Despite the sluggish global and domestic economy, Vinh Phuc province’ssocio-economy has continued to prosper, especially in attractinginvestment. Many domestic as well as foreign investors have chosen thenorthern province as their investment destination. Chairman of theprovincial People’s Committee Phung Quang Hung spoke with the VietnamBusiness Forum about the issue.
*For many years, Vinh Phuc hasbeen known as one of the top spots in attracting investment, anattractive destination for investors. So can you please tell us how theprovince has become so popular among investors?
In 2013, VinhPhuc's economic growth reached 7.89 percent. At the end of 2013, theprovince had 675 valid projects, including 137 FDI projects from 13countries and territories with a total investment of 2,767.6 million USDand 538 DDI projects with total capital of 31,727 billion VND (1,420million USD).
The main reasons for these favourable results are:
Alongwith the advantage of local economy and culture and the determinationof provincial authorities, Vinh Phuc has made continuous efforts toimprove the investment environment and to enhance the province’scompetitiveness such as: Stepping up investment planning and preparing;paying attention to land clearance and developing land fund forinvestors; investing essential infrastructure for industrial zones;providing mechanisms and policies supporting investment; training humanresources; developing urban, services and tourism; conductingadministrative procedures under the one-stop shop mechanism to reduceinvesting procedures; giving timely direction to help businesses dealwith difficulties and obstacles in order to create the best conditionsfor effective investment.
The province has also carried outinvestment promotion activities. Besides, Vinh Phuc has also givenspecial attention to promoting on-site investment through successfulinvestors in the area; creating the link between domestic and foreigninvestors. The content of promotion activities has also been built withprofessionalism; communication information has had more attention andtherefore more complete. Thus, investment promotion and support hasshown great results, attracting investors and new projects inside andoutside the country to Vinh Phuc.
*Can you tell us the uniquecompetitive advantages of Vinh Phuc compared with other Vietnameselocalities in attracting investment?
Vinh Phuc province has manypotential and advantages in investment. It is located in the threeimportant areas of North Delta, Northern Key Economic Zone and CapitalRegion, Vinh Phuc is contiguous to the capital Hanoi, adjacent to NoiBai international airport and has a transportation system of nationalroads, railways, waterways.
Vinh Phuc rarely has disasters like floods while its hilly land favourable for industry and urban development.
Theprovincial topography of Vinh Phuc has all three ecologic types: theplains, the midland and the mountainous. The province also has largeforests, many rivers, lakes and ponds along with many famous scenicspots and hundreds of historical and cultural spots.
The provincecurrently enjoys a golden demographic structure. The province has 20universities, colleges and vocational schools of central and locallevels, ready to provide labour for businesses in the area as well asthe whole region.
The province has a specialised agency in chargeof land compensation and clearance, preparing available land forinvestors; administrative procedures for investment is carried out underthe one-stop shop mechanism, reducing procedures’ time; the provincealso has many policies to support and create favourable conditions forinvestors in implementing projects.
The province has completedits master development plan and detailed roapmaps for rural and urbanplannings. This helps ensure investors' sustainable development.
*Vinh Phuc province has completed its Provincial Planning, General UrbanPlanning to 2030 and vision to 2050; development planning to 2020 of 20industrial parks with an area of over 6,000 hectares. Can you tell usthe province’s direction in attracting investment in the future?
Forthe upcoming time, Vinh Phuc will pay attention and give priority toinvestment in the sectors of industrial electronics, telecommunicationsand supporting industry; mechanical industry (manufacturing, automotiveassembly); construction materials, light materials, food processing;development of industrial parks infrastructure, world-class tourismprojects; service sectors such as finance, banking, insurance,healthcare, education - training, logistics, etc.
The provincewill focus on attracting investment projects in industrial parks andcomplexes, connecting industrial development with environmentalprotection, thoroughly handling environmental pollution in industrialparks and complexes.
Vinh Phuc is striving to become anindustrialised province by 2015, a modern industrialised province by2020 and the city of Vinh Phuc in the 20s of the twenty-first century.
VinhPhuc welcomes all investors, domestically and globally, to invest inthe province. Japan is the first province's foreign investor. Thecountry also laid the groundwork for the development of the provincialindustry. As of the end of 2013, Japan ranked the third among countriesinvesting in Vinh Phuc in terms of number of projects (21 projects),ranked second in terms of capital investment (717.26 million USD) andnumber one in terms of realised capital ratio (90 percent).
