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Vinh Phuc targets $300m in FDI
The northern province of Vinh Phuc aims to attract US$370 million in investment by 2015, the provincial People's Committee has reported.
Of the total, $300 million was expected to come in 25 foreign-invested projects with the remainder from 50 domestic investors.
Last year, the province continued to see strong investment, especially the foreign investment, the committee reported.
In addition to VND6.74 trillion ($345.6 million) of domestic investment, the province attracted 15 foreign-invested projects worth $250 million, bringing the number of foreign-invested projects to 121 with a combined registered capital of $2.32 billion.
Last year, the foreign-invested sector accounted for 88 per cent ($403 million) of the provincial total export revenue and created 30,000 jobs.
Committee Chairman Phung Quang Hung attributed the "encouraging" result to administrative procedure reforms, improved infrastructure and higher quality personnel.
"The socio-economic achievements in recent years have also made Vinh Phuc an attractive location for investors here and globally," Hung said.
The province was one of the country's top localities for economic growth in the past five years, recording an annual rate of 18 per cent.
It also ranked seventh in industrial production value. Last year, its industrial output rose by 20.4 per cent to reach VND41.46 trillion ($2.12 billion).
To attract investment, Vinh Phuc had focused on developing a series of industrial parks and clusters, Hung said.
Up to 24 industrial parks, covering 6,038ha, had been approved by the Prime Minister. Four had been completed and three were under development.
Head of Industrial Zones Management Board Nguyen Cong Loc said Vinh Phuc was giving investors as much encouragement as possible.
Top priority would be given to key industries such as engineering and manufacturing and electronics and environmentally friendly projects to turn Vinh Phuc into an industrialised province by 2020, Loc said.
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