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  • News
  • News in Vietnam
  • 9 February 2022

Vinh Phuc – the destination of FDI after 25 years

Vinh Phuc made a breakthrough in growth from the initial difficulties, especially in attracting FDI investment, becoming a locality with impressive socio-economic development speed.

Economic growth above double digits

From 1997 to 2021, Vinh Phuc’s GRDP (gross domestic product) growth rate is consistently above double digits, an average increase of 13.44% a year. The construction industry increased by 20.13% a year (industry alone increased by 21.4%); services increased by 9.7%, and agriculture, forestry, and fishery increased by 4.85%.

At current prices, the scale of added value will reach VND 123,600 billion in 2020, ranking 14th in the country and 6th in the Red River Delta. GRDP per capita in 2020 will reach 105.5 million VND (equivalent to 4,500 USD), 1.73 times higher than the national average. As a result, Vinh Phuc ranks 5th out of 11 provinces in the Red River Delta and 10th out of 63 regions/cities nationwide on this index.

Besides, the economic structure of the province has had a positive change. The industry and construction sector plays a leading role in economic growth and holds the main proportion in the province’s GRDP structure. It is estimated that in 2021, the balance of this sector will account for 63.74% of the total added value of the three economic sectors (construction industry, services, agriculture, forestry, and fishery), compared to 1997. this area is 18.4%. The remaining two economic sectors, services, agriculture, forestry, and fishery, are on a downward trend.

The destination of FDI investment

Vinh Phuc identifies promotion and investment attraction as essential to its development. Since then, the province has paid particular attention to improving the business and investment environment, organizing investment promotion activities on the spot, implementing and regularly maintaining a program to connect with businesses.

In 1998, Vinh Phuc had only eight foreign-invested capital (FDI) projects and one domestic investment (DDI) project. By 2021, the province will have 429 FDI projects with a total registered investment capital of 7.1 billion USD from 20 participating countries and territories such as the US, Japan, and Europe. The 824 DDI projects with a total capital of nearly 110,000 billion VND.

The number of enterprises in the province is 13,000 (an increase of 141 times compared to 1997), with a registered capital of over 150,000 billion VND. 70% of registered enterprises are operating, contributing significantly to budget revenue and creating jobs for laborers.

Upgraded infrastructure

The traffic system and infrastructure, in general, are also the highlight after 25 years of re-establishing Vinh Phuc province. Many areas have basic infrastructure that is superior to neighboring regions.

The whole province has nearly 30 urban areas, of which Vinh Yen city is a grade II urban center and plays the role of the economic, cultural, and political center of the province. Phuc Yen city is a grade III urban center and other urban centers in the districts. The proportion of the urban population is about 46%.

Many large and critical projects not only meet the needs of the People but also create essential highlights in Vinh Phuc urban space such as Ho Chi Minh Square Park; Vinh Phuc High School for the Gifted; Provincial General Hospital; Vinh Phuc Obstetrics and Children’s Hospital; Vinh Yen city amusement park; green parks in Lap Thach, Tam Dao, Vinh Tuong, and Yen Lac districts; upgrading and repairing the infrastructure of Tam Dao, Tay Thien, and Dai Lai tourist resorts; roads combined with dams to prevent water from Dam Vac; Dam Vac bridge.

(Source: VnExpress)

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