Vinh Phuc province is home to many green and attractive industrial parks

Clean infrastructure for investors

Vinh Phuc province’s economic scale was VND158.1 trillion in 2023, ranking 14th nationwide, and its budget revenue ranked 10th out of 63 provinces and cities, he said. The GRDP per capita was US$5,400, ranking 9th nationwide. The economic structure shifted towards a positive pattern where industrialization and modernization play a leading role and are a driving force for economic development.

With its favorable location, Vinh Phuc offers comprehensive road, rail and riverway connectivity. Adjacent to Noi Bai International Airport and positioned along the Kunming-Lao Cai-Hanoi-Quang Ninh Economic Corridor and Northern Industrial Development Belt, it provides ideal conditions for manufacturing and business investment projects.

Advocating the policy that planning must be one step ahead to attract investment for sustainable development, Vinh Phuc has made and submitted plans to competent authorities for ratifying the Provincial Development Planning for the 2021-2030 period, with a vision to 2050, and related sectoral plans. In particular, the province has planned and developed industrial parks associated with land-use plans and general urban plans to form a well-distributed industrial park system in the province and use land resources economically and effectively to ensure sustainable development and truly become a driving force for overall development.

By the end of August 2024, Vinh Phuc province established 17 industrial parks with a total area of 3,142.96 ha, including nine in operation (Kim Hoa, Khai Quang, Binh Xuyen, Ba Thien, Binh Xuyen II - Phase 1, Ba Thien II, Tam Duong II - Section A, Thai Hoa - Lien Son - Lien Hoa - Section II - Phase 1, and Thang Long Vinh Phuc) and three under construction. All IPs aim for green and sustainable development.

According to the industrial park development plan in the Provincial Planning for the 2021-2030 period, with a vision to 2050, approved by the Prime Minister, Vinh Phuc will have 28 IPs with an area of about 4,800 ha by 2030 and 29 IPs with over 5,500 ha by 2050. Particularly, priority is given to developing new IPs along key traffic routes such as Hanoi-Lao Cai Expressway, Ring Road 4 and Ring Road 5.

With the innovation, dynamism and creativity of authorities at all levels, Vinh Phuc province has achieved positive investment attraction results. By November 15, 2024, the province was home to 1,326 projects, including 481 foreign direct investment (FDI) projects with more than US$8.4 billion of registered capital and 845 domestic direct investment (DDI) projects with about VND145,151 trillion, from 20 countries and territories. Many large-scale projects are invested by giant multinational corporations from Japan, South Korea, Taiwan, China, Thailand, Singapore, Europe and the United States. Industrial parks account for 75-80% of total projects and investment fund in the province and create over 120,000 jobs for workers.

Which industries should be prioritized?

According to Chairman Dong, Vinh Phuc province aims to become a first-class urban area, a core in the northern economic region of Vietnam by 2030. The province is one of the major economic centers of the Hanoi region and the whole country, driven by key industries: Industry, services, trade, training - science, tourism - resort and culture. This is an important traffic and exchange hub of the Hanoi region, the northern key economic region, the country and the world.

“We are all aware that businesses are an important driving force for development with their success reflecting the province's progress, as they become an integral part of the local community. For that reason, the Party and authorities at all levels will facilitate businesses to invest in local production and business. Vinh Phuc province is committed to providing available land, electricity, water, telecommunications and human resources and offering the fastest and most convenient administrative procedures for investors. In addition, sustainable development and green growth are an overarching trend in the world, stemmed from practical requirements. Developing highly effective and sustainable IPs is one of today’s urgent requirements,” he emphasized.

Industrially, the province encourages and attracts companies to invest in industrial chains, develop automobile, motorbike, mechanical engineering, high-tech, electronics, telecommunications, food processing and supporting industries.

Agriculturally, Vinh Phuc prioritizes developing high-tech agriculture, clean vegetable and fruit production, high-tech livestock and poultry farming and agricultural processing according to the value chain.

Regarding tourism and services, the province prioritizes high-quality healthcare, education, vocational training, tourism, hotel, restaurant, and high-end resort projects.

With respect to infrastructure, Vinh Phuc gives precedence to infrastructure investment projects in industrial zones, especially specialized infrastructure, to create the interconnectivity of industrial clusters, and industrial and domestic waste treatment projects.

Many big investors in Vinh Phuc-based IPs like Honda, Toyota (Japan), Piaggio (Italy), Compal (Taiwan) and Daewoo (South Korea), have contributed to forming key industries in Vinh Phuc province such as manufacturing and assembling automobiles, motorbikes, laptops, mobile phones, electronic products and mechanical products and actively propped up socioeconomic development, labor restructuring and social security.