South Korea has the largest number of projects and investment in Vinh Phuc

03/12/2019

The year of 2019 is the continuous successful year of Vinh Phuc in investment attraction, as the number of delegations coming to learn about the investing environment and the number of projects and the registered investment capital continue to rise.

According to a report of the Department of Planning and Investment, it is estimated that in the end of 2019 the province has 1,139 investment projects, of which, there are 384 FDI ones with the total registered capital of 5.02 billion USD. The investment projects come from 17 countries and territories, in which South Korea has the highest number of projects and investment capital.

Specifically, South Korea has 180 investment projects in the province with a total investment capital of over 1,718,053 million USD. The next position is Japan with 47 projects and the total investment capital of USD 1,113.4 million; Taiwan with 37 projects and over USD 895 million; China with 45 projects and USD 239.3 million; Singapore has 11 projects and USD 314.4 million...

Among 180 projects of South Korea, there are 135 ones in industrial zones, 45 are outside industrial zones with the main production fields of electronic components, textiles, mechanical processing, motorbike spare parts... According to the evaluation of the management Board of industrial parks, the Korean enterprises have well complied with the law policies of Vietnam, produced and operated effectively, making an important contribution to budget revenue, creating jobs for thousands of local laborers. Especially, in the operation process, many businesses have continuously increased their investment capital, expanded their production scale, created more jobs and increased income for their employees. The typical companies are are BH Vina, Heasung Vina, Jinyoung Vina, Bangggio Vina, Vina Korea Textile and Garment; Shinwon Vietnam.

The overcoming of difficulties and development of enterprises, especially most of products of Korean enterprises are exported to foreign countries making an important contribution to the province's export turnover growing year by year. In 2019, the province's export turnover is estimated at USD 2.56 billion, up 14% over 2018, with the main products being motorcycles and spare parts, auto parts, car seat cushions, tea, electronic components, textiles and footwear.

Besides Japan, Taiwan, and Singapore, South Korea is considered as the potential market and targeted investor for the investment promotion of the province. Therefore, in the coming time the provincial People’s Committee will direct levels and branches to implement synchronously solutions on investing environment improvement, in which focusing on reforming administrative procedures, reducing procedures and time, well operate public administrative agencies of the province and districts, one-stop-door of departments, branches and communes. Along with that, promoting activities of investment promotion and investment attraction, prioritizing, encouraging projects on supportive industries, high-tech industry, high-tech agriculture.

According to the evaluation of functional branches, Vinh Phuc will continue to be the destination of investors, especially those from South Korea, Japan, and Taiwan. By well caring in-place investors, timely removing difficulties from the investment preparation, factory construction, and in the operation, 180 Korean successful enterprises in the province will be an important information channel for the promotion of Vinh Phuc to investors.

Thanh Nga

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