Vinh Phuc has been one of top spots in attracting foreign directinvestment (FDI) in the north of Vietnam. The province is an attractivedestination for leading investors such as Japan, the Republic of Korea,US and the EU, the Vietnam Business Forum Magazine (VBF) reported.
Despitethe difficult economic situation, in the 1st quarter of 2014, VinhPhuc’s investment attraction achieved positive results. Total newlyinvested capital and added capital reached 115.7 million USD with 6newly invested projects and 1 added capital project. The number ofprojects increased by 3 times and total capital increased by 7 timesagainst the same period last year.
The projects of Toyota, Honda,Yamaha, Piaggio and others have brought great social and economic valueto the locality. In the 1st quarter 2014, FDI enterprises contributed4,000 billion VND (200 million USD) to the state budget, up 23 percentcompared to the same period in 2013, attracting over 45,000 localworkers.
Aiming to attract investments in the industrial sector,with the priorities to automobile, motorcycle and electronicmanufacturing sectors, Vinh Phuc aimed to become a centre of industrialproduction in Vietnam.
Supporting Industry (SI) has accountedfor over 50 percent of Vinh Phuc's GDP. Vinh Phuc’s SI primarilyfocuses on three major sectors: mechanics, electronics and computing andautomotive and motorcycle, accounting for over 10 percent of theindustry.
However, besides industrial products for theautomobile and motorcycle industry, the fields of mechanicalengineering, automotive, electronics-computer are limited inmanufacturing simple components. Many sectors of FDI enterprises such asautomobiles, motorcycles and electronics have high export value, butdepend entirely on imported sources, so their added value is low.
Theindustrial growth of Vinh Phuc has received great contribution fromToyota and Honda Vietnam. However, at present, the two companies mainlyoperate in assembling imported spare parts so that the localisation rateof some of the main products is not high.
A decision of VinhPhuc People’s Committee on development planning for SI by 2020, with avision towards 2030, identified the SI planning as closely linked withindustrial development planning.
In particular, SI developmentwill become the foundation for the industry towards the use of advancedtechnologies, with high competitiveness, first to increase thelocalisation rate of major industrial products. The SI sector of theprovince strives to provide SI products for industries in the provinceand neighbouring provinces, as well as participate in global supplychains of multinational corporations in the world.-VNA
Despitethe difficult economic situation, in the 1st quarter of 2014, VinhPhuc’s investment attraction achieved positive results. Total newlyinvested capital and added capital reached 115.7 million USD with 6newly invested projects and 1 added capital project. The number ofprojects increased by 3 times and total capital increased by 7 timesagainst the same period last year.
The projects of Toyota, Honda,Yamaha, Piaggio and others have brought great social and economic valueto the locality. In the 1st quarter 2014, FDI enterprises contributed4,000 billion VND (200 million USD) to the state budget, up 23 percentcompared to the same period in 2013, attracting over 45,000 localworkers.
Aiming to attract investments in the industrial sector,with the priorities to automobile, motorcycle and electronicmanufacturing sectors, Vinh Phuc aimed to become a centre of industrialproduction in Vietnam.
Supporting Industry (SI) has accountedfor over 50 percent of Vinh Phuc's GDP. Vinh Phuc’s SI primarilyfocuses on three major sectors: mechanics, electronics and computing andautomotive and motorcycle, accounting for over 10 percent of theindustry.
However, besides industrial products for theautomobile and motorcycle industry, the fields of mechanicalengineering, automotive, electronics-computer are limited inmanufacturing simple components. Many sectors of FDI enterprises such asautomobiles, motorcycles and electronics have high export value, butdepend entirely on imported sources, so their added value is low.
Theindustrial growth of Vinh Phuc has received great contribution fromToyota and Honda Vietnam. However, at present, the two companies mainlyoperate in assembling imported spare parts so that the localisation rateof some of the main products is not high.
A decision of VinhPhuc People’s Committee on development planning for SI by 2020, with avision towards 2030, identified the SI planning as closely linked withindustrial development planning.
In particular, SI developmentwill become the foundation for the industry towards the use of advancedtechnologies, with high competitiveness, first to increase thelocalisation rate of major industrial products. The SI sector of theprovince strives to provide SI products for industries in the provinceand neighbouring provinces, as well as participate in global supplychains of multinational corporations in the world.-VNA
