Vinh Phuc Wants to Attract Investment in High Technology

The results of investment attraction are not commensurate with the potential and advantages of Vinh Phuc province, not meeting the expectation of attracting resources for development investment. Therefore, Vinh Phuc urgently needs investors come to set up company in Vinh Phuc, especially technology projects, high quality, environmental-friendly and great socio-economic efficiency.

According to the Chairman of the Provincial People’s Committee, although Vinh Phuc is considered a bright spot in attracting investment in the Northern region with 752 domestic direct investment projects in the country (DDI) with a total capital of over 78,000 billion VND (3.3 billion USD) and 378 FDI projects with a total registered capital of over 5 billion USD, but this result is not commensurate with the potential and advantages of the province, not meeting the expectation of attracting resources for development investment to achieve long-term goals.

Many large corporations in the world such as Toyota, Honda, Daewoo, Samsung, Compal,… have invested in Vinh Phuc, focusing mainly on the fields of processing technology, manufacturing and assembling electronics. Foreign investors in Vinh Phuc are mainly from Northeast Asian countries, such as Japan, Korea. European and US investors account for a relatively modest proportion.

Vinh Phuc currently has 10/376 FDI projects, accounting for nearly 3% of the total FDI projects from European countries and the US.

In the coming time, Vinh Phuc needs technology projects, high quality, environmental- friendly, bringing great socio-economic efficiency. In particular, in order to encourage investment in the development of supporting industries for automobiles, motorcycles, electronics, telecommunications, and food processing industry.

Regarding agriculture, Vinh Phuc hopes to develop high-tech agriculture, clean vegetable production projects and high-tech cattle and poultry breeding, and agricultural product processing projects. The province gives priority to attracting investment projects on infrastructure business of industrial parks and clusters, especially investment in specialized infrastructure, creating connections and linking clusters.

With a very diverse and abundant number of businesses both domestically and abroad, Vinh Phuc has created an extremely convenient industrial ecosystem in recent years, in accordance with the requirements of businesses and investors from Europe and the US who are inherently high technology, source technology and want to take advantage of existing businesses as a supply and support partner in the province.

In addition to the advantages of transportation system, Vinh Phuc has advantages that locating in the Northern key economic region, Kunming – Lao Cai – Hanoi – Quang Ninh economic corridor and the Northern industrial development belt.

With these potentials, advantages and the supportive attention of authorities at all levels in solving difficulties and obstacles for businesses, it is believed that Vinh Phuc will become a favorite destination for European the US investors.