Affirming the attractiveness of FDI flows.

Việt Nam•13/05/2024

Proactively connecting, engaging, and working with potential investors and large economic groups to explore the investment and business environment; reducing administrative procedures and creating favorable conditions for businesses; accelerating the construction of infrastructure in industrial parks... In the first four months of 2024, total foreign investment in the province reached nearly 91% of the annual plan, an increase of nearly 40% compared to the same period in 2023. This result further affirms the province's attractiveness to FDI flows amidst the ongoing difficulties and slow recovery of the global economy.

Adhering closely to the content and tasks regarding investment attraction, the Provincial People's Committee has issued a Plan for implementing the Foreign Investment Cooperation Strategy for the period 2021-2030, a Project to attract strategic investors to invest in the province until 2030..., which identifies 9 groups of specific tasks and solutions, directly assigning them to agencies for implementation and deployment of investment promotion activities in the province.

Many factories of FDI enterprises have begun construction in Thang Long Industrial Park, Vinh Phuc. Photo: Chu Kieu

Propaganda, promotion, and introduction activities regarding the environment, policies, potential, and investment opportunities in the province are actively implemented through coordination with central and provincial media agencies, investors, and Vietnamese embassies in other countries.

The Provincial People's Committee continues to direct relevant agencies to enhance their responsibility in operating and maintaining the system for receiving and responding to feedback and suggestions from organizations and individuals to the provincial government on the website http://duongdaynong.vinhphuc.gov.vn; and to maintain the effective implementation of the program "Provincial People's Committee leaders meet with entrepreneurs weekly"...

Based on its assigned functions and tasks, the Provincial Industrial Parks Management Board closely coordinates with central media agencies to strengthen the dissemination of information on administrative reforms in handling investment procedures in the province's industrial parks; and implements cooperation contents with Chungcheongbuk Province (South Korea), Pernik Province (Bulgaria), and the Tuscany region (Italy) until 2025 according to Plan No. 311 of the Provincial People's Committee.

Actively coordinate with relevant departments and agencies to review, compile, and propose economic cooperation contents with Japanese organizations and businesses at the Vietnam-Japan Economic Forum held in Japan, as requested by the Ministry of Planning and Investment .

In coordination with the Department of Industry and Trade, we organized an exhibition space program to promote and introduce the potential and opportunities for connection between Hanoi and the provinces in the Northern key economic region - "Link to Grow" in Vinh Phuc.

We also participated in meetings and worked with leaders of several corporations and businesses who came to learn about investment policies and procedures and project implementation in the province's industrial parks, such as: Young Poong Group (South Korea); META Investment Fund and Grandway Singapore Company...

The handling of administrative procedures under the "One-Stop Shop" and "Integrated One-Stop Shop" mechanisms at the Provincial Public Administrative Service Center has been carried out seriously and effectively, with over 97% of the Board's administrative procedures being resolved on time and ahead of schedule, and 100% of investment procedures being declared online on the national investment information system.

In particular, efforts to resolve difficulties and obstacles, and provide legal support to FDI enterprises operating in industrial parks are carried out regularly, contributing to building a safe, efficient, and attractive investment environment, attracting new FDI projects, and making the province a locality with a comparative advantage in the region in attracting investment.

With the active support of relevant departments and agencies, in the first months of 2024, many large-scale FDI projects have come into operation in the province, such as the project to manufacture motorcycles, scooters, spare parts and auxiliary components for automobiles and other motor vehicles by Polaris Vietnam Co., Ltd., Ba Thien II Industrial Park (Binh Xuyen) with a total investment of 40 million USD...

A representative from Polaris Vietnam Co., Ltd. stated: With the support of relevant authorities, the company has been given the best conditions to expand its investment as planned. Currently, the first motorcycles are being assembled by our team of workers for export in the near future.

In the first four months of 2024, the province attracted 34 FDI projects, including granting new investment registration certificates to 19 projects and increasing capital for 15 projects, with a total registered capital of over 363 million USD, reaching nearly 91% of the annual plan and increasing by nearly 40% compared to the same period in 2023.

The global economy is in the process of recovery, opening up opportunities to attract FDI for all localities across the country.

In the context of the province's previous comparative advantages now shrinking as neighboring and regional localities with similar development conditions rise strongly, in order to achieve and surpass the investment attraction target set for 2024, the province will continue to strengthen administrative reforms, flexibly apply preferential tax and financial mechanisms and policies, improve the PCI index, and meet the increasingly high demands of businesses.

Actively promote digital transformation; publicly disclose information related to planning; proactively connect, engage, and work with potential investors and large economic corporations to learn about the investment and business environment; accelerate the construction of infrastructure in industrial parks to be ready to meet the needs of investors...

Liu Nhung

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