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Vinh Phuc seeks to attract more strategic investors from Japan

The People’s Committee of Vinh Phuc held a conference on March 8 with a view to attracting more strategic investors from Japan to the northern province.
Vinh Phuc seeks to attract more strategic investors from Japan ảnh 1Vice Chairman of the Vinh Phuc People's Committee Vu Chi Giang speaks at the conference on March 8. (Photo: VNA)
Vinh Phuc (VNA)– The People’s Committee of Vinh Phuc held a conference on March 8 with a viewto attracting more strategic investors from Japan to the northern province.

The event looked to promotethe attraction of strategic investment to such fields as processing,manufacturing, hi-tech agriculture, trade, and services while creating a chancefor local enterprises to boost cooperation with Japanese partners.

Representatives of JV Livestock Co. Ltd, Sojitz, and Vietnam Dairy Products JSC (Vinamilk)said they have received assistance from local authorities to address obstaclesand difficulties related to administrative procedures, tax, site clearance, andothers.

Other businesses notedVietnam is a big market and Vinh Phuc boasts favourable conditions, adding thatif possible, Japanese firms hope to cooperate with the province to set upproduction chains in some potential sectors.

By the end of 2022,Vinh Phuc was home to 1,270 investment projects, including 445 foreign directinvestment (FDI) projects worth 7.55 billion USD and 825 domestic directinvestment ones worth over 121 trillion VND (5.1 billion USD).

Among the 20 countriesand territories investing in the province, Japan ranked second with 58 projectsworth more than 1.6 billion USD, after the Republic of Korea in terms of the registeredcapital.

Most Japaneseinvestors in Vinh Phuc are operating in mechanics, automobile and motorcycle production,electronics manufacturing, and industrial park infrastructure development. Theyaccount for 88% of FDI firms’ contributions to the local budget, according tothe provincial People’s Committee./.
VNA
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