The memorandum of understanding signing at the conference. Photo baovinhphuc.vn

VĨNH PHÚC The northern province of Vĩnh Phúc commits to accompanying and creating favourable conditions in accordance with Vietnamese law for Japanese businesses, investors and partners to implement co-operation and investment activities in the locality.

Standing Vice Chairman of the provincial People’s Committee Vũ Việt Văn made the statement at a conference to promote Việt Nam – Japan investment held in the province on Sunday.

The event, co-organised by the People’s Committee and Asia Group, was one of the activities to celebrate 50 years of diplomatic ties between Việt Nam and Japan (21/9/1973-21/9/2023).

When Vĩnh Phúc was re-established in 1997, it was a poor, purely agricultural province with budget revenue of only more than VNĐ100 billion (US$4.3 million) and income per capita equal to 48 per cent of the national average.

At that time, the province had only eight FDI projects and one domestic investment project. In the context of many challenges, Vĩnh Phúc Province identified international integration, expanding cooperation with localities and foreign partners as the driving force for its socio-economic development. International economic integration and investment attraction were key for Vĩnh Phúc’s development.

The province is now one of the few localities with high industrial production value, high total domestic budget revenue, and a leading centre for manufacturing automobiles, motorbikes, and electronic products for the key northern economic region and the whole country.

By the end of 2022, the province attracted 450 FDI projects with total investment capital of over $7.5 billion. Of which, there are 58 Japanese projects with a total registered capital of over $1.62 billion, ranking second in terms of number of projects and investment capital, but first in terms of disbursement ratio and production and business efficiency.

Japanese projects are mainly in the field of automobile and motorcycle manufacturing, contributing up to 70 per cent of Vĩnh Phúc's total annual budget revenue and creating jobs for more than 24,000 local workers. In addition, projects using Japanese ODA, typically the $152 million project to improve the investment environment, have helped the province solve initial shortcomings such as lack of electricity and clean water as well as outdated drainage and wastewater treatment systems.

Trade relations between Vĩnh Phúc and Japan have prospered as many products have been exported and many Vĩnh Phúc citizens are living, studying and working in Japan.

In order to become the centre of industry, service and tourism development of the region and the whole country and strengthen the cooperation relationship between Vĩnh Phúc and Japanese partners, the province will deploy effective agreements signed with Akita and Tochighi prefectures. It would also strengthen exchanges and cooperation with other localities of Japan to attract supporting industries, high-tech production, biotechnology, and environmentally-friendly projects.

In addition, it would speed up the beef project in Tam Đảo District, commercial activities, and exporting its key products to Japan. It would promote tourism cooperation, focusing on sharing experiences in tourism development planning, connecting education cooperation, training high-quality human resources, and exporting labourers. Cooperation in the field of agriculture, especially high-tech agriculture, would be paid attention to.

The province’s leaders also provided information about Japanese investors who are interested in the clean land fund for the development of industrial parks, orientation for the construction and development of trade centres and golf tourism services in the province. On the occasion, leaders of Tuyên Quang Province – a neighbouring locality, introduced their potential and advantages in tourism and service development.

The Vĩnh Phúc Centre for Research, Investment Promotion and Enterprise Support, Asia Group, VY Planning Joint Stock Company, Vĩnh Phúc Trade Promotion Centre, Jink Joint Stock Company and Concele Joint Stock Company signed a memorandum of understanding to support, promote and connect investment cooperation opportunities and business activities in the fields of industry, tourism and commerce as well as introduce new potential for Japanese enterprises in Vĩnh Phúc and Tuyên Quang provinces.

Also at the event, Asia Group officially inaugurated its golf product showroom chain from Japan and other brands such as TaylorMade, Mizuno, and Adidas. It now has three showrooms providing products in three market segments including Standard, VIP and Luxury. All of its golf products are displayed and follow Japanese standards.

The group aimed to create a “shop-indoor golf-academy-tour-event” golf ecosystem in Việt Nam.

On the occasion, it also organised Asia Golf tournament to promoting exchanges between the two countries. VNS