Vinh Phuc Wants to Attract Investment in High Technology | ANT Consulting

The results of investment attraction are not commensurate with the potential and advantages of Vinh Phuc province, not meeting the expectation of attracting resources for development investment. Therefore, Vinh Phuc urgently needs investors come to set up company in Vinh Phuc, especially technology projects, high quality, environmental-friendly and great socio-economic efficiency. 

According to the Chairman of the Provincial People’s Committee, although Vinh Phuc is considered a bright spot in attracting investment in the Northern region with 752 domestic direct investment projects in the country (DDI) with a total capital of over 78,000 billion VND (3.3 billion USD) and 378 FDI projects with a total registered capital of over 5 billion USD, but this result is not commensurate with the potential and advantages of the province, not meeting the expectation of attracting resources for development investment to achieve long-term goals. 

Many large corporations in the world such as Toyota, Honda, Daewoo, Samsung, Compal,… have invested in Vinh Phuc, focusing mainly on the fields of processing technology, manufacturing and assembling electronics. Foreign investors in Vinh Phuc are mainly from Northeast Asian countries, such as Japan, Korea. European and US investors account for a relatively modest proportion. 

Vinh Phuc currently has 10/376 FDI projects, accounting for nearly 3% of the total FDI projects from European countries and the US. 

In the coming time, Vinh Phuc needs technology projects, high quality, environmental- friendly, bringing great socio-economic efficiency. In particular, in order to encourage investment in the development of supporting industries for automobiles, motorcycles, electronics, telecommunications, and food processing industry. 

Regarding agriculture, Vinh Phuc hopes to develop high-tech agriculture, clean vegetable production projects and high-tech cattle and poultry breeding, and agricultural product processing projects. The province gives priority to attracting investment projects on infrastructure business of industrial parks and clusters, especially investment in specialized infrastructure, creating connections and linking clusters. 

With a very diverse and abundant number of businesses both domestically and abroad, Vinh Phuc has created an extremely convenient industrial ecosystem in recent years, in accordance with the requirements of businesses and investors from Europe and the US who are inherently high technology, source technology and want to take advantage of existing businesses as a supply and support partner in the province. 

In addition to the advantages of transportation system, Vinh Phuc has advantages that locating in the Northern key economic region, Kunming – Lao Cai – Hanoi – Quang Ninh economic corridor and the Northern industrial development belt. 

With these potentials, advantages and the supportive attention of authorities at all levels in solving difficulties and obstacles for businesses, it is believed that Vinh Phuc will become a favorite destination for European the US investors.

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The Growth Trend of Vietnam Telecom Industry

Vietnam telecom industry is a major sector of the economy, contributing to the development of the whole country. This sector is promised to develop rapidly in the future.

Presently, the global economic integration is the inevitable trend of the world, including Vietnam. When Vietnam opens its market and participates in the large economic organizations, the domestic industries and services will have to face with a huge competitive pressure.

The foreign corporations and companies with abundant capital, modern technology and many experiences in business management will be formidable competitors of the Vietnam businesses. Among many economic sectors, the telecommunication – informatics – information technology sector is considered to play vital role and has made important contributions to economic development. This sector is not only a key economic factor in the integration process, but also has helped to raise the public awareness, as well as contributing to ensure national security and social order. Therefore, the telecommunication – informatics – information technology sector needs to have positive changes, promote expansion and diversification in order to develop the economy in line with global integration.

It can be seen that telecommunication – informatics – information technology sector has always been a potential industry of Vietnam. According to a recent evaluation by expert from Kyunghee University – Korea, Vietnam’s telecommunication – informatics – information technology sector is growing faster than other countries at the same level and this sector also has great potential for development in the future.

The telecommunication market of Vietnam now includes many different types of service, of which there are two main types that are mobile telecommunication service and internet service. In the past period, due to the high competition among telecommunication service providers that customers had more favorable conditions for access to telecommunication and information technology services, lowering the prices of mobile telecommunication and broadband internet services compared with other countries in Southeast Asia.

For the telecommunication market, the race on rates and competition in products and services of the large networks are happening increasingly fierce between local and foreign suppliers. The level of competition on the telecommunication market of Vietnam is forecasted to be more intense as the market has entered the period of saturation and many new service providers have appeared in accordance with WTO accession commitments.

Besides, the training of personnel for the field of informatics – information technology will continue to be focused in the future. In fact, the information technology business is still very understaffed, while many graduated students are unemployed or working in other professions. Therefore, in order to meet the needs of high-quality personnel for the information technology companies, Vietnam has to improve the quality of education from the levels of college, university as well as encourage employees to frequently accessing to new technology, promoting creativity and initiative in their works.

Readmore : https://www.antconsult.vn/news/the-growth-trend-of-vietnam-telecom-industry.html

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