Attracting overseas Vietnamese to invest in Hai Duong

Phu Thai Industrial Park (Kim Thanh) invested by overseas Vietnamese in the UK

Stable operation

After a period of struggling in Canada, Mr. Nguyen Hoai Bac, born in 1958 in Tu Ky district, decided to return to his hometown to start a business. In 2002, Mr. Bac invested 2 million USD to establish Home Deco Company Limited, specializing in the production of bedding, pillows and mattresses. Two years later, he continued to open Dai Son Development and Investment Joint Stock Company to carry out construction investment projects in Chi Linh. Up to now, these enterprises have developed stably, production and business activities have been maintained, creating jobs for many workers. In addition, Mr. Bac spent a lot of time and effort building the Vietnam-Canada Vocational Training School in Cong Hoa ward (in the same city of Chi Linh) to meet the labor export needs of the people.

Dong Tai Company Limited in Kim Thanh District specializes in producing export garments invested by overseas Vietnamese in Hai Duong since 1998. The company currently has about 700 employees, exporting 1.2 million products each year. Over the past 20 years, the company has always strived to innovate, build its brand and reputation in major markets. In particular, through difficult times due to epidemics and economic recessions, the company has flexibly adapted to find new export markets and exploit the domestic market.

In addition to investment projects in production and business, overseas Vietnamese also invest in infrastructure projects in industrial parks. Phu Thai Industrial Park of Nam Tai International Company Limited, owned by overseas Vietnamese in the UK, has an investment capital of nearly 40 million USD. Put into operation since 2008, Phu Thai Industrial Park has been basically filled, attracting dozens of secondary investors with a total investment capital of more than 150 million USD. This industrial park is a plus point in attracting investment in the province. After investing in industrial infrastructure, the investor also "pulled" many overseas Vietnamese business owners to learn about and be interested in investing in the province.

Scaling Up

Garment is the field that overseas Vietnamese choose to invest in Hai Duong.

According to the Department of Planning and Investment, Hai Duong currently has 15 projects invested by overseas Vietnamese in the fields of garment, infrastructure business, and industrial park engineering. These projects are assessed to operate stably and effectively. Investment resources from overseas Vietnamese are one of the driving forces for socio-economic development of the province. In recent years, some projects have developed further, expanding the scale of production and business. Products of overseas Vietnamese enterprises in Hai Duong are famous in the domestic and export markets, especially in Europe. Enterprises owned by overseas Vietnamese in the province always make stable contributions to the budget, complying with current legal regulations.

Compared to projects with foreign direct investment capital, which are owned by foreigners, projects invested by overseas Vietnamese have their own advantages and benefits. Overseas Vietnamese investors will understand the characteristics and factors affecting the investment environment in the province, the characteristics of the labor force, etc. Therefore, it is convenient in the process of research, study and investment promotion. Information and exchange about investment projects do not encounter many barriers and difficulties. However, the number of projects invested by overseas Vietnamese in the province is still limited, and the scale is relatively small.

In recent times, in addition to promoting domestic and international investment, the province has also paid attention to the overseas Vietnamese community, hoping that this group will invest in the province. Not only seeking and calling for new projects invested by overseas Vietnamese, the province has also actively accompanied and removed difficulties and obstacles for projects in operation. Typically, recently, the province has focused on thoroughly resolving the existing problems and limitations at Phu Thai Industrial Park so that this enterprise can feel secure in production and business, and trust in the investment environment in the province. According to Mr. Pham Minh Nam, leader of Nam Tai International Company Limited, the enterprise welcomes the province's proactiveness and positivity in resolving the enterprise's proposals and recommendations. At the same time, it hopes that the province will continue to accompany the enterprise in production and business activities. In order to attract more overseas Vietnamese to invest, the province needs to study preferential policies for overseas Vietnamese investors.

To attract more overseas Vietnamese to invest, during investment promotion trips abroad, in addition to welcoming and inviting businesses from the host country, through the Vietnamese Embassy in other countries, provincial leaders also connect with the Hai Duong community in other countries, mobilizing them to exchange, cooperate and invest in Hai Duong.

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