Vinh Phuc province – The potential investment destination for EU and US investors

03/12/2019

This message was emphasized and sent to EU and US investors by Chairman Nguyen Van Tri at the investment promotion conference on 27/11. The Conference was organized by Vinh Phuc’s People Committee, the European Chamber of Commerce (EUROCHAM), German Industry and Commerce and America Chamber (AMCHAM) of Commerce in Vietnam.

Attending the Conference, there were Deputy Minister of Planning and Investment Mr. Vu Dai Thang, leaders of EUROCHAM and AMCHAM in Vietnam; leaders of Foreign affairs Ministry, Industry and Trade Ministry, and more than 100 investors from the Europe and US.

On behalf of Vinh Phuc, there were Chairman Nguyen Van Tri, Standing Vice Chairman Le Duy Thanh and leaders of related departments, cities and districts.

After welcoming the investors, Chairman Nguyen Van Tri said that having available potentials and breakthrough directions, after 22 years of re-establishment, Vinh Phuc's socio-economy had made great progress and achieved many important results in all fields. The average economic growth rate in the period of 1997 - 2019 reached 14.6% / year, industry - service accounted for 90% of the economic structure and was one of 13 provinces and cities that contributed to the Central budget.

Especially, the province has planned 18 industrial parks with an area of over 5,200ha and 32 industrial clusters with 600ha. Infrastructure has been invested synchronously, ranking in the top 4 of the country in terms of infrastructure quality, occupying high position in the list of the provincial competitiveness index. Vinh Phuc is now one of the country's bright spots in investment attraction with 752 DDI projects and the total registered capital of over VND 78 trillion; 378 FDI projects come from 17 countries and territories with a total registered capital of over 5 billion USD.

 

Chairman Nguyen Van Tri spoke at the Conference

 According to the Ministry of Planning and Investment, Europe and the United States have large investment capital in Vietnam, with over 2,000 European enterprises' projects and the total registered capital of about  USD 25 billion; 973 projects from the US with the total registered capital of  USD 9.2 billion. Particularly, Vinh Phuc has attracted 10 projects with a total registered capital of over USD 170 million, accounting for nearly 3% of the total FDI projects invested in the province.

Chairman Nguyen Van Tri affirmed that with the determination to improve the business investment environment, achieve the three good goals, including: good and comprehensive legal environment, good technical infrastructure and good business service. In the coming time, the province will continue to pay attention to improving the investing environment, building a complete, open, transparent and stable policy system; invest in building technical infrastructure systems inside and outside the industrial park fences, enhancing the grasp of the situation and promptly solve difficulties and problems for enterprises. At the same time, encouraging investment projects to develop supporting industries for automobile, motorbike, electronics, telecommunications and food processing industries; hi-tech agricultural projects, clean vegetable production, high-tech cattle and poultry raising; medical, education and vocational training projects; tourism projects, hotels, high-class restaurants.

Mr. Nguyen Van Tri believed that having efforts on finding solutions and a common voice to meet the needs of the business community, potential investors from this conference, Vinh Phuc would receive many investors from Europe and the United States  to deploy investment projects in the province, especially those with high technology, high quality, environmentally friendly, bringing great socio-economic efficiency. "With the view: All investors to Vinh Phuc are citizens of Vinh Phuc, the province will always pay attention, accompany and create favorable conditions for investors in general and those from Europe and the United States in particular, successfully deploying their projects ", Mr. Nguyen Van Tri emphasized.

Speaking at the conference, Planning and Investment Deputy Minister Vu Dai Thang highly appreciated the Conference. This was the opportunity not only for the province to approach investors but also for investors from Europe and the United States to exchange, explore more investment opportunities. Accompanying with localities, in the coming time, the Ministry will actively advise the Government to issue appropriate mechanisms and policies to ensure the consistency, and transparency; promote investment promotion activities and support localities, including Vinh Phuc province successfully organizing investment promotion programs, attracting investment countries having advantages in technology, capital such as the United States, Germany and other European countries.


The Chairman of the Provincial People's Committee signed a memorandum
of understanding with the European Chamber of Commerce in Vietnam

At the seminar, leaders of EUROCHAM, the German Chamber of Commerce and Industry, AMCHAM in Vietnam highly evaluated the opportunities for investment and trade cooperation between Europe and Vinh Phuc province in the context of Free Trade Agreement between the European Union and Vietnam was signed; opportunities in FDI attraction to Vinh Phuc from the perspective of German investors; economic impacts, Industry 4.0 revolution to FDI.

Also at the seminar, Chairman Nguyen Van Tri and Standing Vice Chairman Le Duy Thanh directly answered many questions of investors related to vocational training, on-site human resource supply when investors deploy projects in the province; management, settlement of public administrative procedures, the connection of global value chains to serve the needs of developing businesses' connections; mechanisms and policies related to tax rates, environment, clean water, electricity and etc.

Closing the Conference, Chairman Nguyen Van Tri committed that Vinh Phuc would create the best investing environment for businesses by fully applying the highest preferential investment policies as prescribed; implementing the province's preferential policies, preferential investment support. Help businesses access land, solve problems of labor for businesses; ensure infrastructure to the foot of fences of industrial parks, complexes, tourist resorts and necessary input conditions for production and business; quick settlement of administrative procedures on investment.

Make transparent the process of investment procedures, construction and land planning, industry and field planning on the electronic information system; solve administrative procedures under the mechanism of one-stop-door, reducing from 30-50% of the time according to the general regulations. At the same time, conduct inspections and checks in accordance with the provisions of law and not more than once a year in combination with interdisciplinary inspection and examination with many contents in an inspection and examination course.

Chairman Nguyen Van Tri also hoped to receive the supervision and feedback from investors and businesses to ensure that the province's commitment would not stop at the promise but actually comes to life.

Thanh Nga

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