of investment procedures were declared online on the national investment information system. 100% of administrative procedures on labor are settled in time.

Investment promotion in focus

In recent years, leaders of Vinh Phuc province have actively launched investment promotion in key markets such as Japan, South Korea, the United States, Europe and North America. With great effort and determination, the province achieved remarkable outcomes in investment attraction. The province attracted only eight foreign direct investment (FDI) projects and one domestic direct investment (DDI) project in 1998 but it accumulatively had 1,270 projects, including 445 FDI projects with US$7.55 billion and 825 DDI projects with more than VND121 trillion (US$5.3 billion), at the end of 2022. Investors come from more countries and invest in more industries. These outcomes show the investor confidence in the investment environment of Vinh Phuc province.

Clearly, strategic investors are large global corporations that will support local social and economic development and help the province assert its position in the country and in the world. Vinh Phuc has introduced policies to successfully attract large corporations engaged in electronics, automobiles, motorbikes and recently high-tech agriculture.

To realize its goal of becoming a developed industrial province, in the coming time, Vinh Phuc will focus on effectively carrying out solutions like applying investment incentives to businesses and introducing investment support policies. The province will continue to develop policies to diversify investment fields and increase access to investment support for local businesses and investors.

The province will support companies to access land in the quickest time by law; carry out land compensation and site clearance to offer the available land fund for investors; support companies with labor matters like training and recruiting workers; invest in infrastructure construction to industrial zones and support access to production inputs; quickly settle investment administrative procedures; continue to review and simplify administrative procedures; drastically direct relevant bodies to promptly remove difficulties for businesses, concentrate resources, adopt measures to prevent and control the epidemic, and ensure a safe investment environment.

With the motto "All investors coming to Vinh Phuc are citizens of Vinh Phuc", the province has focused on perfecting investment policies, organizing business-government dialogues to promptly deal with business difficulties and obstacles against enterprises; improving the investment environment, supporting site clearance, labor shortage and pricing; reform and simplify administrative procedures in tax and customs fields.