Vinh Phuc Investment Promotion Agency – bridge connection authorities and investors

To date, IPA Vinh Phuc has organized 11 delegations of provincial investment promotion in the following countries: Japan, Korea, the Russian Federation, Italy, USA, India … The investment promotion delegation held successfully 35 workshops on investment promotion in these above countries with the participation of over 1,300 investors; visited and worked directly with more than 100 organizations and enterprises of these countries. During the trip, the delegations has introduced and promoted business and investment environment of the province, to build the image and contribute to improving the status of the province for investors.

IPA Vinh Phuc has coordinated with departments and agencies to welcome and word with numerous investors

To serve effectively for investment promotion activities and mobilize potential investors to invest in the local projects, IPA Vinh Phuc has issued 18,600 of the  document with 5 languages: Vietnamese, English, Japanese, Korean, Chinese introduced projects calling for investment, information and data of industrial parks; thousands of DVDs of the overall planning was released to provide  for investors. The activities of propaganda, promotion and introduction of environment policies, potential, opportunity and investment connections was  deploying positively. In particular, in 2014, IPA Vinh Phuc has collaborated  with VTC10 External Channel, VTC Digital Television reporters  implement the recommendation, potential and advantages promotion, investment environment of Vinh Phuc province broadcast over 20 countries in the world.

The website of IPA Vinh Phuc was promoting as role of bridge connection  between investors with the province and is one of very few local Web translated by 5 languages including Vietnamese, English, Japanese, Korean, Chinese. Up to date of March 10,2016, This website  have been updated  1,861 News, 210 pages of database, 256 guide database pages of administrative procedures, 188 text, 833 of direct investment projects DDI and FDI. There have been 364,745 new visits from 150 countries and territories. In which includes Japan, USA, India, Korea, Indonesia, Singapore, Taiwan, Netherlands. The major favourite  contents such as the guidance of administrative procedures; the investment incentive policies; Projects calling for investment.

Perform  duties to support investors in understanding the laws, policies and procedures for investment; potential, market, partners and investment opportunities in the province, since its establishment, Vinh Phuc Investment  promotion Agency collaborated with departments and agencies to welcome and  work with 251 delegations, businesses and investors with 2,461 visitors, including 220 foreign delegations, with 1,439 foreign visitors. At the meeting, IPA Vinh Phuc has advised the provincial People’s Committee to provide information on the investment environment of the province, the list of projects calling for investment, the investment costs related to the invest; timely direction the investors implement administrative procedures relating to the investment; support and solve the problems in the implementation process for the new project to be issued the Investment Certificate in province. There are numerous projects operating well such as: Power Logics Co., Company Sindoh (Korea), TAL Group, Pegasus (Singapore),  Sumitomo Group (Japan) …

With the motto of creating the highest satisfaction by best supporting for investors, thereby contributing to improving the provincial competitiveness index, IPA Vinh Phuc is a bridge connecting to receive administrative records under the “one stop service” among investors with 10 relating departments with 14 administrative procedures using state capital and 11 administrative procedures with FDI/DDI capital. Since its establishment, the IPA Vinh Phuc has received over 4 thousand administrative records, the number records are returned on time account for over 90%. In addition, IPA Vinh Phuc in collaboration with the Enterprise Association carry out the survey, grasping the situation of production and business activities and difficulties in 90 enterprises. Through the survey results. The provincial People’s Committee has directed the relevant authorities to promptly support to remover obstacles for businesses.

Vinh Phuc Investment Promotion Agency well implemented the role as the bridge connecting to receive the administrative records under “One stop service” mechanism among investors and local authorities and departments.

Together with the all level departments, the ongoing efforts of IPA Vinh Phuc has contributed to the reward for investment promotion activities in the province. The results attract investment grow every year: in 2013, Vinh Phuc attracted 42 direct investment projects, of which 21 FDI projects, 21 DDI projects; 2014 granted 85 new projects, adjusted for increasing capital of 17 projects, of which there are 56 FDI projects, 46 DDI projects . So far, Vinh Phuc has attracted 821 investment projects, including 213 FDI projects with total registered capital of over US $ 3.3 billion; 608 valid DDI projects, with total registered capital of over 48.7 trillion. Separately direct capital investment from 2013 to February, 2016 associated with the establishment of IPA Vinh Phuc. FDI projects accounted for 38.4%, DDI projects made up 48.8 % of total  registered capital of the province in the last of 20 years (1995-2015). Besides, the province’s investment environment improved strongly, resulting Provincial Competitiveness Index achieved impressive figures: in 2013 Vinh Phuc province stands 26/63 provinces; in 2014 rose to 6/63, 2015 ranks the second position in the entire North and 4/63 of the whole provinces.

However, in order to attract the strong wave of investment and maintaining the enhancing  the provincial competitiveness index to new heights, Mr. Nguyen Tien Hanh, Director of IPA Vinh Phuc said that all levels and sectors of the province needs to work closely, coherent, regularly in the exchange, providing information on investment promotion, trade and tourism promotion. The province needs to issue projects investment procedures, unified in guiding investors; reducing land prices and rental  infrastructure of  industrial park  so as to increase competitiveness of the investment costs. The local needs to the more aggressive in the implementation of compensation and site clearance to avoid negatively affecting the investment environment of the province.