Vietnam's northern province of Vinh Phuc on Tuesday granted investment registration certificates to 17 domestic and foreign investors with total registered capital of over VND20 trillion ($810 million).
The documents were given to the investors at a conference announcing the provincial master plan for the 2021-2030 period, with a vision until 2050.
Most newly-licensed projects are in the fields of industrial park development, electronics and medicine production.
The five largest projects alone have a total investment of more than VND12.4 trillion ($501.7 million), accounting for over 62%.
They include the VND3.93 trillion ($159 million) Korea Circuit Vina project in Soc Son Industrial Cluster by the Korea Circuit Vina Co., Ltd. & Interflex Co., Ltd; the VND3.46 trillion ($140 million) BHflex Vina electronic components factory project in Khai Quang Industrial Park by BH Co., Ltd; the Phuc Yen Industrial Park project in Phuc Yen town worth VND1.99 trillion ($80.5 million) by Vinh Phuc International Service and Industrial Zone JSC and SHINEC JSC; the VND1.56 trillion ($63.12 million) Kitz Corporation Vietnam Co., Ltd. factory in Thang Long Industrial Park; and Amotech Co., Ltd.’s Amo Vina factory in Khai Quang Industrial Park, with a total investment capital of VND1.48 trillion ($59.9 million).
Speaking at the ceremony, Deputy Prime Minister Tran Hong Ha hailed Vinh Phuc as a gateway and bridge connecting the northern midland and mountainous provinces with Hanoi and the Red River Delta region, and an important part of the Hai Phong-Hanoi-Lao Cai-Kunming (China) economic corridor.
“Vinh Phuc has enough potential, advantages and outstanding and distinct opportunities for harmonious and sustainable development, acting as one of the growth poles of the Red River Delta region,” he said.
With the new master plan, Vinh Phuc will become a nucleus promoting the development of a modern industry in the Red River Delta. “The master plan will open up new opportunities and development space for the province,” he noted.
Vinh Phuc seeks to develop high-tech industries such as mechanics, automobile and motorbike manufacturing and electronic components production, aiming to become one of the country’s automobile and motorbike manufacturing hubs.
The province will also focus on other industries like electronics, support industries, mechanics, metal production, food and beverages.
Vinh Phuc plans to make tourism a key economic sector, becoming a leading destination for branded resort tourism, with domestic and international competitiveness.
The province will renovate its economic growth model, increasing labor productivity on the basis of science and technology and innovation, Ha added.
By the end of 2023, Vinh Phuc, home to Toyota and Honda Vietnam, had attracted more than $8 billion of foreign direct investment, and more than VND140.4 trillion ($5.68 billion) of domestic direct investment.
Under the master plan, Vinh Phuc has set its average GRDP growth rate in the period 2021-2030 at about 10.5-11% per year. The average GRDP per capita is expected to reach about VND325 million by 2030. The province is aiming for an urbanization rate of 65%, meeting the criteria of a tier-1 urban area. All districts will achieve new-style rural status and its poverty rate will fall to 0.5%.
Vinh Phuc will become a centrally-run city by 2050, with a modern, green, clean and beautiful infrastructure system bearing its own identity, and a prosperous society. It will become a city with comprehensive development in all aspects of the economy, society, and environment.