Vietnam going for gold with Fortune Global 500 attraction

In early June, Deputy Prime Minister Pham Binh Minh signed Decision No.667/QD-TTg approving a strategy for foreign investment cooperation during 2021-2030.

The strategy targets to increase the share of registered foreign investment capital from countries including South Korea, Japan, Singapore, China, India, the United States, the United Kingdom, and several EU member states to more than 70 per cent of total foreign investment inflows to Vietnam by 2025 and 75 per cent by 2030.

By 2030, the government expects Vietnam to join ASEAN's top three and the World Bank's top 60 in business environment criteria.

The strategy proposes nine solutions to improve the efficiency of foreign investment cooperation, including effectively implementing solutions, improving the business environment, and developing an ecosystem for sci-tech and innovation.

Vu Kim Thanh – Deputy director Vinh Phuc Industrial Zones Management Authority

The province implements investment promotion programmes in the direction of the government's high-tech investment attraction policy. Vinh Phuc is selected as the production hub of big corporations such as Toyota, Honda, Sumitomo, and more, and the list will be continued thanks to the efforts of the province.

These companies highly appreciate the province's investment environment, which is advantageous to luring other big groups because, before investing in Vietnam, these investors will consult the comments from the business community in the host country.

To lure the world's leading groups, we should foster investment promotion programmes overseas during business trips of the state and the government leadership.

In the country, the cities and provinces need to provide land for industrial zones (IZs). In Vinh Phuc, foreign investors, such as Japan, can study investment opportunities in IZs in which the province is building infrastructure facilities, such as Son Loi, South Binh Xuyen, Song Lo 1 and 2, and Phuc Yen.

Besides this, the province has plans to add four IZs by 2030, combining over 477 hectares in Binh Xuyen and Yen Lac, 183ha in Lac Yen, 115ha in Dong Soc Yen Lac, and 259ha in Song Lo.

Mihara Daiki-General director Honda Vietnam Co., Ltd.

The reason Honda wants to continue to expand its operations in Vietnam is the trust in the investment environment here. The provincial leadership often work with the company and listen to our difficulties. Authorised agencies are willing to guide and support the company to complete its mission in terms of tax and customs procedures. They always maintain social security so that we can assure stable operations.

The attention of the provincial leadership to the business community was shown by its efforts to support enterprises to overcome the pandemic. During the past two years, Honda has faced difficulties with maintaining production and business activities, as well as difficulties in logistics and supply chain management. With all these problems, the province was eager to offer vaccines and issued green channel transport permits to create favourable conditions for goods to be transported smoothly.

Local authorities submitted important opinions on Decree No.103/2021/ND-CP prescribing the rates of registration fees for motor vehicles, trailers, and the likes which are domestically manufactured or assembled. The decree regulated a reduction of 50 per cent of registration fees for domestically assembled cars for six months from December to May, which contributed to boosting people's demand for automobiles and led to an increase in our sales.