Northern Vinh Phuc province attracted 70 FDI projects this year with capital of over $462 million, exceeding the annual target of 2.69 per cent.

“With these FDI inflows it is expected that Vinh Phuc will fulfill its targets for the entire 2021-2025 period in 2023,” said Chairman of the Vinh Phuc Provincial People’s Committee Le Duy Thanh.

“To that end, Vinh Phuc will accelerate foreign investment promotion, increase links with major investors, and focus on removing obstacles relating to investment procedures,” he added.

Total FDI in the province reached more than $1.6 billion in the 2021-2022 period, equal to 80 per cent of the figure in all of 2021-2025.

According to the Vinh Phuc Department of Planning and Investment, additional FDI capital surged in 2022.

While newly-registered capital in 31 FDI projects saw a year-on-year increase of 30.31 per cent, additional capital to 39 existing FDI projects rose 38.56 per cent year-on-year.

This is a sign that the province is a reliable and ideal investment destination for foreign investors.

FDI projects in the province are mainly in manufacturing and processing, especially the production of electronic components.

Projects are located in most of its industrial parks, with South Korean and Japanese investors holding significant potential.