PRAGUE – Authorities from the northern province of Vĩnh Phúc have assured enterprises from the Czech Republic of favourable conditions for them when investing in their province.

The province introduced a list of 42 projects that have been calling for investment in several sectors under the forms of official development assistance (ODA), foreign direct investment (FDI) or public private partnership (PPP).

Chairman of the provincial People’s Committee Nguyễn Văn Trì spoke at a workshop on investment opportunities in the province held in Prague, the Czech Republic on Monday. He highlighted the local favourable business environment, saying that it offers comprehensive infrastructure, skilled worker training, simplified administrative procedures and low-cost land, rent-free to foreign investors.

Vice Chairman of the provincial People’s Committee Nguyễn Kim Khải said the province ranked fourth in the provincial competitiveness index in Việt Nam. It has lured 221 foreign investors with a total capital investment of US$3.5 billion.

However, there are no Czech businesses currently investing in the province. Khải expressed his hope that Czech firms would invest in mechanical manufacturing and supporting industries.

Vĩnh Phúc Province has been one of the country’s centres for automobile and motorbike assembly. Support industries therefore play an important role.

It is calling for investment from Czech investors in support industries for automobile and motorbike assembly. In addition, it also welcomes investment in hospitals to reduce pressure on hospitals in the capital Hà Nội. It is also looking for investment in a vocational training school for Vĩnh Phúc and neighbouring localities.

Meanwhile, the Vietnamese Ambassador to the Czech Republic Trương Mạnh Sơn provided an update on the development of friendship and economic cooperation between the two nations, while underlining Việt Nam’s investment potential.

Vice President of the Economic Chamber of the Czech Republic, Borivoj Minar, said a delegation of Czech firms planned to visit Vĩnh Phúc Province to expand co-operation.

Last week, the province’s delegation, led by Trì, had a working meeting with representatives from the Embassy of Việt Nam, the Vietnamese People Association and the Việt Nam Business Association in the Czech Republic. The provincial leader called on Vietnamese expats to invest more in the locality. -- VNS