A groundbreaking ceremony for an international conference centre in the northern province of Vinh Phuc, invested by property developer FLC Group, was organised in the locality on October 12.
|At the groundbreaking ceremony (Photo: VNA)|
Covering an area of over 2 hectares in Vinh Tuong district, the complex consists of a 2,000-seat international conference centre, 200 five-star hotel rooms, an amusement park, a zoo zone, and villas.
According to FLC vice-chairwoman Huong Tran Kieu Dung, the international conference centre will become one of the most modern projects in Vinh Phuc in particular and in the country in general.
The multi-utility complex can meet the demands of resort tourism, entertainment and outdoor activities.
It will serve as a venue for conferences, and art and cultural events, as well as MICE (Meeting, Incentive, Conference and Event) tourism activities, thus promoting tourism development in the locality.
Vinh Phuc has been a destination of choice for investors, both domestic and foreign, amid the COVID-19 pandemic.
At the end of June 2020, it was home to 392 foreign direct investment (FDI) projects with a total registered capital of 5.57 billion USD, according to statistics of the locality. The projects were run by investors from 18 countries and territories. The Republic of Korea has the most projects with 210, followed by Japan, China and Thailand.
Many global groups have made their presence in Vinh Phuc, such as Toyota, Honda, Sumitomo from Japan, Piaggio from Italy, De Heus from the Netherlands, Daewoo, Haesung Vina, Partron Vina, Cammsys from the Republic of Korea, Prime Group from Thailand and Weldex from the US.
The province has also attracted 782 domestic direct investment (DDI) with total investment surpassing 93.7 trillion VND (around 4 billion USD at current exchange rate). Several major Vietnamese corporations have chosen Vinh Phuc for their investment, such as FLC, Vingroup, SunGroup, and Viet Duc Steel.
The flow of investment capital, both FDI and DDI, into the province in the first six months of this year decreased as a consequence of the coronavirus pandemic. Total FDI capital in the period stood at 135.6 million USD, equivalent to only 32.1 percent of the figure in the same period last year. The money was poured into 14 new projects and 19 existing ones.
Meanwhile, DDI capital attraction in the period came to 2.67 trillion VND, equivalent to 51.5 percent of the figure in the same period of 2019. The capital was pumped into 24 new projects and nine existing ones.
During the period of social distancing to curb the spread of the COVID-19 pandemic, agencies in Vinh Phuc still maintained their connections with investors through many channels, providing them with consultations and latest information. The province has also intensified online investment promotion activities, so as to attract investors after the pandemic is put under control.
Vinh Phuc has designated 18 industrial parks with a total area of 5,228 ha in a master plan to 2020 approved by the Prime Minister. By now, nine industrial parks have received investment certificates. Industrial parks in Vinh Phuc have good technical infrastructure and professional management, thus contributing to attracting investors to the province. They reported an average occupancy rate of nearly 62 percent.
Thanks to the province’s endeavours to complete infrastructure in industrial parks and a transport system connecting them, as well as efforts to improve the business environment and reform administrative procedures, Vinh Phuc has become more popular among foreign investors.
The province reported a total industrial production value of 11 trillion VND in the first six months of this year, down 9 percent year on year, which it blamed on the impact of the COVID-19 pandemic. The output of most main products declines, such as automobile down 24.8 percent, motorbike 14.4 percent, and electronic parts 7.7 percent.