Vinh Phuc Province’s advantages in attracting FDI

Vinh Phuc Province is considered a promising investment destination

In 2024, after exploring the investment environments in various provinces across Vietnam, Signetics Corporation, a leading semiconductor manufacturer of the Republic of Korea, chose Vinh Phuc Province’s Ba Thien I Industrial Park to be the destination for its US$100 million investment project. Accordingly, Signetics Corporation and CNCTech Group (Vietnam) have signed a memorandum of understanding (MoU) to build a semiconductor manufacturing plant, aiming to deliver its first products by October 2025. This project is expected to serve as a catalyst for Vinh Phuc Province to attract more RoK investors.

Explaining the decision to choose Vinh Phuc, a representative from Signetics Corporation stated that the province offers advantages in geographical location, transportation infrastructure, and exceptional investment incentives.

Besides Signetics, Vinh Phuc’s proactive approach in engaging with large and reputable enterprises has also attracted numerous FDI projects from regional and global partners. According to the Vinh Phuc Provincial Department of Planning and Investment, in 2024, FDI inflows into the province reached US$600 million, equivalent to 150 percent of the planned target and on par with 2023’s figures. So far, Vinh Phuc has attracted 481 FDI projects with total investment of over US$8.4 billion, alongside 845 domestic direct investment (DDI) projects with total capital of more than VND145 trillion. These results help the province stay on track to fulfill its 2021-2025 investment attraction targets, which aim for US$3.2 billion in FDI and over VND63.6 trillion in DDI.

Vu Van Chung, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment, attributed Vinh Phuc’s FDI attraction results to positive assessments on the province’s business environment. In recent years, Vinh Phuc has been ranked among the top 10 provinces in Vietnam’s Provincial Competitiveness Index (PCI), with particularly high scores in the legal and regulatory framework, building investor confidence.

In addition to its investment-friendly environment, Vinh Phuc also enjoys a strategic location within the Northern Key Economic Region and lies along the Kunming - Lao Cai - Hanoi - Quang Ninh economic corridor, a crucial industrial and trade belt. Moreover, the province boasts a well-developed transportation network, including road, rail, and waterway systems, and its proximity to Noi Bai International Airport further facilitates business and industrial activities. With these advantages, Vinh Phuc is increasingly regarded as a promising destination for both domestic and foreign investors.