Polaris Vietnam Co., Ltd., Ba Thien II Industrial Park

Vinh Phuc designated 2024 as an important year for achieving the goals outlined in the Resolution of the 17th Provincial Party Congress for the 2020-2025 term. To this end, the province has been striving to enhance the investment and business environment while implementing a targeted investment attraction strategy. Key initiatives include actively seeking new strategic investors and nurturing relationships with existing ones. Additionally, Vinh Phuc has developed mechanisms and preferential policies to promote collaboration between foreign and domestic investments, focusing on priority sectors for investment attraction.

Additionally, Vinh Phuc is committed to developing industrial clusters and value chains to enhance domestic added value and product competitiveness. The province has focused on promoting administrative reforms to improve each component of the provincial competitiveness index, thereby elevating the quality of services provided to residents and businesses. Efforts will also be made to advance digital transformation and enhance the effectiveness of investment promotion activities, including on-site initiatives. To further these goals, Vinh Phuc aims to strengthen coordination and collaboration with central agencies, neighboring provinces, and various state management bodies and associations involved in investment promotion.

As of August 15, 2024, Vinh Phuc issued investment registration certificates for 53 FDI projects, comprising 26 new licenses and 27 capital adjustment projects. The total registered capital stands at US$498.13 million, reflecting a 3.92% increase in project numbers and a 6.38% rise in total capital compared to the same period last year, exceeding the assigned plan by 24.53%.

The processing and manufacturing sector remains the primary focus for FDI attraction, accounting for 50 projects and US$408.13 million, which represents 81.93% of the total registered FDI capital. Vinh Phuc aims to establish itself as one of the largest industrial centers in the country, particularly in high-tech industries, electronics and automotive manufacturing, as outlined in the Provincial Planning for 2021-2030, with a vision to 2050. The province has identified the processing and manufacturing industry as a key priority for investment attraction.

To support these goals, Vinh Phuc is committed to enhancing the investment environment and improving provincial competitiveness. The province aims to accelerate the processing of administrative procedures and selectively attract high-tech processing and manufacturing projects, as well as smart, environmentally friendly industries that emphasize high added value and efficient resource utilization. These efforts are expected to significantly contribute to the growth of the Gross Regional Domestic Product (GRDP) and boost state budget revenues.