Industry plays a leading role, leading the province's double-digit growth.

Identifying industry as a key economic sector, playing a driving role in promoting economic growth, the province has been synchronously implementing many solutions to maintain the growth momentum of the industrial sector, especially overcoming difficulties caused by the impact of the US's reciprocal tax policy on imported goods from Vietnam.

Toyota Vietnam Automobile Company contributes significantly to the economic growth target of the province.

In the first 6 months of 2025, the province's GRDP is estimated to increase by 10% over the same period in 2024, exceeding the target assigned in Resolution No. 25 of the Government and achieving the target in Decision No. 209 of the Provincial People's Committee. In particular, the industrial sector alone grew by 15-16%, affirming its position as a pillar, playing a leading role in the locality's double-digit economic growth.

Consistent with the motto: “Investors in Vinh Phuc are citizens of Vinh Phuc; the success of enterprises is also the success of the province”, Vinh Phuc always focuses on improving the investment and business environment. The province pays special attention to on-site investment promotion, regularly removing difficulties and obstacles for enterprises operating in production and business; organizing meetings and dialogues with enterprises; investment promotion conferences; as well as direct working sessions between provincial leaders and domestic and foreign investors and enterprises.

The province also issued many important policies such as: Plan to implement the Foreign Investment Cooperation Strategy for the period 2021-2030; Project to attract strategic investors until 2030; Project to improve the investment environment and enhance the provincial competitiveness index.

At the same time, Vinh Phuc effectively implemented solutions to remove obstacles related to compensation and site clearance for large projects and industrial park infrastructure projects; completed the system of mechanisms and policies to attract investment; invested in upgrading infrastructure inside and outside industrial parks.

From only one industrial park of 50 hectares (Kim Hoa Industrial Park) in 1998, Vinh Phuc has now established 17 industrial parks with a total area of over 3,140 hectares; of which 9 have been put into operation and 3 are under construction. Thanks to that, the province has become a bright spot on the national investment map.

If in 1998 there were only 8 FDI projects and 1 DDI project, by 2024, the number of projects in industrial parks had reached 495. In the first 6 months of 2025 alone, the province attracted 410 million USD of FDI capital and nearly 4,500 billion VND of DDI capital, an increase of 28% over the same period and exceeding 50% of the target assigned by the Provincial People's Council.

Vinh Phuc is currently the destination of many large domestic and foreign enterprises from more than 20 countries and territories. These enterprises not only invest long-term but also participate deeply in domestic and global supply chains, affirming the role of supporting the provincial economy.

In the industrial structure, the processing and manufacturing sector accounts for a large proportion, contributing mainly to industrial growth with the presence of large-scale FDI enterprises such as Toyota Vietnam, Honda Vietnam, Piaggio Vietnam, North Stair Precision, and many companies from Korea such as Deawoo, Patron Vina, Heasung Vina, Young Poong and hundreds of domestic and foreign satellite enterprises. This is the foundation for the formation of a high-tech industry, creating great added value and creating jobs for thousands of workers.

After US President Donald Trump announced the Decree on imposing reciprocal tariffs on Vietnam on April 2, 2025, Vinh Phuc quickly assessed the impact and proactively supported businesses. At least 73 businesses exporting directly to the US, with a turnover of over 500 million USD, were affected; not to mention hundreds of other indirect businesses. The province has established a Rapid Response Team to support businesses, organized direct dialogues, and at the same time promoted trade, e-commerce and expanded export markets to the Middle East, Eastern Europe, South Asia, Egypt and South America.

With the goal of supporting businesses to generate revenue and promote sustainable growth, the Provincial People's Committee has directed departments, branches and localities to focus on removing difficulties for businesses, especially those with large contributions in the fields of industry, trade and services. Special attention is paid to 50 businesses with high contributions to domestic budget revenue and 50 businesses with large contributions to import and export taxes.

The province has also drastically implemented solutions to reform administrative procedures: reviewing, cutting down and simplifying procedures with the goal of reducing at least 30% of conditions, 30% of time and 30% of compliance costs for procedures related to production and business by 2025. At the same time, ensuring that 100% of administrative procedures related to enterprises are carried out online, smoothly, transparently, regardless of administrative boundaries. Internal procedures within and between state agencies are also reviewed and streamlined to ensure effective operation of the administrative apparatus. Along with that, the province promotes training of high-quality human resources that meet international standards, meeting the recruitment requirements of enterprises and international integration.

Article and photos by Mai Lien

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/130317/Nganh-cong-nghiep-giu-vai-tro-dau-tau-dan-dat-tang-truong-hai-con-so-cua-tinh