The memorandum of understanding signing at the conference. (Photo: baovinhphuc.vn) Standing Vice Chairman of the provincial People’s Committee Vu Viet Van madethe statement at a conference to promote Vietnam – Japan investment held in theprovince on January 8.
The event, co-organised by the People’s Committee and Asia Group, was one ofthe activities to celebrate 50 years of diplomatic ties between Vietnamand Japan (September 21, 1973-2023).
When Vinh Phuc was re-established in 1997, it was a poor, purelyagricultural province with budget revenue of only more than 100 billion VND (4.3million USD) and income per capita equal to 48% of the national average.
At that time, the province had only eight FDI projects andone domestic investment project. In the context of many challenges, Vinh Phucprovince identified international integration, expanding cooperation withlocalities and foreign partners as the driving force for its socio-economicdevelopment. International economic integration and investment attractionwere key to its development.
The province is now one of the few localities with high industrialproduction value, high total domestic budget revenue, and a leading centre formanufacturing automobiles, motorbikes, and electronic products for the keynorthern economic region and the whole country.
By the end of 2022, the province attracted 450 FDI projects with totalinvestment capital of over 7.5 billion USD. Of which, there are 58 Japaneseprojects with a total registered capital of over 1.62 billion USD, rankingsecond in terms of number of projects and investment capital, but first interms of disbursement ratio and production and business efficiency.
Japanese projects are mainly in the field of automobile and motorcyclemanufacturing, contributing up to 70% of Vinh Phuc's total annual budgetrevenue and creating jobs for more than 24,000 local workers. In addition,projects using Japanese ODA, typically the 152 million USD project to improve theinvestment environment, have helped the province solve initial shortcomings suchas lack of electricity and clean water as well as outdated drainage andwastewater treatment systems.
Trade relations between Vinh Phuc and Japan have prospered as many productshave been exported and many Vinh Phuc citizens are living, studying and workingin Japan.
In order to become the centre of industry, service and tourism development ofthe region and the whole country and strengthen the cooperation relationshipbetween Vinh Phuc and Japanese partners, the province will deploy effectiveagreements signed with Akita and Tochighi prefectures. It would also strengthenexchanges and cooperation with other localities of Japan to attract supportingindustries, high-tech production, biotechnology, and environmentally-friendlyprojects.
In addition, it would speed up the beef project in Tam Dao district, commercialactivities, and exporting its key products to Japan. It would promote tourismcooperation, focusing on sharing experiences in tourism development planning,connecting education cooperation, training high-quality human resources, andexporting labourers. Cooperation in the field of agriculture, especiallyhigh-tech agriculture, would be paid attention to.
The province’s leaders also provided information about Japanese investors whoare interested in the clean land fund for the development of industrial parks,orientation for the construction and development of trade centres and golftourism services in the province. On the occasion, leaders of Tuyen Quang province– a neighbouring locality, introduced their potential and advantages intourism and service development.
The Vinh Phuc Centre for Research, Investment Promotion and Enterprise Support,Asia Group, VY Planning Joint Stock Company, Vinh Phuc Trade Promotion Centre,Jink Joint Stock Company and Concele Joint Stock Company signed a memorandum ofunderstanding to support, promote and connect investment cooperationopportunities and business activities in the fields of industry, tourism andcommerce as well as introduce new potential for Japanese enterprises in VinhPhuc and Tuyen Quang provinces.
Also at the event, Asia Group officially inaugurated its golf product showroomchain from Japan and other brands such as TaylorMade, Mizuno, and Adidas. Itnow has three showrooms providing products in three market segments includingStandard, VIP and Luxury. All of its golf products are displayed and follow Japanesestandards.
The group aimed to create a “shop-indoor golf-academy-tour-event” golfecosystem in Vietnam.
On the occasion, it also organised Asia Golf tournament to promoting exchangesbetween the two countries./.
VNA
