Hai Duong expects to make investment breakthrough

Deli Vietnam Office Technology Co., Ltd organised a groundbreaking ceremony for its $270 million Deli-Hai Duong stationery factory on September 28. Located in Dai An Industrial Park in the northern province of Hai Duong, the project represents the largest foreign-invested project in the province to date.

Deli Vietnam received its investment certificate last November and received an investment adjustment certificate in February. Construction of the project was expected to begin in the second quarter of this year.

The factory is expected to cost $270 million and is aiming to start operations in the first half of 2026.

Le Ngoc Chau, Deputy Secretary of Hai Duong Party Committee and Chairman of Hai Duong People's Committee, said, "The construction of this factory is an important milestone in the economic development of the province, demonstrating effective cooperation between foreign-invested enterprises and local authorities."

"Hai Duong is striving to become a modern industrial province and a dynamic industrial centre for the Red River Delta. This groundbreaking ceremony is a good start, creating a ripple effect and attracting more and more businesses to invest successfully and effectively in the province," Chau added.

Statistics published by Hai Duong Department of Planning and Investment show that in the first eight months of 2024, the province attracted nearly $320 million in overseas investment, equal to 93 per cent of the amount for the whole of 2023. These projects are focussed on energy, processing and manufacturing, and stationery, and are mainly in industrial parks such as Dai An, Phuc Dien, and An Phat 1.

Hai Duong has 577 valid focused foreign-invested projects with a total accumulated registered capital of nearly $6 billion from 27 different countries and territories. Hai Duong has also set a target of attracting $500 million this year, with the expectation of $850 million in disbursed capital.

Hai Duong People's Committee highly appreciates the role of Deli Factory in the province's growth. The project is considered to create momentum to touch further targets. That is the general goal of the "Action Programme to implement the Resolutions of the Politburo, the Government and the Provincial Party Committee Standing Committee on socio-economic development and ensuring national defence and security in the Red River Delta region to 2030 and vision to 2045" of Hai Duong People's Committee on February 28, 2023.

This action plan combines the goal of developing the province into a modern industrial province by 2030, aiming to become a centrally-run city and will be in the country's top 10 provinces and cities in terms of economic scale. The province will have a reasonable economic structure based on the development of high-tech industry, and supporting industry doing a good job of environmental protection and ensuring climate change response.

Tuong Quynh Phuong Deputy general director of Dai An Joint Stock Company, developer of Dai An IP Early this year, Dai An was confused about the feasibility of the province’s target to attract $900 million and the disbursement goal for the whole year because of political fluctuations that are not favourable for luring foreign direct investment (FDI) into Vietnam. At the time, conflicts in the Middle East, and between Russia and Ukraine, and the competition between world powers in politics, economics, investment, and trade are still complicated. Those fluctuations may lead to a decline in international investment in Vietnam. However, Dai An as well as industrial park developers in Hai Duong have seen the determination to improve the competitiveness of the investment environment of the government, the prime minister, and authorities at all levels. We have seen the determination to reform administrative procedures and resolve land issues. Both the province and the investors are trying to enhance the quality of investment promotions. The Board of Directors of Dai An Industrial Park has implemented investment promotions that more closely align with investors. After years of negotiations, several foreign investors have selected Dai An IP as their production hub. We highly appreciate the comprehensive support of Hai Duong People's Committee and Hai Duong Industrial Parks Management Authority for the Deli-Hai Duong factory project. The speed at which the Deli Hai Duong factory and other projects in IPs have contributed to attracting $590 million in the first eight months of the year, passing the initial target by $90 million. With this momentum, we expect the province to be among the top ten localities for FDI this year.

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