August 12, 2022 | 16:20 GMT+7

Industrial parks and economic zones attract $230bln in FDI

Quoc Phong - Mộc Minh -

Deputy Minister of Planning and Investment Tran Quoc Phuong provided insights into industrial parks and economic zones at the recent Vietnam Industrial Park Forum 2022.

Photo: Illustration
Photo: Illustration

Speaking at the Vietnam Industrial Park Forum 2022, with the theme “Opening a new investment wave” and held by Investor magazine, Deputy Minister of Planning and Investment Tran Quoc Phuong said Vietnam’s network of industrial parks and economic zones covers 61 of its 63 cities and provinces and includes 403 industrial parks, 18 coastal economic zones, and 26 border gate economic zones.

Industrial parks and economic zones have attracted more than 10,000 domestic projects and nearly 11,000 FDI projects with total registered capital of about $340 billion, of which FDI capital is around $230 billion.

FDI capital in processing and manufacturing at industrial parks and economic zones accounts for 70-80 per cent of all registered capital.
Industrial parks and economic zones have become key destinations for major investors from home and abroad, such as Canon, LG, Sumitomo, Foxconn, and VSIP.

However, models are changing in terms of development dynamics, whereby the traditional models of parks and zones that are export-oriented and based primarily on resource incentives are being transformed to improve their ability to compete.

According to Mr. Phuong, policies and guidelines from the Party and the State in recent times have set out requirements on improving efficiency in the development of industrial parks and economic zones towards sustainable development and innovation.

The Ministry of Planning and Investment has carried out and continues to carry out tasks and solutions for the development of industrial parks and economic zones, which includes determining a number of development orientations. Specifically, the development of industrial parks and economic zones is an important solution to promoting the process of economic restructuring and innovating the growth model.