Northern Vinh Phuc province attracted an estimated $300 million worth of FDI in the first half of the year, equal to 75 per cent of the annual target, according to local authorities.

Many large-scale projects were licensed or began construction during the period, including projects investing in fields with investment priority such as high-quality processing and manufacturing and high-tech agriculture.

These include the Vinabeef Tam Dao livestock and beef processing complex project, which requires some VND3 trillion ($126 million) in investment in its first phase. A joint effort between Vilico, an affiliate of Vinamilk, and Japanese conglomerate Sojitz, the complex sprawls over 75.6 ha in Tam Dao, with a beef cattle farm accommodating 10,000 heads and a chilled beef processing plant with an annual capacity of 30,000 heads, or 10,000 tons.

Another project is expansions to the Piaggio Vietnam plant, with investment of $75 million.

Provincial authorities have also signed agreements with foreign investors to promote trade and investment cooperation in the future.