Illustrative image (Source: VNA)Vinh Phuc (VNA) – The northern province of Vinh Phuchas become popular among both domestic and foreign investors as a friendly andpromising destination for successful projects.
Projects in the locality have continued to expand, and thenumber of newly-licenced ones on the rise.
So far this year, nearly 10.7 trillion VND (460.1 million USD)has been poured into nearly 40 ongoing and new domestically-invested projects,up 250 percent over the same period last year and surpassing the target by 7.7trillion VND (331.1 million USD).
Meanwhile, around 570 million USD has been injected intonearly 100 foreign-invested projects, a rise of 67 percent year on year,exceeding the target for the whole year by 70 million USD.
The province is currently home to 750 domestically-runprojects worth over 82.3 trillion VND (3.53 billion USD), along with more than370 FDI ones with a total registered capital of more than 4.9 billion USD.
This success is due to the province’s efforts to focus onpromising markets and reliable partners. At the same time, Vinh Phuc has issuedvarious mechanisms and policies to support investors and improve the investmentenvironment, assisting businesses to overcome difficulties and developoperations.
Vinh Phuc has also focused on ways to develop localbusinesses by applying measures to boost their growth, enhancingcompetitiveness and encouraging startups.
Particularly, the province has upgraded infrastructure inindustrial parks and clusters, while simplifying administrative procedures byapplying information technology. Regular dialogues with businesses have alsohelped them to tackle any difficulties they are facing.
As of the third quarter of this year, the locality had seenthe establishment of nearly 10,200 new firms, surpassing the target set in aresolution by the provincial Party Congress by 200.
Along with strongperformance in investment attraction, Vinh Phuc has also enjoyed highachievements in other economic aspects in the first nine months of this year.
The locality recorded a gross regionaldomestic product (GRDP) growth of 8.63 percent year on year, with theindustrial sector expanding by 13.01 percent, reported the provincialDepartment of Statistics.
Among major industrial sectors in theprovince, the production of electronic accessories grew 45.55 percent.
Meanwhile, the service sector continued torecord stable development with a year on year gain of 6.98 percent,contributing 1.38 percent point to the overall growth of Vinh Phuc.
As of September 24, the province’s Statebudget collection reached over 24.76 trillion VND, fulfilling 89.09 percent ofthe annual target.
At the same time, the consumer price index rose1.32 percent compared to the same time in 2018, the lowest level in the lastfour years.
The rise was attributed to increases in healthcare services and education fees, rising prices of gold and the US dollar, andthe impact of African swine fever in pigs.
In September alone, consumer price index inthe province was up 0.35 percent over the previous month, and 1.38 percent overthe same period last year. During the month, three out of the 11 goods groupssaw an upturn in prices, with the highest rise of 4.06 percent recorded ineducation fees, followed by food and catering services at 0.8 percent, andother goods and services at 0.04 percent.
The prices of five goods groups dropped, withthe sharpest fall seen in transportation at 1.29 percent. Prices of housing andconstruction materials decreased by 0.66 percent, while those of post andtelecommunication reduced by 0.3 percent, culture, entertainment and tourismdropped 0.08 percent, and equipment and householdappliances fell 0.11 percent./.
VNA
