The northern province of Vinh Phuc has reaped impressive achievements in attracting foreign direct investment (FDI) over the past three decades, thanks to favourable geographical location and determination to improve business environment.

A view of Vinh Phuc (Photo: Internet)

The province is now home to over 9,700 foreign businesses, against the only 136 recorded in 1997. 

According to the provincial People’s Committee, Vinh Phuc now has 18 industrial zones approved by the Prime Minister with a total area of over 5,700ha. 

It is expected to house 21 industrial complexes on a site of nearly 500ha by 2020 and 31 ones covering about 700ha by 2030. The province has attracted 11 infrastructure investors with eight zones being put into operation. 

Statistics show that there are 224 business projects in the local industrial zones, including 186 foreign-invested and 38 domestic ones, generating jobs for more than 83,000 workers last year. 

Last year, foreign firms in Vinh Phuc earned over 4 billion USD in revenue, up 13 percent year-on-year. Of this, 3.1 billion USD was from exports, up 23 percent from a year earlier. The province contributed over 2.6 trillion VND (113 million USD) to the State budget, up 34 percent annually. 

In the first quarter of this year, the locality licensed 27 projects, including 19 foreign-invested ones with a total registered capital of more than 87 million USD and eight domestic projects worth 5 trillion VND. 

Twelve FDI projects registered to add over 72 million USD to their capital. 

As of March, the province recorded 344 FDI projects valued at 4.65 billion USD and 726 domestic ones worth 76.7 trillion VND. 

Thanks to incentives for investors, Vinh Phuc has brought in a number of major and prestigious firms such as Toyota, Honda, Daewoo Bus, Piaggo and Sumitomo, contributing to the generation of jobs to 82,000 workers.