Japaneseinvestors are fast in implementing projects, effective in producingbusiness and well observe Vietnamese laws. They are active members insocial programmes in the province - Toyota, Honda, Nissin and Exedy toname a few. The province currently has reserved a land fund for factoryconstruction dedicated to Japanese small and medium enterprises.-VNA
*For many years, Vinh Phuc hasbeen known as one of the top spots in attracting investment, anattractive destination for investors. So can you please tell us how theprovince has become so popular among investors?
In 2013, VinhPhuc's economic growth reached 7.89 percent. At the end of 2013, theprovince had 675 valid projects, including 137 FDI projects from 13countries and territories with a total investment of 2,767.6 million USDand 538 DDI projects with total capital of 31,727 billion VND (1,420million USD).
The main reasons for these favourable results are:
Alongwith the advantage of local economy and culture and the determinationof provincial authorities, Vinh Phuc has made continuous efforts toimprove the investment environment and to enhance the province’scompetitiveness such as: Stepping up investment planning and preparing;paying attention to land clearance and developing land fund forinvestors; investing essential infrastructure for industrial zones;providing mechanisms and policies supporting investment; training humanresources; developing urban, services and tourism; conductingadministrative procedures under the one-stop shop mechanism to reduceinvesting procedures; giving timely direction to help businesses dealwith difficulties and obstacles in order to create the best conditionsfor effective investment.
The province has also carried outinvestment promotion activities. Besides, Vinh Phuc has also givenspecial attention to promoting on-site investment through successfulinvestors in the area; creating the link between domestic and foreigninvestors. The content of promotion activities has also been built withprofessionalism; communication information has had more attention andtherefore more complete. Thus, investment promotion and support hasshown great results, attracting investors and new projects inside andoutside the country to Vinh Phuc.
*Can you tell us the uniquecompetitive advantages of Vinh Phuc compared with other Vietnameselocalities in attracting investment?
Vinh Phuc province has manypotential and advantages in investment. It is located in the threeimportant areas of North Delta, Northern Key Economic Zone and CapitalRegion, Vinh Phuc is contiguous to the capital Hanoi, adjacent to NoiBai international airport and has a transportation system of nationalroads, railways, waterways.
Vinh Phuc rarely has disasters like floods while its hilly land favourable for industry and urban development.
Theprovincial topography of Vinh Phuc has all three ecologic types: theplains, the midland and the mountainous. The province also has largeforests, many rivers, lakes and ponds along with many famous scenicspots and hundreds of historical and cultural spots.
The provincecurrently enjoys a golden demographic structure. The province has 20universities, colleges and vocational schools of central and locallevels, ready to provide labour for businesses in the area as well asthe whole region.
The province has a specialised agency in chargeof land compensation and clearance, preparing available land forinvestors; administrative procedures for investment is carried out underthe one-stop shop mechanism, reducing procedures’ time; the provincealso has many policies to support and create favourable conditions forinvestors in implementing projects.
The province has completedits master development plan and detailed roapmaps for rural and urbanplannings. This helps ensure investors' sustainable development.
*Vinh Phuc province has completed its Provincial Planning, General UrbanPlanning to 2030 and vision to 2050; development planning to 2020 of 20industrial parks with an area of over 6,000 hectares. Can you tell usthe province’s direction in attracting investment in the future?
Forthe upcoming time, Vinh Phuc will pay attention and give priority toinvestment in the sectors of industrial electronics, telecommunicationsand supporting industry; mechanical industry (manufacturing, automotiveassembly); construction materials, light materials, food processing;development of industrial parks infrastructure, world-class tourismprojects; service sectors such as finance, banking, insurance,healthcare, education - training, logistics, etc.
The provincewill focus on attracting investment projects in industrial parks andcomplexes, connecting industrial development with environmentalprotection, thoroughly handling environmental pollution in industrialparks and complexes.
Vinh Phuc is striving to become anindustrialised province by 2015, a modern industrialised province by2020 and the city of Vinh Phuc in the 20s of the twenty-first century.
VinhPhuc welcomes all investors, domestically and globally, to invest inthe province. Japan is the first province's foreign investor. Thecountry also laid the groundwork for the development of the provincialindustry. As of the end of 2013, Japan ranked the third among countriesinvesting in Vinh Phuc in terms of number of projects (21 projects),ranked second in terms of capital investment (717.26 million USD) andnumber one in terms of realised capital ratio (90 percent).
Japaneseinvestors are fast in implementing projects, effective in producingbusiness and well observe Vietnamese laws. They are active members insocial programmes in the province - Toyota, Honda, Nissin and Exedy toname a few. The province currently has reserved a land fund for factoryconstruction dedicated to Japanese small and medium enterprises.-VNA
