A representative from VSIP speaking at the event. (Photo: CPV)

The forum is co-organized by Vietnam - Singapore Industrial Park (VISP) in Bac Ninh, Hai Phong and Hai Duong, Ministry of Planning and Investment’s Foreign Investment Agency (FIA), EuroCham in Vietnam, Baker McKenzie and Santomas Vietnam.

In his speech at the event, Mr. Nguyen Noi, Deputy Director of FIA said that Vietnam now has 324 industrial parks (IZs), in which 22 IZs were put into operation, 43 are FDI IZs, 16 are coastal economic zones, and three are hi-tech parks. In addition, the Vietnamese government planned to develop three special economic zones (Van Don, Cam Ranh and Phu Quoc). For the VSIP system, there are seven IZs in Binh Duong, Quang Nam, Nghe An, Hai Duong, Hai Phong and Bac Ninh and VSIP Quang Tri is being shaped.

Vietnam has so far signed 66 Bilateral Investment Promotion and Protection Agreements (BIPA) and the country expects to have trade relations with 55 partners and 15 G20 members by 2020, added Mr. Noi.

Assessing the potential and strength of the North, he stressed the region owns crowded population, abundant labour force, big consumption market and improved infrastructure including traffic, logistics and telecommunications. Specifically, the area also has a comprehensive IZs system with high occupancy rate such as VSIP, Sumitomo, Nomura and Kinh Bac.

Since 2008, Northern Vietnam has emerged as a processing industrial center with the biggest value nationwide with the establishment of a value supply chain in electronic industry like Sam Sung, LG, Canon and Kyocera.

Gellért Horváth, EuroCham Vice Chairman said the EU is one of the Top 5 trading partners of Vietnam. The EU total registered capital till December 2016 reached USD 21.5 billion, and for the first quarter of 2017, the figure reached USD 96.29 million. EU companies invested in 18 sectors, focusing on manufacturing and processing (34.7%), power distribution (14.8%), and real estate trading (11.9%).

Meanwhile, EU investors are present in 54 out of 63 localities, mostly in the South, at Ho Chi Minh city, Ba Ria-Vung Tau, Dong Nai and Hanoi, Quang Ninh with Ho Chi Minh city having the largest amount of registered capital from the region.

With long-time experience of operating in Vietnam, representative from Santomas Vietnam said aiming to effectively attract investment, the country should continue to reinforce and develop hi-quality human resources, enhance study and development of hi-tech, and expand the application of modern technology to increase the value of products.

At the event, participants recognized VISP North’s development of an IZ model in combination with township is not new but it is one of the leading IPs in developing the model in order to improve investment attraction, especially FDI attraction in the current context. Along with that, special incentives in FDI attraction and potential position, Northern Vietnam is becoming an attractive destination for both domestic and foreign investors./.