11:22 | 29/07/2016 Economy
(VEN) - In a trade and investment seminar recently hosted by Vinh Phuc Province, Japanese Ambassador to Vietnam Hiroshi Fukada has addressed a satisfactory comment from Japanese investors, regarding the investment environment in the province.
Vinh Phuc People’s Committee Chairman Nguyen Van Tri speaks at the seminar
The most important investment partner
The province has attracted 222 foreign direct investment projects from the 16 countries and territories worldwide with total registered capital of US$3.43 billion, of which, there are 26 Japanese projects worth US$786.07 million, said by Vinh Phuc People’s Committee Chairman Nguyen Van Tri.
Although Japan ranks only third among foreign investors in Vinh Phuc Province, it has showed the best business performance and contributed the most to the provincial budget. Japan is by far the most important investment partner, Tri emphasized.
According to Hiroshi Fukada, Vinh Phuc has successfully implemented a great foreign investment attraction policy, which gained a lot of interests from Japanese investors. The province is highly appreciated because of its business and investment environment.
Sumitomo Corporation, a big Japanese investor in Vinh Phuc, has accelerated the construction of the Thang Long 3 Industrial Zone. Meanwhile, a project to support the province’s investment environment is being implemented by the Japan International Cooperation Agency (JICA). Hiroshi believes that Vinh Phuc will become a favorable investment destination after the completion of these two important projects. He also mentioned the need to expand investment in services and tourism in order to utilize geographical advantage, while maintaining a sustainable environment.
Promoting investment attraction
Vietnam Chamber of Commerce and Industry Chairman Vu Tien Loc addressed geographical location and local authorities’ commitments as Vinh Phuc’s main advantages to attract foreign investors. An investment promotion steering committee headed by the provincial chairman has shown local leaders’ great commitment to support foreign investors.
Another advantage to attract foreign investors is the province’s socio-economic stability. Vinh Phuc Province has witnessed high economic growth in recent years with 6.36 percent a year during the 2011-2015 period, higher than the country’s overall growth of 5.9 percent, while local income per capita has been improved with VND67.1 million a year in 2015, higher than the country’s standard of living. Its socioeconomic development continued to be stable during the first half of the year with growth of 7.4 percent compared to a year ago.
Tri has affirmed to make greater efforts to improve the regulatory environment, including support for current investors, to attract more foreign investment, especially from Japan.