Vietnam Industrial Park Finance Association sets out direction in debut congress

The Vietnam Industrial Parks Finance Association officially organised the first term congress

The delegates combined leaders of central and local agencies, representatives of management boards of economic zones, industrial parks (IPs), export processing zones, businesses, international experts and many others.

The VIPFA was established in 2023 through a resolution created by the Executive Committee of the Vietnam Financial Consulting Association (VFCA).

Being a grassroots organisation, the VIPFA gathers and represents units, organisations, and individuals operating in IP economics and finance, as well as all members of the Vietnamese economy.

At the congress, delegates approved the operation regulations, and financial management regulations, reported on directions, tasks, and solutions for the term of 2024-2029, and elected the first-term executive committee of the association, which consists of 51 members led by Dr. Phan Huu Thang, former director general of the Foreign Investment Agency under the Ministry of Planning and Investment.

The delegates also discussed and agreed to approve the first-term work plan and the 2024 key task programme of the association.

Le Minh Nghia, chairman of the VFCA

“The influx of foreign-invested capital in IPs is increasing, accounting for a significant proportion of the total investment capital for the development of the entire society. Along with the achieved results, the development of IPs is facing several problems in terms of legal framework, institutions, policies, and especially financial issues. Recent practice has shown that financial difficulties and limitations need to be removed so that IPs can continue to develop, commensurate with the great potential of this model,” said Le Minh Nghia, chairman of the VFCA.

The VIPFA will be the intermediary party to satisfy the needs to protect the rights and interests of member businesses.

The association has an active intermediary role, contributing to satisfying the needs of protecting the rights and interests of member businesses. It is directed to be a bridge between the state management agencies and member businesses, and simultaneously become a source to update and provide information on policy and legal mechanisms related to the operations of IPs, economic zones, and industrial clusters.

The association will also make recommendations to state management agencies on pending issues of businesses related to policies, management mechanisms, and operations of IPs and economic zones. It is also a forum for industrial real estate developers to share and exchange experiences in improving production and business efficiency, and to propose solutions to improve the investment and business environment.

Another important mission of the VIPFA is to become a bridge between domestic and foreign financial and credit institutions and investment funds with member businesses in supporting them in developing IP infrastructure and investing in production and business in IPs.

Ngo Cong Thanh, vice chairman of study and collection of the VIPFA

Regarding the key mission for the 2024-2029 term, the VIPFA will strive to reach at least 300 members by 2029 with annual membership growth of from 20 to 30 per cent.

The association will establish and develop cooperative relationships and links with state management agencies, relevant industries, associations, and domestic and foreign partners for the development goals of member businesses.

The VIPFA will ensure the equality of members in civil, economic, and political relationships according to the law and strengthen the position and voice of members in society, ensuring that all members receive support and advice to solve problems that arise during the investment production and business development process.

Phan Huu Thang, chairman of the VIPFA

Phan Huu Thang, chairman of the VIPFA said that the association would promote research activity, closely follow practical problems of businesses and development trends of the economy as well as the country's integration process to find solutions for each issue being raised in investment and development of IPs in Vietnam today.

“For example, we will work with members to look for reasons for the delay in construction of IPs. We see many long delays in their construction, which last for more than three years. Some IPs just have around 100 hectares, but the construction of infrastructure has been taken more than five years,” Thang said. "The VIPFA's mission is to arouse and promote the creativity, and the desire to grow of member businesses, towards developing a system of ecological, green, and sustainable IPs."

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