Vinh Phuc’s important tasks in the period of 2023 – 2030, with a vision to 2050, are specific investment solutions, expanding the land fund to shift the development orientation of the province, and creating opportunities to explore the industrial potential of Vinh Phuc. Thus, completing the goal of industrialization and modernization of the province to attract FDI.
Innovating the growth model, Vinh Phuc promises new transformations
Shifting to the orientation of developing a high-tech industrial economy, the Vinh Phuc Provincial People’s Committee has oriented the development of supporting industries associated with SMEs, mobilizing economic sectors to quickly implement the above goal.
Vinh Phuc is expected to invest about 100 billion VND in the period 2022–2025, according to Decision No. 3663/QD-UBND of the province. The huge investment in the Supporting Industry Development Program represents the solid structural transformation of the province to fulfill the target of an average economic growth of 8.5–9.0% per year; the average GRDP is 130–135 million VND per capita.
By 2025, the supporting industry will become an important link in providing high-value goods for the production chain. Thus, meeting the needs and strict standards of FDI corporations and enterprises, we promote foreign investment capital into the province for high-tech projects, in line with the province’s construction orientation.
Vinh Phuc’s goal is to have the socioeconomic infrastructure, meet the criteria for a city directly under the Central Government, and have one of the world’s top ten economies by 2030. Vinh Phuc will develop comprehensively, orient the digital economy and knowledge economy, and harmoniously combine the natural environment and the developed society by the year 2050.
Supporting the goal of comprehensive development, Vinh Phuc has introduced many policies, such as supporting 100% of the cost of organizing enterprise capacity assessments, 70% of the cost of organizing trade promotion seminars, and 70% of the cost of human resource training.
The model innovation process helps promote commercial activities between provinces and domestic and foreign enterprises. As a result, conditions are being created for the province’s industrial real estate sector to gain momentum in the future.
Increasing industrial land funds and attracting FDI capital
As part of its plan to become a high-tech industrial province, Vinh Phuc is increasing the size of its industrial land fund to attract foreign investors, in addition to implementing policies to change its orientation and vision.
According to the latest statistics in December 2022, with the synchronization of infrastructure, the province has granted new investment permits to 26 foreign enterprises and adjusted capital for 35 projects with a total registered capital of 425.9 million USD, reaching 142% of the plan set out in 2022.
The majority of FDI projects are in the fields of electronic manufacturing and electronic components, accounting for 39%, and manufacturing industrial products for 56%. Most of the FDI projects invested in the province come from the following countries: Korea, Japan, China, and the British Virgin Islands,…
Meeting the need to expand the land fund to promote the industrial potential of Vinh Phuc, the Prime Minister approved the planning of 19 industrial zones with a total area of 5,487.31 hectares. Currently, there are 16 industrial zones established with a total investment capital of 15,548,018 billion VND and a total area of 3,110.25 ha, where the leased industrial land area is 1,287.03 ha, accounting for 70% of the planned industrial land area of industrial zones.
It is expected that by 2030, Vinh Phuc will establish four more industrial zones and will continue to establish four industrial zones after 2030, bringing the total number of industrial zones in the province to eight, with a total land fund of about 6,200–7,000 ha. This is an opportunity to explore the industrial potential of Vinh Phuc’s real estate, contributing to improving the quality of industrial real estate projects and attracting FDI to industrial zones.
Savills Vietnam provides solutions to help investors grasp the trend of real estate development in Vinh Phuc Industrial Park
The increase in landbanks has boosted the industrial potential of Vinh Phuc, creating many opportunities for domestic and foreign enterprises to expand investment and helping the province fulfill its goal of becoming a highly industrialized province by 2025.
Industrial Savills is currently providing an easy solution to invest in industrial real estate, a potential trend for investors to easily pour capital into Vinh Phuc. Our solutions include factories for rent, data centers, and warehouses,… in a convenient location, bringing high economic potential.
Our team of professional consultants understands the market trends and can easily make judgments following the development speed and potential of the project. Combining a clear consulting process will help you save time, understand the project, and make a reasonable investment.
Green Park Vinh Phuc Industrial Zone Project
– Location: Binh Xuyen, Vinh Phuc
– Total area: 290ha
– Vacant area: 180ha
– Land use time: 2071
– Price: Contact Industrial Savills
ICD Vinh Phuc Logistics Center & SuperPort
– Expected time to go into operation: Q4/2023
– Area: 83 ha
– Total investment capital: 3.8 trillion dong
– Customs clearance capacity: 530,000 TEU per year
– Price: Contact Industrial Savills
Read more: Ho Chi Minh City’s industrial warehouse rental service attracts investors in 2023
Changing development orientation with policies to support domestic and foreign enterprises and expanding the industrial land fund to increase opportunities to promote FDI inflows into Vinh Phuc industrial zones promises to create a vibrant industrial real estate market with excellent growth potential in the future.
If you wish to anticipate the industrial potential of Vinh Phuc to invest in potential industrial real estate projects, please contact Mr. John Campbell – 0986.718.337 or Savills Vietnam Consultant for detailed information on each project.
In addition, you can refer to our industrial real estate solutions here.