Vinh Phuc improves investment environment

17:25 | 03/05/2016 Economy

(VEN) - Vinh Phuc Province ranked fourth among the country’s 63 cities and provinces according to the 2015 provincial competitiveness index (PCI) announced by the Vietnam Chamber of Commerce and Industry in late March. Vinh Phuc Province People’s Committee Deputy Chairman Le Duy Thanh talked about the local investment environment in an interview with Vietnam Economic News’ Nguyen Hoa.

Vinh Phuc improves investment environment

What did the province do to achieve such a high PCI ranking?

Vinh Phuc Province ranked 43rd among 63 cities and provinces throughout the country in terms of the 2012 PCI rankings. This result was a huge shock to local leaders and management agencies.

After the announcement, local leaders expressed their determination to improve the investment environment, while the province assigned management agencies to review the situation. The project on improving the investment environment and enhancing the PCI during the 2013-2015 period was adopted focusing on reforming administrative procedures for increasing transparency in order to create the most favorable conditions for businesses.

In addition, the Vinh Phuc Investment Promotion Agency was established with the main task of receiving investment documents and overseeing agencies in resolving administrative procedures based on the one-door mechanism. Moreover, the provincial steering committee was also established to overcome difficulties facing businesses.

What experience has the province had in FDI attraction?

Honda, Toyota and Piaggio have conducted market research before implementing investment projects. They have selected Vinh Phuc as an investment destination as the province has met all their targets.
To attract the interests of large groups, Vinh Phuc Province has seen all investors as citizens of Vinh Phuc, and the success of these businesses as being the success and pride of the province.

What is the province’s investment attraction orientation?

Investment quality is considered a top priority. To complete the target, the province will make greater efforts in improving the investment environment, especially in a context where numerous free trade agreements are going to take effect. The province will also focus on attracting investment in high added-value and environmentally-friendly sectors such as electrical and electronic engineering, information technology, automotive manufacturing, machinery and equipment and high-tech agriculture.

The province’s potential partners remain Japan, the Republic of Korea, Chinese Taipei and Singapore. In the context of international economic integration, Vinh Phuc needs to make good preparations to receive new investment waves from the US, the UK, and European, Australian, North African and the Middle East countries.

Vinh Phuc Province People’s Committee Deputy Chairman Le Duy Thanh said that the province has focused on improving infrastructure to attract the engage of investors.


Nguyen Hoa