09:53 | 01/10/2015 Economy
Many businesses, mainly from the Republic of Korea and Japan, have invested into northern Vinh Phuc province over the past few months.
At a wholly Dutch-invested company of animal feed in Vinh Phuc province. (Source: VNA)
Highly attractive fields include electronics spare parts, automobile and motorcycle support industry, mechanics and manufacturing.
The outcome was attributed to local efforts to persuade foreign businesses to invest in the province to develop industry and generate jobs for rural workers.
According to the provincial Department of Investment Support and Promotion, Vinh Phuc granted new investment licences to 22 foreign direct investment (FDI) projects with a total registered capital of 172.58 million USD.
So far, the province has 199 valid FDI projects worth nearly 3.2 billion USD and 598 domestic initiatives worth over 43.3 trillion VND (1.9 billion USD).
In 2015, the locality has promoted investment attraction from promising and hi-tech countries and territories while focusing on handling land clearance issues, improving infrastructure at industrial parks and developing human resources.
It also concentrated on simplifying administrative formalities by applying the one-stop-shop model and helping businesses weather difficulties.
Many industrial parks and craft villages have generated jobs for local workers with average monthly incomes of 4-5 million VND (177.8 USD-222.3 USD) per person./.