Vinh Phuc investment promotion activities in Republic of Italy
On Sep 5th 2017, the provincial investment promotion mission led by Mr Tran Van Vinh, Standing Deputy Secretary of the Provincial Party Committee, Chairman of Vinh Phuc People’s Council arrived at Italy to continue its activities in Russia, Italy and Germany.
Meeting with Vietnam Embassy to Italy
During the meeting with Vietnam Embassy to Italy, on behalf of the mission, Mr. Tran Van Vinh appreciated Ambassador Cao Chi Thien and members of Vietnam Embassy to Italy for supporting and facilitating the investment promotion activities of the province in the recent years. The mission leader also briefly informed the Embassy about the socio-economic development of the province in the first 6 months of 2017. In term of investment promotion, the province had actively targeted investors and potential investment market, organized effectively investment promotion activities in accordance with approved plan as well as in-place investment promotion. The province also focused on introducing and advertising its business environment to investors in various approaches.
Regarding FDI attraction: In the first 6 months of 2017, the province has approved 22 new projects with a total registered investment of 49.7 million USD; adjusted registered capital for 19 existing projects with a total increased investment of 121.0 million USD. Total increased investment (both new and existing projects) is 170.7 million USD, which is equal to 83.9% in comparison with the same period last year, and complete 68.3% according to this year plan. Currently, there are 904 direct investment projects in the province, including 659 DDI projects with a total investment of 67,382.21 billion Dong and 245 FDI projects with a total investment of 3.66 billion USD.
The mission leader confirmed the potentials of Italy and wanted to attract more investment from the country, besides two existing successful projects by Piaggio. Implementing the policy for expanding and strengthening the relationship with local provinces in Italy, in the recent years, Vinh Phuc had established a good connection with Tuscany region, and wished to sign a friendship cooperation between the two sides.
On behalf of Vietnam Embassy to Italy, Ambassador Cao Chi Thien welcomed the mission to Italy, and highly appreciated its preparation and efforts in carrying out investment promotion activities in Italy in the last years. The Ambassador also informed the mission about recent activities of the Embassy, the cooperation and relationships between Italy and Vietnam recently, and fields and sectors that Italian were now interested in. The Ambassador also confirmed to continue to support and facilitate the provincial investment promotion activities in Italy. Vietnam Embassy to Italy would act as an information bridge, to provide information about the provincial business environment to Italian investors, and to introduce them to visit and search for investment opportunities in Vinh Phuc. The Ambassador suggested that the province strengthen the connection with the provinces in Italy to, step by step, have more investment promotion activities in other regions, provinces in Italy.
Visiting and meeting with Piaggio company
On Sep 7th 2017, the mission arrived at Florence, Italy to meet and work with Piaggio, the company with 2 manufacturing projects in Binh Xuyen Industrial Zone, Vinh Phuc at the moment. Representative of the company and company departments also attended the meeting.
Piaggio Vietnam was issued with investment certificate 3253711477 by Vinh Phuc Industrial Zone Management Board (first issued with certificate number 192023000057) on Oct 2nd 2017. From the first issuance, the company had made 9 adjustments so far. Total investment: 90 million USD, total area: 134,475 sqrm. Total manufacturing capacity: 50,000 to 100,000 scooters per year; 300,000 engines per year.
In 2016, total revenue: 254.24 million USD (increased by 11% compared to 2015); total export value: 123.89 million USD (increased by 10% compared to 2015); total industrial value (current price 2010) 4,892,54 billion Dong (increased by 12% compared to 2015); contributed to the State budget: 235.92 billion Dong (increased by 02% compared to 2015); created jobs for: 869 employees, 616 of which are Vinh Phuc people; total assembled products reached 117.13 thousand units, increased by 20.3% compared to 2015; manufacturing of engines reached 104,744 units, increased by 14.87% compared to 2015.
In the first 6 months of 2017, the company had a total revenue of 133.38 million USD (increased by 13% compared to the same period in 2016); export value: 76.75 million USD (91% compared to the same period in 2016); total industrial value (current price 2010) 2,795,5 billion Dong (increased by 16% compared to 2016); contributed to the State budget: 176.4 billion Dong (increased by 10% compared to the same period in 2016); Total number of Vietnamese workers by the end of June 2017: 873, 665 of which are Vinh Phuc people. The company had manufactured 68,584 units, increased by 5.2% compared to the same period in 2016.
During the meeting with Piaggio, Mr. Tran Van Vinh, the mission leader, expressed his sincere thanks to the company for meeting and working with the mission. The Chairman highly appreciated the global brand of Piaggio and its important contribution to the socio-economic development of the province. The mission leader confirmed that the province would continue to support and facilitate the company during its business activities in Vinh Phuc, Vietnam. Mr. Tran Van Vinh also suggested that Piaggio help the province in investment promotion activities, and introduce investors to Vinh Phuc, especially the company’s own suppliers. On this special occasion, the Chairman sent an official invitation to Piaggio leaders to visit and work with Vinh Phuc Province, and asked for the company’s help in attracting more investment to the province.
After the meeting, the mission visited Piaggio’s automatic manufacturing factory and the company museum in Florence, Italy.
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