On the sidelines of the Vĩnh Phúc investment promotion conference, Việt Nam News reporter talks to Deputy Director of the provincial Department of Planning and Investment Nguyễn Đức Tài about the province’s policies to boost investment in the upcoming time.

Could you please tell us the province’s achievements in attracting foreign and domestic investment over the past 20 years?

Since the province was re-established in 1997, the number of investment projects has surged dramatically from only two.

As of today, the province has drawn 230 foreign direct investment (FDI) projects worth US$3.53 billion from 15 countries and territories and 653 domestic investment projects with investments totalling VNĐ56.8 trillion ($2.5 billion).

Capital disbursement of FDI projects has reached $2.15 billion, accounting for 61 per cent of the registered capital while that of DDI projects attains VNĐ20.2 trillion, making up 36 per cent of the capital registered.

FDI projects in 2016 generated revenues worth $7.3 billion, representing an increase of 3 per cent compared to 2015, while DDI projects earn turnover of VNĐ14 trillion, posting a year-on-year rise of 13 per cent.   

What new policies will the province launch to continue promoting and attracting investments in the region?

The provincial People’s Council early this month has adopted a resolution, approving several measures to encourage investors to invest in building infrastructure for industrial zones (IZs).

Accordingly, the province will set aside a part of its budget for land clearance and compensation activities. If approved by Prime Minister Nguyễn Xuân Phúc, policies of land clearance and compensation will be applied to both foreign and domestic investors who pour money into the education, health and cultural sectors.

It will provide financial support to enterprises in doing environmental impact assessment of IZ investment projects.

To build waste collection and treatment systems, the province will also provide funds worth VNĐ5 billion for each IZ project of less than 10ha. Those covering an area of less than 20ha will receive funds worth VNĐ7 billion and those covering an area of between 20ha and 75ha will be given a maximum of VNĐ10 billion.

For enterprises operating within IZs, the province will support vocational training fee of VNĐ700,000 per person (applied to people who are not trained with provincial financial support).

Besides, the province will also support the construction of housing projects serving foreign experts who hold key positions in enterprises.

To improve the province’s investment environment and its provincial competitiveness index, what are the commitments to investors by provincial leaders?

We commit to provide enough power for firms operating in industrial zones and complexes and ensure provision of necessary services such as water and communication to the IZs’ fence.

Clear land will be supplied for free for companies to build houses for workers and experts. We also pledge to reduce the time of doing administrative procedures between 30 per cent and 50 per cent and respond to petitions by enterprises within five working days.

To save time for companies, the corporation inspection and examination will not be conducted more than once a year.

Investors can search for information of the province’s socio-economic situation, preferential investment policies and projects calling for investment on website of the Vĩnh Phúc Investment Promotion Agency (IPA) (www.ipavinhphuc.vn) which is translated in five languages - Vietnamese, English, Japanese, Chinese and South Korean.

What sector would the province give priority to when calling for investment?

In the industrial sector, we will focus on the automobile and motorcycle industries as well as the spare parts and component production to support the two industries, electronics, biotechnology, IZs infrastructure development and business.

In term of socio-economic infrastructure, we will accord priority to projects which supply clean water and logistics services, and urban wastewater treatment and industrial waste treatment.

In the agricultural sector, we will encourage investment in agricultural production with appliance of high technology to create new breeding and increase productivity, in producing agricultural machines and processing equipment.

We would also call for more funds in healthcare and education, especially to establish high-quality universities and kindergarten. — VNS