Vinh Phuc lures investors in IZs

09:58 | 07/07/2016 Economy

(VEN) - Vin Phuc is dedicated to attracting increased investment into its industrial zones. Industrial zones (IZs) in Vinh Phuc Province have attracted 185 projects including 40 domestic) projects and 145 foreign direct investment (FDI) projects.

Vinh Phuc lures investors in IZs

According to Vinh Phuc Province People’s Committee Deputy Chairman Le Duy Thanh, the province currently has 20 IZs, of which 12 are in operation attracting VND14.452 trillion worth of domestic capital and US$2.723 billion worth of FDI capital.

Of the 185 projects in these IZs, 153 are operational, accounting for 82.7 percent of total projects, with the rest under construction, ground clearance operations and in the process of termination.

The Vinh Phuc Province Industrial Zones Authority said that IZs in the province had attracted six FDI projects with total registered capital of US$65.5 million in the first five months of this year, while receiving US$19.6 million worth of supplementary capital, increasing the total new and supplementary capital of FDI projects to US$85.1 million, representing 57.3 percent of the figure for the same period last year.

Also during this time, the province attracted three local projects with total capital of VND807.98 billion, a four-fold increase from a year ago.

Vinh Phuc will in the short run focus on attracting investors in IZs with an aim to receive US$200-300 million in FDI capital and VND700 billion in domestic capital.

For this to happen, the province will prioritize investment in strategic sectors such as support industries for automobile and motorbike production and assembly, IZ infrastructure and factories for lease.

The province will also raise possible sources of capital for construction of accommodation for IZ workers, while at the same time luring capital from domestic investors, multinational groups and small to medium-sized enterprises from Japan, South Korea and Chinese Taipei, plus potential partners from Europe such as Germany, Italy and the Netherlands.

The Vinh Phuc Industrial Zones Authority said that between now and the end of the year they would work with the province’s Department of Natural Resources and Environment, Department of Planning and Investment and related authorities to put in place measures to attract capital to IZs. Specifically, the authority will help the province resolve problems related to investment certification, evaluate the investment environment and simplify paperwork to reduce investment certification time.

To better facilitate IZs, the authority will re-examine technical infrastructure facilities in IZs and urge investors to complete IZ infrastructure projects in a timely manner.

In addition, the authority will increase their support of licensed projects in order for them to run effectively, while inspecting slow projects which have adversely affected the provincial investment ambience.

Vinh Phuc Province has been keen to canvass the opinions of investors and supported them in contributing to the sustainable development of IZs in the province.


Hoa Nguyen