Vinh Phuc's strategic geographic location, open investment climate, modern infrastructure, transparent legal framework, robust security measures, and skilled labor force have collectively positioned it as a highly attractive destination for investors, particularly those from Korea. Many major Korean corporations have established successful operations in the region, making significant contributions to local socioeconomic development.
Mr. Vu Viet Van, Vice Chairman of Provincial People's Committee at the signing ceremony of the cooperation agreement with CNCTech
Currently, Vinh Phuc province has 1,313 investment projects, including 472 foreign direct investment (FDI) projects with more than US$8.3 billion of registered investment capital and 841 domestic direct investment (DDI) projects with VND145 trillion. In particular, among more than 20 countries and territories investing in Vinh Phuc province, Korea ranks first in both projects and investment value, with 238 projects and over US$3 billion. South Korean investors are mostly engaged in electronics, electronic components, automobiles and parts, textile and garment and semiconductors - key industries of the province's investment attraction strategy in the coming time.
After more than seven years of operation, Young Poong Electronics Vina Co., Ltd in Binh Xuyen II Industrial Park - a wholly South Korean-invested producer of flexible printed circuit board (FPCBs) and surface mount circuit boards (SMT) for mobile phone and computer production - has affirmed its position in the market and become a partner of many giant firms like Apple, LG and Samsung. This is also the first company in Vinh Phuc province to be certified as a high-tech support enterprise in the priority development plan. At the meeting with Vinh Phuc leaders, Mr. Hawng Jin Ju, General Director of the company, highly appreciated the local investment environment and affirmed that this is an important reason for it to continue expanding the third factory in Dong Soc Industrial Complex (Vinh Tuong) in addition to its current factories in Binh Xuyen district.
Recently, at the Workshop on “Promoting investment in Vinh Phuc industrial parks in 2024” organized by CNCTech Group, the leaders of Vinh Phuc Provincial People's Committee awarded investment certificates to some new projects and witnessed the signing ceremony of cooperation agreements between CNCTech Group and three Korean companies that decided to invest in CNCTech Group's projects in Vinh Phuc. This event is of great significance not only to CNCTech Group but also to the increased confidence of investors who plan to study and carry out investment projects in Vinh Phuc province in the coming time.
Guided by the motto, “Investors in Vinh Phuc are citizens of the province; the success of enterprises is the success of the province,” Vinh Phuc has enhanced its business environment through the 3 principles: a robust and comprehensive legal framework, advanced technical infrastructure, and exemplary business services. These improvements ensure optimal conditions for investors, including those from South Korea, to explore, research, and implement their investment projects within the province.
In the coming time, to continue to be a "landing place", an attractive destination for FDI capital flows in general and Korean companies in particular, Vinh Phuc province requires all relevant agencies and local authorities to speed up land compensation and site clearance to provide available land for investors to build their factories and carry out production and business projects; reform administrative procedures; and remove difficulties and obstacles regarding investment certification and other licenses for companies.
By Thanh Loan, Vietnam Business Forum
Vietnamese
October 2024
Hanoi