Vinh Phuc Department of Planning and Investment increasing to cooperate with Japanese promotion investment organizations

At the meeting session with JICA, Mr. Pham Quang Thang, Deputy Director of Department of Planning and Investment informed about Vinh Phuc’s socio-economic development and investment attraction orientation in the coming time. With the policy of industry development is the driving force, tourism and service development is the crucial economic sector for the province’s development. Exploiting and efficiently using investment resources for the development, building Vinh Phuc to become one of the centers of industry, service and tourism of the region and country.

In recent years, Vinh Phuc’s economy has continuously grown at high speed. The economic scale in 2020 is estimated at 122,157 billion VND dong (about 5.2 billion USD), the GRDP per capita in 2020 is estimated at 104.2 million dong/person (about 4,530.43 USD/person/year). In terms of investment attraction, Vinh Phuc is considered as one of the North region’s highlights. By the end of 2020, the province attract 1,215 investment projects, of which 803 DDI projects with a total capital of over 98 trillion dong (about over 4.2 billion USD) and 414 FDI projects with total registered capital over 6.2 billion USD, of which Japan with large number of projects, total investment capital has ranked 2/19 countries and territories investing in Vinh Phuc (50 projects with the total investment capital over 1.2 billion USD).

There are many large investors from Japan have invested in Vinh Phuc such as Toyota, Honda, and Sumitomo. In the 2016-2020 period, FDI projects contributed more than 2.8 billion USD to the added value of the province, contributed more than 11.6 trillion VND to the state budget, and created jobs for 41 thousand workers. Mr. Thang said Vinh Phuc had been supported by Japanese Government to improve the province’s investment environment in the development of technical infrastructure systems (transport, water supply and drainage, flood-prevention) and the improvement of investment promotion skill, in the coming time, Vinh Phuc will continue to focus on the cooperation and attraction FDI from Japan and propose JICA to support and cooperate with Vinh Phuc province.

– Providing information about the Vinh Phuc investment environment for Japanese investors;

– Support to connect, invite Japanese businesses to attend investment promotion seminars and conferences organized by Vinh Phuc; Introducing Japanese investors who have demand to invest in Vietnam, researching to expand production and business in Vinh Phuc into a number of areas where Japan has strengths such as automobile manufacturing, electronics industry. , Information Technology; transport infrastructure, health, education, tourism…

– Connecting cooperation in production of high quality agricultural products, ensuring food hygiene and safety providing for domestic and export markets.

– Supporting Japanese language and culture training for students and officials of Vinh Phuc

– Supporting vocational training institutions in Vinh Phuc;

– Support Vinh Phuc to cooperate with Japanese labor associations to train and help Vinh Phuc workers to Japan to work.

– Supporting Vinh Phuc’s SMEs in enhancing product quality, effective enterprise management and expanding and developing markets.

Mr Takauchi Koji and Mr Ishiguro Yohei- Senior Project Formulation Advisors at JICA thanked for Vinh Phuc’s kind attention to Japanese organizations and enterprises, highly appreciated the development orientation and achievement of Vinh Phuc. Besides, he also said that during the past years, Japanese government has had many programs and projects to support the socio-economic development of many localities in Viet Nam, including Vinh Phuc. Regarding to the province’s proposals, JICA will coordinate with Ministry of Planning and Investment to consider and incorporate into the bilateral cooperation program in the coming time

Delegation of Vinh Phuc Planning and Investment Department and RETRO Ha Noi representative

On the same day, at the meeting session with JETRO, Mr. Pham Quang Thang discussed with Mr. Hiromitsu SHO – Head of Research Department of JETRO Hanoi about the contents including asking JETRO to cooperate and support Vinh Phuc in activities of promotion and support Japanese investment in Vinh Phuc. From March 2018, the People’s Committee of Vinh Phuc Province and Sumitomo Group signed a memorandum of understanding on the cooperation to establish the Investment Promotion and Business Support Division from Japan in Vinh Phuc province (Japan Desk Vinh Phuc). Japan Desk Vinh Phuc coordinates with relevant provincial agencies has been actively supporting Japanese businesses and investors in exploring opportunities as well as deciding to invest in Vinh Phuc. Especially in the implementation of administrative procedures on investment, reduce the time for issuing investment registration certificates and business registration to only 3 working days.

Mr. Hiromitsu SHO highly appreciated the way Vinh Phuc supporting Japanese investors, he shared that currently, the COVID-19 epidemic is still complicated in Japan and around the world, besides organizing investment promotion activities in traditional ways, these activities should be organized in an innovative way combine in person meeting with online meeting in order to ensure information provision and support for Japanese businesses in researching the opportunities to expand business investment locally. JETRO will support Vinh Phuc in connecting and providing information on the province investment environment to Japanese investors.