Vinh Phuc is a magnet of investment attraction thanks to its breakthrough in strategic location, skilled human resources and pro-business government.
Key Takeaways
Vinh Yen City
Prime location and Temperate climate
Vinh Phuc is one of eight provinces in the Northern key economic region. It is a bridge connecting the Northwest provinces with Hanoi and the Red River Delta. The province, then, plays a pivotal role in regional and national economic development strategies.
The current natural area of Vinh Phuc is 1,235.87 km2. The North, the West, the South and the East of Vinh Phuc province are adjacent to Tuyen Quang and Thai Nguyen provinces; Phu Tho province; Ha Noi capital; Soc Son and Dong Anh – Hanoi respectively.
The quality of traffic infrastructure has been significantly enhanced in the direction of synchronous and modernity. The Hanoi – Lao Cai expressway runs through the province with 5 intersections that have been creating favorable conditions to connect with the northern provinces and the Red River Delta.
Vinh Phuc is less susceptible to natural weather disasters due to being located in the tropical monsoon region with an average annual temperature of 24.2 degrees. The average annual rainfall is 1,400 – 1,600mm. The average total number of sunny hours in a year is 1,400 – 1,800 hours.
Prosperous economic growth
Up to now, Vinh Phuc has had a high economic growth rate with an annual increase of over 20%.
The average growth rate in the period 1997 – 2021 increased by 13.42%/year. The economic scale will reach VND 136.2 trillion in 2021 which is 69.6 times higher than in 1997
The economic structure has been witnessed an actively shift towards industrialization and modernization. The industry and construction sector achieved relatively high growth, playing the driving force for economic development.
Up to now, Vinh Phuc has had a high economic growth rate with an annual increase of over 20%.
The average growth rate in the period 1997 – 2021 increased by 13.42%/year. The economic scale will reach VND 136.2 trillion in 2021 which is 69.6 times higher than in 1997
The economic structure has been witnessed an actively shift towards industrialization and modernization. The industry and construction sector achieved relatively high growth, playing the driving force for economic development.
In 2021, the province has 429 FDI projects with a total registered investment capital of 7.1 billion USD
Phuc Yen City
Abundant labor force
According to World Population Review, as of February 2022, Vinh Phuc province’s population is about 1,231,000 people. The province’s labor source accounts for 60% of the total population, excluding people from other provinces. The average salary of employees in enterprises is 6,524,605 VND/person/month
Vinh Phuc has set a target to increase the number of skilled workers suitable to the labor market demand, including: the percentage of trained workers with degrees and certificates will reach 40% by 2025. The province strives to create additional jobs for laborers from 16,000 to 17,000 new jobs; strive to maintain the overall unemployment rate at a low level of less than 2%.
Incentives to encourage investors
Vinh Phuc has issued many preferential policies to attract investment and enhance the business environment as well as simplify administrative procedures. At the same time, Vinh Phuc maximizes the effectiveness of signed FTAs, creating the best conditions for businesses when conducting business activities in the province. The province has also implemented the construction of an online portal to promptly provide documents about Vinh Phuc to investors who have been and are planning to invest.
With the continuous implementation of FDI attracting policies as well as investing in infrastructure construction, Vinh Phuc will continue to be a bright spot to attract FDI into Vietnam.