Hung Yen IPs have attracted 555 million USD in foreign direct investment

Industrial parks in the northern province of Hung Yen have attracted 555 million USD in foreign direct investment (FDI) so far this year, surpassing the yearly plan assigned by the provincial authority by 23.3% and up 11% year on year.


Source: Internet


Industrial parks in the northern province of Hung Yen have attracted 555 million USD in foreign direct investment (FDI) so far this year, surpassing the yearly plan assigned by the provincial authority by 23.3% and up 11% year on year.


Pham Truong Tam, head of Hung Yen’s IP management board, elaborated that in the period, the board granted investment certificates to 11 new FDI projects and 19 domestic ones with total investment capital of 102.7 million USD and 2.37 trillion VND (equivalent to 96 million USD at current exchange rate).


Meanwhile, 43 operating projects, including 29 FDI ones, were allowed to add a total 291 million USD and 1.565 trillion VND to their investment capital. Some examples are a factory of Kyocera Vietnam which received an additional 61.7 million USD, the Haixin No.2 project of Vietnam Haixin New Material received 31.3 million USD more, and the SOC Vietnam raised its investment in its project by 28.3 million USD.


Tam attributed the positive outcomes to improvements in the local investment environment as a result of drastic instruction and strong efforts of all-level authorities in Hung Yen.


In particular, the provincial IP management board has focused efforts on implementing tasks under the socio-economic development and state budget plans for 2022, as well as under the socio-economic recovery and development programme of the Government.


In October, the board conducted appraisal of feasibility reports of three investment projects in local IPs, granted and adjusted construction permits to four projects, and completed the assessment and approval of construction for five others. The board has also kept regular supervision of construction progress of investment projects in local IPs.


Thanks to the drastic instruction of local authorities, investors in IP infrastructure completed the payment of compensation to residents who had to relocate to make way for around 73ha of land in IPs in October alone.


In the January-October period, compensation payment has been completed for 527ha of land in IPs, equal to 105.4% of the target in 2022 assigned by the provincial People’s Committee. The IP No.5 and the Thang Long II IP - third phase reported the fastest pace in ground clearance work.


At the same time, IP infrastructure investors also built infrastructure on 102ha of land in IPs, meeting 85% of the yearly target.


The board will continue to implement tasks in administrative reform while intensifying inspections and supervision of the process of receiving and handling administrative procedures by its officials to ensure the rapid, accurate and legal settlement of administrative procedures, Tam said.


He went on to say that the board is accelerating the application of information technology in management work and guiding enterprises in applying for administrative procedures on the province’s public service portal and single-window information portal.


As a result, about 65% of applications for administrative procedures since the beginning of the year have been submitted and handled online at third and fourth levels.


“From now to the end of the year, the provincial IP management board will concentrate on activities to attract investment, particularly on-the-spot investment promotion, while working to promptly handle petitions and address difficulties facing by enterprises in their production and business activities,” Tam said.


According to him, the board is striving to attract 700 million USD in investment into local IPs this year.


Source: VNA