By the end of July 2024, the total registered FDI capital in Vietnam reached more than 18 billion USD, up 10.9% over the same period in 2023. Disbursed FDI capital reached more than 12.55 billion USD, up 8.4% over the same period. This is the highest realized FDI capital in seven months of the 2020-2024 period.
The good news is that the quality of FDI capital flows has increased sharply thanks to localities carefully selecting investment attraction. Most new FDI projects are high-quality projects, have spillover effects and aim to create jobs for highly skilled workers.
Impressive growth
Hai Phong, Bac Ninh and Vinh Phuc are the three localities with the highest growth rates in the number of projects and FDI capital in the country in the past 7 months. Bac Ninh province attracted 279 newly registered foreign investment projects, an increase of 97 projects compared to the same period last year; at the same time, 109 projects adjusted capital. In July alone, the province granted new investment registrations to 35 projects with a total registered capital of 356.2 million USD. Bac Ninh is leading the country in attracting foreign direct investment (FDI) with a total registered capital of nearly 2.58 billion USD, 3.1 times higher than the same period last year.
Hai Phong city also attracted 68 newly licensed FDI projects, 38 projects with increased capital of more than 1 billion USD, bringing the number of valid FDI projects in Hai Phong to 975 projects with a total investment of 30.65 billion USD. At the same time, Vinh Phuc province licensed 26 new FDI projects with a total investment of 175.16 million USD, adjusted capital to increase for 26 projects with a total increased investment of 298.07 million USD; implemented 243.8 million USD.
Achieving the above results, it is undeniable that the efforts of localities in improving the business investment environment, along with innovation in investment promotion. Choosing Bac Ninh as the location right at the time when the Covid-19 epidemic broke out, the production process encountered many difficulties, but Talway Vietnam Co., Ltd. received active support and companionship from local agencies and units. Last February, the enterprise continued to invest and expand production in Nam Son-Hap Linh Industrial Park (Bac Ninh). "The Group's investment expansion in Bac Ninh not only reflects confidence in the business environment and long-term development of Bac Ninh, but also demonstrates the interest and support of the provincial government for the development of foreign-invested enterprises", commented Mr. Yang Yong, General Director of the company.
For over 10 years, Bac Ninh has only accepted high-quality FDI projects with spillover effects and aimed at creating jobs for skilled workers. The province has consistently implemented the model of “2 less, 3 higher, 4 ready” (projects using less land, less labor; high FDI capital, high technology, high efficiency; the province has ready land, ready high-quality human resources, ready mechanisms, ready to support in solving difficulties).
At the recent Vietnam-Korea business forum held in Korea, the leaders of Bac Ninh province granted an adjusted investment certificate for the semiconductor equipment manufacturing project to investor Amkor Technology Singapore Holding PTE.LTD, with an additional capital of more than 1.07 billion USD. After adjustment, the factory has a total investment capital of 1.6 billion USD. The province currently has 16 concentrated industrial parks with a total area of nearly 6,400 hectares, of which 12 are in operation with an occupancy rate of more than 60%. Chairman of the Provincial People's Committee Vuong Quoc Tuan affirmed: The province proactively selects and calls for investment according to the orientation; is ready to create land funds for investment projects with synchronous infrastructure; continues to improve and enhance the position of the industrial production center on the basis of smart production, associated with transformation, green development, ...
Attracting new generation FDI capital flows
Director of Hai Phong Department of Planning and Investment Nguyen Ngoc Tu said that in order to maintain the growth momentum of FDI capital inflows, the city has made efforts to improve the investment and business environment, creating favorable conditions and attractiveness for investors. In particular, the city maintains the third position in the country in terms of Provincial Competitiveness Index (PCI); second in the country in terms of Administrative Reform Index (PAR-Index). The city focuses on completing and modernizing the regional transportation system, expanding many new industrial parks, in order to create attractiveness and favorable conditions for investors, etc.
Following the success of investment promotion activities in Japan and Korea, in early August, the Hai Phong City investment promotion delegation led by Secretary of the City Party Committee Le Tien Chau had an investment promotion program in China. Many memorandums of understanding between the two sides were signed. On this occasion, Hai Phong granted new investment certificates and increased capital to Chinese enterprises by nearly 200 million USD in the fields of: Solar energy products, high-tech electronic components, etc.
Hai Phong implements a strategy of focusing on attracting new-generation FDI flows, selectively attracting investment and proactively screening to select high-quality projects and investors. Head of the Hai Phong Economic Zone Management Board Le Trung Kien said that the rate of projects in the fields of high technology, processing, manufacturing, and logistics invested in Hai Phong industrial parks and economic zones reached more than 93%; the average investment rate in industrial parks in Hai Phong reached 12 million USD/ha, equal to 2.6 times the national average. In 2024, the city will pay special attention to attracting investment in industries belonging to the three identified economic pillars (including seaports, logistics, high-tech industry),...
Hai Phong City is continuing to invest in and expand Dinh Vu-Cat Hai Economic Zone, building 15 new industrial parks with a total area of 6,200 hectares. In addition, completing procedures and submitting to competent authorities to establish the Southern Coastal Economic Zone, located in Do Son district and Kien Thuy, Vinh Bao, Tien Lang districts, ... with an area of 20,000 hectares. When formed, this economic zone will effectively exploit the coastal highway, Nam Do Son port and Tien Lang airport area, connecting with neighboring localities, forming a chain of coastal economic zones, an important driving force for socio-economic development in the Red River Delta.
According to Director of Vinh Phuc Department of Planning and Investment Nguyen Xuan Quang, with Vietnam's orientation to attract green FDI, the province has proactively limited a number of projects that cause environmental pollution, especially projects in the fields of footwear, rubber, textile dyeing, paper, etc. In addition, the province has attracted investors in infrastructure for the Phuc Yen Industrial Park project (oriented to attract high-tech and smart projects). In the planning of Vinh Phuc province for the period 2021-2030, with a vision to 2050 approved by the Prime Minister, by 2030 Vinh Phuc province will have 24 industrial parks with a total area of over 4,800 hectares, increasing to 7,000 hectares after 2030 and reaching 10,000 hectares by 2050.
Of the 16 industrial parks established in Vinh Phuc, 9 have completed infrastructure investment and are in operation. The province still has a lot of room to attract new generation FDI capital. Not long after taking up his duties in the province, Chairman of the Provincial People's Committee Tran Duy Dong has been very enthusiastic about FDI attraction, listening and giving timely instructions to remove obstacles for industrial parks, and providing incentive mechanisms to attract secondary investors. In the coming time, Vinh Phuc will focus on removing obstacles in land procedures, speeding up site clearance; continuing to urge and speed up infrastructure investment in industrial parks and industrial clusters to have clean land, ensure necessary infrastructure, and attract green FDI projects.
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