Vinh Phuc seeks funds for support industry
Vinh Phuc seeks funds for support industry
The northern Vinh Phuc Province has called for investments in the automobile, motorbike and electronic production support industries, said Nguyen Van Tri, chairman of the provincial People’s Committee.
Statistics from the management board of the province’s industrial zone (IZ) in the first quarter of the year show that licences were granted to nine new foreign direct investment (FDI) projects with total registered capital of US$45.11 million, meeting 17 per cent of the whole year’s target. It also granted licences to two domestic direct investment (DDI) projects with total registered capital of VND85.9 billion, increasing by 4.3 times from the same period last year.
Some 10 out of the 11 new projects were for electronic spare parts production and the remaining was for mechanic manufacturing.
So far, the province has 246 projects in its industrial zones, including 46 DDI and 200 FDI projects.
Tri said the province had always attached importance to providing benefits to investors. They had facilitated businesses in their operation and investment in the locality.
He added that the number of investment projects in the support industry for mechanic, manufacturing and electronic production in the province was limited, which could not meet with the market development.
Figures from the management board of the province’s industrial zone revealed that by the end of the first quarter of 2018, the three sectors of automobile, motorbike and electronics saw higher growth than the corresponding period last year, contributing more than VND430 billion to the State budget.
The automobile and motorbike assembly sectors posted a revenue of $68.5 million, representing a 11 per cent year-on-year increase and an export value of $34.3 million.
The electronic sector was estimated to have a revenue of $595.1 million, increasing 57 per cent from last year with an export revenue of $558.4 million.
The chairman said attracting investments in the support industry and spare parts would not only benefit the State budget but also create jobs for the local people. The sectors provided jobs to 48,790 labourers, accounting for 63 per cent of the total labourers working in FDI firms in the province.
He believed that businesses from Japan and South Korea would pay attention to the province in the future.
The province will continue with its IZs and industrial clusters to welcome both local and foreign investments.
